Targa Resources, Inc. (NYSE:TRGP) was downgraded by analysts at Jefferies Group LLC from a “buy” rating to a “hold” rating in a report released on Monday, October 16th, MarketBeat Ratings reports.
A number of other brokerages have also commented on TRGP. Citigroup Inc. lowered Targa Resources from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $54.00 to $52.00 in a research note on Tuesday, October 10th. BMO Capital Markets set a $51.00 price target on Targa Resources and gave the stock a “hold” rating in a research note on Friday, October 13th. Wells Fargo & Company lowered their price objective on Targa Resources from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Friday, October 13th. BidaskClub raised Targa Resources from a “hold” rating to a “buy” rating in a research report on Saturday, September 16th. Finally, Robert W. Baird reissued a “buy” rating and set a $53.00 price objective on shares of Targa Resources in a research report on Sunday, September 17th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $54.67.
Shares of Targa Resources (NYSE TRGP) opened at 42.06 on Monday. Targa Resources has a 1-year low of $40.22 and a 1-year high of $61.83. The company’s market cap is $9.07 billion. The stock has a 50 day moving average of $46.41 and a 200 day moving average of $47.22.
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In other news, insider Dan C. Middlebrooks sold 2,100 shares of the firm’s stock in a transaction 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 transaction, the insider now directly owns 50,853 shares in the company, valued at $2,273,129.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.93% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Crossmark Global Holdings Inc. bought a new stake in Targa Resources in the 3rd quarter worth about $224,000. Raymond James Financial Services Advisors Inc. increased its holdings in Targa Resources by 26.8% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 166,184 shares of the pipeline company’s stock worth $7,860,000 after buying an additional 35,136 shares in the last quarter. First Manhattan Co. increased its holdings in Targa Resources by 2,740.8% in the 3rd quarter. First Manhattan Co. now owns 18,749 shares of the pipeline company’s stock worth $886,000 after buying an additional 18,089 shares in the last quarter. Highstreet Asset Management Inc. increased its holdings in Targa Resources by 33.1% in the 3rd quarter. Highstreet Asset Management Inc. now owns 5,664 shares of the pipeline company’s stock worth $268,000 after buying an additional 1,409 shares in the last quarter. Finally, Duff & Phelps Investment Management Co. increased its holdings in Targa Resources by 0.9% in the 3rd quarter. Duff & Phelps Investment Management Co. now owns 1,301,193 shares of the pipeline company’s stock worth $61,546,000 after buying an additional 11,140 shares in the last quarter. Institutional investors own 87.57% of the company’s stock.
Targa Resources Company Profile
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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