Targa Resources, Inc. (NYSE:TRGP) Given Consensus Rating of “Buy” by Brokerages

Shares of Targa Resources, Inc. (NYSE:TRGP) have received a consensus recommendation of “Buy” from the twenty-three ratings firms that are currently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $55.05.

TRGP has been the subject of several analyst reports. Deutsche Bank AG restated a “buy” rating and issued a $69.00 target price on shares of Targa Resources in a research report on Wednesday, March 29th. Jefferies Group LLC restated a “hold” rating and issued a $54.00 target price on shares of Targa Resources in a research report on Tuesday, April 4th. BMO Capital Markets restated a “hold” rating and issued a $49.00 target price on shares of Targa Resources in a research report on Monday, April 17th. Guggenheim initiated coverage on shares of Targa Resources in a research report on Monday, April 17th. They issued a “neutral” rating and a $54.00 target price for the company. Finally, Macquarie initiated coverage on shares of Targa Resources in a research report on Friday, April 21st. They issued an “outperform” rating and a $65.00 target price for the company.

A number of institutional investors have recently made changes to their positions in the stock. Van ECK Associates Corp boosted its position in shares of Targa Resources by 29.1% in the first quarter. Van ECK Associates Corp now owns 2,181 shares of the pipeline company’s stock valued at $131,000 after buying an additional 491 shares during the period. Bollard Group LLC boosted its position in shares of Targa Resources by 0.9% in the first quarter. Bollard Group LLC now owns 2,499 shares of the pipeline company’s stock valued at $150,000 after buying an additional 23 shares during the period. Fayez Sarofim & Co acquired a new position in shares of Targa Resources during the first quarter valued at about $204,000. Penserra Capital Management LLC boosted its position in shares of Targa Resources by 53.4% in the first quarter. Penserra Capital Management LLC now owns 3,529 shares of the pipeline company’s stock valued at $211,000 after buying an additional 1,228 shares during the period. Finally, Fernwood Investment Management LLC acquired a new position in shares of Targa Resources during the first quarter valued at about $212,000. Hedge funds and other institutional investors own 79.94% of the company’s stock.

Targa Resources (TRGP) traded up 0.66% on Monday, reaching $46.04. 2,047,385 shares of the company traded hands. Targa Resources has a 52-week low of $35.35 and a 52-week high of $61.83. The firm’s market cap is $9.12 billion. The stock has a 50-day moving average price of $46.09 and a 200-day moving average price of $54.40.

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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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