Targa Resources (NYSE:TRGP) had its target price hoisted by analysts at Citigroup from $52.00 to $55.00 in a research note issued on Tuesday, February 6th. The firm currently has a “buy” rating on the pipeline company’s stock. Citigroup’s price target would indicate a potential upside of 16.67% from the stock’s current price.
A number of other brokerages also recently commented on TRGP. Royal Bank of Canada restated a “buy” rating and set a $60.00 price objective on shares of Targa Resources in a research report on Tuesday, January 16th. Barclays raised shares of Targa Resources from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $50.00 to $58.00 in a research note on Wednesday, January 17th. Credit Suisse Group assumed coverage on shares of Targa Resources in a research note on Thursday, January 4th. They set a “neutral” rating and a $46.00 price target on the stock. ValuEngine cut shares of Targa Resources from a “hold” rating to a “sell” rating in a research note on Friday, February 2nd. Finally, Bank of America assumed coverage on shares of Targa Resources in a research note on Tuesday, January 9th. They set a “neutral” rating on the stock. One analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $55.33.
Shares of Targa Resources (TRGP) traded up $0.11 during trading on Tuesday, reaching $47.14. 233,836 shares of the company’s stock were exchanged, compared to its average volume of 1,981,053. The stock has a market cap of $10,110.00, a P/E ratio of -18.46 and a beta of 2.07. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.57 and a current ratio of 0.74. Targa Resources has a 52 week low of $39.59 and a 52 week high of $60.62.
In related news, VP John Richard Klein sold 2,292 shares of the stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $41.85, for a total value of $95,920.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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 the business. Brown Advisory Inc. lifted its holdings in Targa Resources by 292.1% in the 4th quarter. Brown Advisory Inc. now owns 20,469 shares of the pipeline company’s stock valued at $992,000 after purchasing an additional 15,249 shares in the last quarter. Suntrust Banks Inc. lifted its holdings in Targa Resources by 12.9% in the 4th quarter. Suntrust Banks Inc. now owns 56,920 shares of the pipeline company’s stock valued at $2,754,000 after purchasing an additional 6,485 shares in the last quarter. Baird Financial Group Inc. lifted its holdings in Targa Resources by 31.4% in the 4th quarter. Baird Financial Group Inc. now owns 39,041 shares of the pipeline company’s stock valued at $1,890,000 after purchasing an additional 9,322 shares in the last quarter. American International Group Inc. purchased a new position in Targa Resources in the 4th quarter valued at about $215,000. Finally, TCW Group Inc. purchased a new position in Targa Resources in the 4th quarter valued at about $857,000. Institutional investors own 87.34% of the company’s stock.
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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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