Targa Resources Corp (TRGP) Receives $54.18 Consensus Target Price from Brokerages

Targa Resources Corp (NYSE:TRGP) has been given an average rating of “Hold” by the twenty-three research firms that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $54.18.

Several equities research analysts have recently issued reports on TRGP shares. BidaskClub lowered shares of Targa Resources from a “hold” rating to a “sell” rating in a report on Wednesday, October 25th. Zacks Investment Research lowered shares of Targa Resources from a “hold” rating to a “sell” rating in a report on Thursday, October 19th. Barclays restated a “hold” rating and issued a $50.00 target price on shares of Targa Resources in a report on Thursday, October 19th. Wells Fargo & Co lowered their target price on shares of Targa Resources from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Friday, October 13th. Finally, BMO Capital Markets set a $51.00 target price on shares of Targa Resources and gave the stock a “hold” rating in a report on Friday, October 13th.

In related news, VP John Richard Klein sold 2,292 shares of Targa Resources stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $41.85, for a total transaction of $95,920.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.93% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of TRGP. Comerica Bank increased its position in Targa Resources by 10.4% during the 2nd quarter. Comerica Bank now owns 28,520 shares of the pipeline company’s stock valued at $1,320,000 after purchasing an additional 2,685 shares during the period. Pacer Advisors Inc. increased its position in Targa Resources by 28.5% during the 2nd quarter. Pacer Advisors Inc. now owns 4,587 shares of the pipeline company’s stock valued at $207,000 after purchasing an additional 1,017 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Targa Resources by 19.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,579 shares of the pipeline company’s stock worth $1,337,000 after buying an additional 4,829 shares during the last quarter. Keybank National Association OH grew its position in shares of Targa Resources by 3.9% in the 2nd quarter. Keybank National Association OH now owns 14,517 shares of the pipeline company’s stock worth $656,000 after buying an additional 546 shares during the last quarter. Finally, Westpac Banking Corp grew its position in shares of Targa Resources by 9.4% in the 2nd quarter. Westpac Banking Corp now owns 13,042 shares of the pipeline company’s stock worth $589,000 after buying an additional 1,117 shares during the last quarter. 87.43% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources (NYSE TRGP) traded up $1.30 during trading on Monday, hitting $50.82. 2,319,129 shares of the stock traded hands, compared to its average volume of 2,075,229. The company has a market cap of $10,940.00, a price-to-earnings ratio of -20.01 and a beta of 2.22. The company has a quick ratio of 0.57, a current ratio of 0.74 and a debt-to-equity ratio of 0.67. Targa Resources has a 12-month low of $39.59 and a 12-month high of $61.83.

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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.

Analyst Recommendations for Targa Resources (NYSE:TRGP)

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