Goldman Sachs Group, Inc. (The) downgraded shares of Targa Resources, Inc. (NYSE:TRGP) from a buy rating to a neutral rating in a report released on Tuesday morning. They currently have $53.00 price target on the pipeline company’s stock.
Several other analysts have also recently weighed in on the company. Jefferies Group LLC cut Targa Resources from a buy rating to a hold rating in a report on Monday. Wells Fargo & Company lowered their price target on Targa Resources from $54.00 to $53.00 and set an outperform rating for the company in a research note on Friday, October 13th. BMO Capital Markets set a $51.00 price target on Targa Resources and gave the company a hold rating in a research note on Friday, October 13th. Citigroup Inc. cut Targa Resources from a buy rating to a neutral rating and lowered their price target for the company from $54.00 to $52.00 in a research note on Tuesday, October 10th. Finally, BidaskClub cut Targa Resources from a buy rating to a hold rating in a research note on Tuesday, October 3rd. One research analyst has rated the stock with a sell rating, ten have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of Hold and an average price target of $54.50.
Targa Resources (TRGP) opened at 45.38 on Tuesday. The firm’s market cap is $9.78 billion. The stock has a 50 day moving average of $46.64 and a 200 day moving average of $48.04. Targa Resources has a 52 week low of $40.25 and a 52 week high of $61.83.
In related news, insider Dan C. Middlebrooks sold 2,100 shares of the stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $44.70, for a total transaction of $93,870.00. Following the completion of the sale, the insider now directly owns 50,853 shares of the company’s stock, valued at approximately $2,273,129.10. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.93% of the stock is currently owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in TRGP. Vanguard Group Inc. boosted its position in Targa Resources by 17.7% during the 2nd quarter. Vanguard Group Inc. now owns 18,768,732 shares of the pipeline company’s stock worth $848,347,000 after acquiring an additional 2,823,104 shares during the last quarter. Tortoise Capital Advisors L.L.C. boosted its position in Targa Resources by 30.4% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 6,721,135 shares of the pipeline company’s stock worth $303,795,000 after acquiring an additional 1,566,961 shares during the last quarter. Boston Partners acquired a new position in Targa Resources during the 2nd quarter worth approximately $65,883,000. BlackRock Inc. boosted its position in Targa Resources by 13.3% during the 2nd quarter. BlackRock Inc. now owns 11,428,578 shares of the pipeline company’s stock worth $516,575,000 after acquiring an additional 1,338,025 shares during the last quarter. Finally, Center Coast Capital Advisors LP boosted its position in Targa Resources by 29.4% during the 2nd quarter. Center Coast Capital Advisors LP now owns 5,508,319 shares of the pipeline company’s stock worth $248,976,000 after acquiring an additional 1,252,133 shares during the last quarter. 87.43% of the stock is owned by hedge funds and other institutional investors.
About Targa Resources
Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.
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