Targa Resources, Inc. (NYSE:TRGP) has been assigned an average recommendation of “Buy” from the twenty-three research firms that are covering the stock, Marketbeat reports. Ten analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $54.16.
TRGP has been the subject of a number of recent analyst reports. Guggenheim initiated coverage on Targa Resources in a research note on Monday, April 17th. They set a “neutral” rating and a $54.00 price objective for the company. Macquarie initiated coverage on Targa Resources in a research note on Friday, April 21st. They set an “outperform” rating and a $65.00 price objective for the company. BMO Capital Markets restated a “hold” rating and set a $49.00 price objective on shares of Targa Resources in a research note on Monday, April 17th. Credit Suisse Group set a $56.00 price objective on Targa Resources and gave the company a “neutral” rating in a research note on Friday, May 5th. Finally, Royal Bank Of Canada restated a “buy” rating and set a $67.00 price objective on shares of Targa Resources in a research note on Monday, May 8th.
Shares of Targa Resources (NYSE:TRGP) traded up 0.34% during trading on Friday, reaching $44.30. The company had a trading volume of 1,303,544 shares. The company’s market capitalization is $9.55 billion. Targa Resources has a 52-week low of $40.25 and a 52-week high of $61.83. The firm has a 50-day moving average price of $45.04 and a 200-day moving average price of $52.01.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Tuesday, August 1st will be given a dividend of $0.91 per share. The ex-dividend date is Friday, July 28th. This represents a $3.64 dividend on an annualized basis and a yield of 8.22%.
In related news, insider Dan C. Middlebrooks sold 2,100 shares of the business’s 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 transaction, the insider now owns 50,853 shares in the company, valued at approximately $2,273,129.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.93% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. UBS Asset Management Americas Inc. raised its position in Targa Resources by 132.2% in the fourth quarter. UBS Asset Management Americas Inc. now owns 345,582 shares of the pipeline company’s stock worth $19,376,000 after buying an additional 196,758 shares in the last quarter. Gulf International Bank UK Ltd raised its position in 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 worth $3,276,000 after buying an additional 2,300 shares in the last quarter. National Pension Service bought a new position in Targa Resources during the first quarter worth about $10,891,000. Bank of Montreal Can raised its position in Targa Resources by 24.8% in the first quarter. Bank of Montreal Can now owns 173,398 shares of the pipeline company’s stock worth $10,387,000 after buying an additional 34,404 shares in the last quarter. Finally, Capstone Asset Management Co. bought a new position in Targa Resources during the first quarter worth about $254,000. Institutional investors and hedge funds own 81.55% of the company’s stock.
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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