A number of other research firms have also recently issued reports on TRGP. Barclays PLC cut Targa Resources from an overweight rating to an equal weight rating and lowered their target price for the stock from $55.00 to $47.00 in a research note on Tuesday, July 18th. ValuEngine cut Targa Resources from a hold rating to a sell rating in a research note on Saturday, June 3rd. Credit Suisse Group set a $56.00 target price on Targa Resources and gave the stock a neutral rating in a research note on Friday, May 5th. Wells Fargo & Company raised Targa Resources from a market perform rating to an outperform rating in a research note on Monday, July 17th. Finally, Macquarie initiated coverage on Targa Resources in a research note on Friday, April 21st. They set an outperform rating and a $65.00 target price for the company. Nine analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $53.95.
Targa Resources (TRGP) opened at 43.31 on Tuesday. The stock has a 50 day moving average of $45.08 and a 200 day moving average of $51.35. Targa Resources has a 52 week low of $40.25 and a 52 week high of $61.83. The firm’s market cap is $9.34 billion.
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The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Tuesday, August 1st were issued a $0.91 dividend. This represents a $3.64 annualized dividend and a dividend yield of 8.40%. The ex-dividend date was Friday, July 28th.
In other 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 value of $93,870.00. Following the completion of the sale, the insider now owns 50,853 shares of the company’s stock, valued at approximately $2,273,129.10. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.93% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Targa Resources by 17.7% in the second quarter. Vanguard Group Inc. now owns 18,768,732 shares of the pipeline company’s stock valued at $848,347,000 after buying an additional 2,823,104 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Targa Resources by 8.3% in the first quarter. Goldman Sachs Group Inc. now owns 14,347,747 shares of the pipeline company’s stock valued at $859,430,000 after buying an additional 1,097,748 shares during the last quarter. BlackRock Inc. increased its stake in Targa Resources by 13.3% in the second quarter. BlackRock Inc. now owns 11,428,578 shares of the pipeline company’s stock valued at $516,575,000 after buying an additional 1,338,025 shares during the last quarter. OppenheimerFunds Inc. increased its stake in Targa Resources by 7.3% in the first quarter. OppenheimerFunds Inc. now owns 8,956,121 shares of the pipeline company’s stock valued at $536,472,000 after buying an additional 611,465 shares during the last quarter. Finally, Chickasaw Capital Management LLC increased its stake in Targa Resources by 3.2% in the second quarter. Chickasaw Capital Management LLC now owns 7,921,492 shares of the pipeline company’s stock valued at $358,051,000 after buying an additional 244,459 shares during the last quarter. 83.02% of the stock is owned by 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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