Royal Bank of Canada restated their buy rating on shares of Targa Resources (NYSE:TRGP) in a research note issued to investors on Tuesday, January 16th. Royal Bank of Canada currently has a $60.00 price objective on the pipeline company’s stock.
Several other equities analysts have also recently commented on TRGP. Citigroup cut Targa Resources from a buy rating to a neutral rating and reduced their target price for the stock from $54.00 to $52.00 in a research report on Tuesday, October 10th. Zacks Investment Research raised Targa Resources from a sell rating to a hold rating in a research note on Wednesday, November 1st. TheStreet lowered Targa Resources from a c- rating to a d+ rating in a research note on Monday, November 13th. Robert W. Baird reaffirmed a buy rating and set a $53.00 price target on shares of Targa Resources in a research report on Friday, November 3rd. Finally, Credit Suisse Group assumed coverage on Targa Resources in a research report on Thursday, January 4th. They set a neutral rating and a $46.00 price target for the company. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $55.33.
Targa Resources (TRGP) traded down $0.13 during mid-day trading on Tuesday, hitting $45.17. The stock had a trading volume of 2,514,444 shares, compared to its average volume of 1,916,880. The company has a market capitalization of $9,740.14, a price-to-earnings ratio of -16.98 and a beta of 2.07. Targa Resources has a 52 week low of $39.59 and a 52 week high of $60.62. The company has a quick ratio of 0.57, a current ratio of 0.74 and a debt-to-equity ratio of 0.67.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Thursday, February 1st will be given a dividend of $0.91 per share. The ex-dividend date is Wednesday, January 31st. This represents a $3.64 dividend on an annualized basis and a yield of 8.06%. Targa Resources’s dividend payout ratio is presently -136.84%.
In other Targa Resources news, VP John Richard Klein sold 2,292 shares of the company’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $41.85, for a total value of $95,920.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.93% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in TRGP. Vanguard Group Inc. grew its stake in Targa Resources by 17.7% during the 2nd quarter. Vanguard Group Inc. now owns 18,768,732 shares of the pipeline company’s stock valued at $848,347,000 after acquiring an additional 2,823,104 shares in the last quarter. Harvest Fund Advisors LLC lifted its holdings in shares of Targa Resources by 40.8% in the 3rd quarter. Harvest Fund Advisors LLC now owns 4,990,690 shares of the pipeline company’s stock worth $236,060,000 after acquiring an additional 1,446,438 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Targa Resources by 13.3% in the 2nd quarter. BlackRock Inc. now owns 11,428,578 shares of the pipeline company’s stock worth $516,575,000 after acquiring an additional 1,338,025 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Targa Resources by 32.0% in the 4th quarter. Bank of New York Mellon Corp now owns 5,334,439 shares of the pipeline company’s stock worth $258,294,000 after acquiring an additional 1,294,549 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of Targa Resources by 4,386.0% in the 2nd quarter. Janus Henderson Group PLC now owns 1,090,734 shares of the pipeline company’s stock worth $49,301,000 after acquiring an additional 1,066,420 shares during the last quarter. 87.63% of the stock is owned by institutional investors.
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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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