Targa Resources, Inc. (TRGP) Downgraded by ValuEngine to Sell
ValuEngine downgraded shares of Targa Resources, Inc. (NYSE:TRGP) from a hold rating to a sell rating in a report published on Friday.
Other equities research analysts have also recently issued reports about the stock. UBS Group AG reaffirmed a buy rating and issued a $59.00 target price (down from $62.00) on shares of Targa Resources in a report on Thursday, June 22nd. Credit Suisse Group set a $54.00 target price on shares of Targa Resources and gave the company a hold rating in a report on Sunday, May 28th. BidaskClub upgraded shares of Targa Resources from a sell rating to a hold rating in a research note on Tuesday, June 27th. J P Morgan Chase & Co reiterated a neutral rating and issued a $53.00 price target (down previously from $65.00) on shares of Targa Resources in a research note on Monday, June 5th. Finally, Stifel Nicolaus set a $63.00 price target on shares of Targa Resources and gave the company a buy rating in a research note on Monday, June 26th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Targa Resources presently has a consensus rating of Buy and an average price target of $54.33.
Shares of Targa Resources (TRGP) opened at 44.54 on Friday. The stock has a 50 day moving average price of $44.95 and a 200 day moving average price of $50.25. The firm’s market capitalization is $9.60 billion. Targa Resources has a 12 month low of $40.25 and a 12 month high of $61.83.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Tuesday, August 1st were given a dividend of $0.91 per share. The ex-dividend date was Friday, July 28th. This represents a $3.64 dividend on an annualized basis and a dividend yield of 8.17%. Targa Resources’s payout ratio is presently -183.84%.
In other Targa Resources news, insider Dan C. Middlebrooks sold 2,100 shares of the stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $44.70, for a total transaction of $93,870.00. Following the transaction, the insider now owns 50,853 shares in the company, valued at approximately $2,273,129.10. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.93% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of TRGP. Capstone Asset Management Co. acquired a new stake in shares of Targa Resources during the 1st quarter worth approximately $254,000. State of Alaska Department of Revenue acquired a new stake in shares of Targa Resources during the 1st quarter worth approximately $264,000. Candriam Luxembourg S.C.A. boosted its position in shares of Targa Resources by 35.3% during the 1st quarter. Candriam Luxembourg S.C.A. now owns 13,067 shares of the pipeline company’s stock worth $783,000 after acquiring an additional 3,410 shares in the last quarter. Korea Investment CORP boosted its position in shares of Targa Resources by 40.8% during the 1st quarter. Korea Investment CORP now owns 86,040 shares of the pipeline company’s stock worth $5,154,000 after acquiring an additional 24,943 shares in the last quarter. Finally, ProShare Advisors LLC boosted its position in shares of Targa Resources by 14.6% during the 1st quarter. ProShare Advisors LLC now owns 16,904 shares of the pipeline company’s stock worth $1,013,000 after acquiring an additional 2,156 shares in the last quarter. Institutional investors and hedge funds own 87.85% 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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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