Targa Resources (NYSE:TRGP) has been given a $50.00 target price by equities research analysts at Guggenheim in a research note issued to investors on Monday. The brokerage presently has a “buy” rating on the pipeline company’s stock. Guggenheim’s price objective would indicate a potential upside of 7.34% from the stock’s previous close.
A number of other research firms have also commented on TRGP. Royal Bank of Canada reiterated a “buy” rating and issued a $60.00 price target on shares of Targa Resources in a research report on Tuesday, January 16th. Barclays upgraded Targa Resources from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $50.00 to $58.00 in a research report on Wednesday, January 17th. Credit Suisse Group assumed coverage on Targa Resources in a research report on Thursday, January 4th. They issued a “neutral” rating and a $46.00 price target on the stock. ValuEngine lowered Targa Resources from a “hold” rating to a “sell” rating in a research report on Friday, February 2nd. Finally, Bank of America assumed coverage on Targa Resources in a research report on Tuesday, January 9th. They issued a “neutral” rating on the stock. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $54.76.
Shares of NYSE TRGP traded up $1.38 during trading on Monday, reaching $46.58. The company had a trading volume of 736,868 shares, compared to its average volume of 2,145,779. Targa Resources has a 12 month low of $39.59 and a 12 month high of $58.57. The firm has a market capitalization of $9,891.13, a PE ratio of -108.28 and a beta of 1.98. The company has a current ratio of 0.79, a quick ratio of 0.66 and a debt-to-equity ratio of 0.70.
Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, February 15th. The pipeline company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.04). Targa Resources had a net margin of 0.61% and a return on equity of 3.53%. The company had revenue of $2.70 billion during the quarter, compared to the consensus estimate of $2.30 billion. analysts forecast that Targa Resources will post 0.02 earnings per share for the current fiscal year.
Several large investors have recently made changes to their positions in the company. BlackRock Inc. lifted its stake in shares of Targa Resources by 2.5% in the 4th quarter. BlackRock Inc. now owns 12,035,357 shares of the pipeline company’s stock valued at $582,754,000 after purchasing an additional 295,541 shares during the period. Kayne Anderson Capital Advisors LP lifted its stake in shares of Targa Resources by 13.6% in the 4th quarter. Kayne Anderson Capital Advisors LP now owns 7,321,661 shares of the pipeline company’s stock valued at $354,502,000 after purchasing an additional 874,200 shares during the period. Bank of New York Mellon Corp raised its stake in Targa Resources by 32.0% during 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 buying an additional 1,294,549 shares during the period. Deutsche Bank AG raised its stake in Targa Resources by 85.3% during the 4th quarter. Deutsche Bank AG now owns 3,859,839 shares of the pipeline company’s stock worth $186,889,000 after buying an additional 1,776,455 shares during the period. Finally, Clearbridge Investments LLC raised its stake in Targa Resources by 15.4% during the 4th quarter. Clearbridge Investments LLC now owns 3,537,404 shares of the pipeline company’s stock worth $171,281,000 after buying an additional 471,625 shares during the period. 90.13% of the stock is currently owned by institutional investors.
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Targa Resources Company Profile
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages in gathering, compressing, treating, processing, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.
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