Targa Resources, Inc. (TRGP) Downgraded by Jefferies Group LLC
Targa Resources, Inc. (NYSE:TRGP) was downgraded by equities researchers at Jefferies Group LLC from a “buy” rating to a “hold” rating in a research note issued on Monday.
A number of other research firms have also issued reports on TRGP. Citigroup Inc. lowered Targa Resources from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $54.00 to $52.00 in a report on Tuesday, October 10th. BMO Capital Markets set a $51.00 target price on Targa Resources and gave the stock a “hold” rating in a report on Friday. Wells Fargo & Company lowered their target price on Targa Resources from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Friday. BidaskClub raised Targa Resources from a “hold” rating to a “buy” rating in a report on Saturday, September 16th. Finally, Robert W. Baird reaffirmed a “buy” rating and set a $53.00 target price on shares of Targa Resources in a report on Sunday, September 17th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $54.59.
Shares of Targa Resources (TRGP) opened at 47.23 on Monday. The company has a 50-day moving average of $46.64 and a 200-day moving average of $48.04. The firm’s market capitalization is $10.18 billion. Targa Resources has a 52 week low of $40.25 and a 52 week high of $61.83.
ILLEGAL ACTIVITY WARNING: “Targa Resources, Inc. (TRGP) Downgraded by Jefferies Group LLC” was originally reported by TheOlympiaReport and is the sole property of of TheOlympiaReport. If you are accessing this piece of content on another website, it was illegally copied and republished in violation of United States & international copyright and trademark legislation. The original version of this piece of content can be read at https://theolympiareport.com/2017/10/16/targa-resources-inc-trgp-downgraded-by-jefferies-group-llc.html.
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 value of $93,870.00. Following the completion of the sale, the insider now directly owns 50,853 shares in the company, valued at approximately $2,273,129.10. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.93% of the stock is currently owned by insiders.
Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Targa Resources by 17.7% during the second quarter. Vanguard Group Inc. now owns 18,768,732 shares of the pipeline company’s stock worth $848,347,000 after buying an additional 2,823,104 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Targa Resources by 8.3% during the first quarter. Goldman Sachs Group Inc. now owns 14,347,747 shares of the pipeline company’s stock worth $859,430,000 after buying an additional 1,097,748 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Targa Resources by 13.3% during the second quarter. BlackRock Inc. now owns 11,428,578 shares of the pipeline company’s stock worth $516,575,000 after buying an additional 1,338,025 shares during the last quarter. Chickasaw Capital Management LLC lifted its holdings in shares of Targa Resources by 3.2% during the second quarter. Chickasaw Capital Management LLC now owns 7,921,492 shares of the pipeline company’s stock worth $358,051,000 after buying an additional 244,459 shares during the last quarter. Finally, Tortoise Capital Advisors L.L.C. lifted its holdings in shares of Targa Resources by 30.4% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 6,721,135 shares of the pipeline company’s stock worth $303,795,000 after buying an additional 1,566,961 shares during the last quarter. Institutional investors own 87.43% 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.
Receive News & Ratings for Targa Resources Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Targa Resources Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.