Targa Resources, Inc. (TRGP) Earns Hold Rating from BMO Capital Markets

Targa Resources, Inc. (NYSE:TRGP)‘s stock had its “hold” rating restated by equities researchers at BMO Capital Markets in a report issued on Wednesday, July 12th. They presently have a $51.00 price objective on the pipeline company’s stock. BMO Capital Markets’ price objective would suggest a potential upside of 10.27% from the company’s previous close.

A number of other research analysts also recently issued reports on TRGP. Deutsche Bank AG reissued a “buy” rating and issued a $69.00 price target on shares of Targa Resources in a report on Wednesday, March 29th. Jefferies Group LLC reissued a “hold” rating and issued a $54.00 price target on shares of Targa Resources in a report on Tuesday, April 4th. Guggenheim initiated coverage on Targa Resources in a report on Monday, April 17th. They issued a “neutral” rating and a $54.00 price target for the company. Macquarie initiated coverage on Targa Resources in a report on Friday, April 21st. They issued an “outperform” rating and a $65.00 price target for the company. Finally, Seaport Global Securities raised Targa Resources from a “neutral” rating to a “buy” rating and set a $63.00 price target for the company in a report on Tuesday, May 2nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $54.16.

Targa Resources (TRGP) traded up 1.30% during trading on Wednesday, reaching $46.85. 485,350 shares of the company’s stock traded hands. Targa Resources has a 12 month low of $35.35 and a 12 month high of $61.83. The firm has a 50 day moving average price of $44.42 and a 200-day moving average price of $52.95. The firm’s market cap is $9.28 billion.

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A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. boosted its stake in shares of Targa Resources by 2,928.1% in the first quarter. BlackRock Inc. now owns 10,090,553 shares of the pipeline company’s stock valued at $604,426,000 after buying an additional 9,757,325 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Targa Resources by 11.9% in the first quarter. Vanguard Group Inc. now owns 15,945,628 shares of the pipeline company’s stock valued at $955,142,000 after buying an additional 1,693,292 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Targa Resources by 47.4% in the first quarter. Bank of New York Mellon Corp now owns 4,182,244 shares of the pipeline company’s stock valued at $250,516,000 after buying an additional 1,345,219 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Targa Resources by 8.3% in the first quarter. Goldman Sachs Group Inc. now owns 14,347,747 shares of the pipeline company’s stock valued at $859,430,000 after buying an additional 1,097,748 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of Targa Resources by 70.1% in the first quarter. Wellington Management Group LLP now owns 2,162,964 shares of the pipeline company’s stock valued at $129,562,000 after buying an additional 891,161 shares during the last quarter. Institutional investors own 80.00% 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.

Analyst Recommendations for Targa Resources (NYSE:TRGP)

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