Targa Resources, Inc. (NYSE:TRGP) had its price target lowered by Royal Bank Of Canada from $67.00 to $60.00 in a research report released on Friday, July 14th, Marketbeat Ratings reports. The brokerage currently has an outperform rating on the pipeline company’s stock.
Other analysts have also issued reports about the company. Deutsche Bank AG reaffirmed a buy rating and issued a $69.00 price objective on shares of Targa Resources in a research note on Wednesday, March 29th. UBS AG reissued a buy rating and set a $65.00 price target (down from $68.00) on shares of Targa Resources in a research note on Tuesday, May 30th. Seaport Global Securities raised Targa Resources from a neutral rating to a buy rating and set a $63.00 price target on the stock in a research note on Tuesday, May 2nd. Stifel Nicolaus set a $63.00 price target on Targa Resources and gave the company a buy rating in a research note on Monday, June 26th. Finally, Citigroup Inc. lowered their price objective on Targa Resources from $64.00 to $54.00 and set a buy rating for the company in a research report on Wednesday, June 28th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $54.16.
Shares of Targa Resources (TRGP) opened at 45.83 on Friday. The stock has a 50 day moving average of $44.61 and a 200 day moving average of $52.60. Targa Resources has a 52-week low of $35.35 and a 52-week high of $61.83. The firm’s market cap is $9.08 billion.
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The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Tuesday, August 1st will be paid a $0.91 dividend. The ex-dividend date of this dividend is Friday, July 28th. This represents a $3.64 annualized dividend and a dividend yield of 7.94%.
Hedge funds have recently modified their holdings of the stock. Capstone Asset Management Co. purchased a new stake in shares of Targa Resources during the first quarter valued at about $254,000. Spirit of America Management Corp NY raised its stake in shares of Targa Resources by 13.2% in the first quarter. Spirit of America Management Corp NY now owns 265,789 shares of the pipeline company’s stock valued at $15,920,000 after buying an additional 31,084 shares during the last quarter. Bank of Montreal Can raised its stake in shares of Targa Resources by 24.8% in the first quarter. Bank of Montreal Can now owns 173,398 shares of the pipeline company’s stock valued at $10,387,000 after buying an additional 34,404 shares during the last quarter. National Pension Service purchased a new stake in shares of Targa Resources during the first quarter valued at about $10,891,000. Finally, Gulf International Bank UK Ltd raised its stake in shares of Targa Resources by 4.4% in the first quarter. Gulf International Bank UK Ltd now owns 54,700 shares of the pipeline company’s stock valued at $3,276,000 after buying an additional 2,300 shares during the last quarter. Hedge funds and other institutional investors own 80.01% 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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