Several other brokerages also recently issued reports on TRGP. UBS AG reaffirmed a buy rating and set a $59.00 price target (down previously from $62.00) on shares of Targa Resources in a report on Thursday, June 22nd. Stifel Nicolaus set a $63.00 price target on Targa Resources and gave the company a buy rating in a report on Monday, June 26th. BidaskClub raised Targa Resources from a sell rating to a hold rating in a report on Tuesday, June 27th. Citigroup Inc. cut their price target on Targa Resources from $64.00 to $54.00 and set a buy rating for the company in a report on Wednesday, June 28th. Finally, Robert W. Baird cut their price target on Targa Resources from $54.00 to $52.00 and set an outperform rating for the company in a report on Friday, June 30th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Targa Resources presently has an average rating of Hold and a consensus target price of $54.67.
Shares of Targa Resources (NYSE TRGP) opened at 43.78 on Thursday. The firm’s market capitalization is $9.44 billion. Targa Resources has a 52 week low of $40.25 and a 52 week high of $61.83. The stock has a 50 day moving average of $46.70 and a 200-day moving average of $47.68.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st will be issued a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a dividend yield of 8.31%. The ex-dividend date is Tuesday, October 31st. Targa Resources’s dividend payout ratio is currently -183.84%.
In other news, insider Dan C. Middlebrooks sold 2,100 shares of Targa Resources stock in a transaction 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 sale, the insider now owns 50,853 shares of the company’s stock, valued at $2,273,129.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.93% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of TRGP. Vanguard Group Inc. increased its position in shares of Targa Resources by 17.7% in the second quarter. Vanguard Group Inc. now owns 18,768,732 shares of the pipeline company’s stock worth $848,347,000 after purchasing an additional 2,823,104 shares during the period. Tortoise Capital Advisors L.L.C. increased its position in shares of Targa Resources by 30.4% in 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 purchasing an additional 1,566,961 shares during the period. Boston Partners bought a new position in shares of Targa Resources in the second quarter worth $65,883,000. BlackRock Inc. increased its position in shares of Targa Resources by 13.3% in the second quarter. BlackRock Inc. now owns 11,428,578 shares of the pipeline company’s stock worth $516,575,000 after purchasing an additional 1,338,025 shares during the period. Finally, Center Coast Capital Advisors LP increased its position in shares of Targa Resources by 29.4% in the second quarter. Center Coast Capital Advisors LP now owns 5,508,319 shares of the pipeline company’s stock worth $248,976,000 after purchasing an additional 1,252,133 shares during the period. Institutional investors own 87.43% 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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