Targa Resources (TRGP) Receives a Buy from J.P. Morgan
In a report released yesterday, Jeremy Tonet from J.P. Morgan maintained a Buy rating on Targa Resources (TRGP – Research Report), with a price target of $109.00. The companys shares closed last Wednesday at $58.72.
According to TipRanks.com, Tonet is a 4-star analyst with an average return of 4.9% and a 54.8% success rate. Tonet covers the Industrial Goods sector, focusing on stocks such as Enterprise Products Partners, Cheniere Energy Partners, and Magellan Midstream.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Targa Resources with a $91.55 average price target, which is a 58.1% upside from current levels. In a report issued on July 12, RBC Capital also maintained a Buy rating on the stock with a $100.00 price target.
See Insiders’ Hot Stocks on TipRanks >> Targa Resources market cap is currently $13.39B and has a P/E ratio of -85.82. Based on the recent corporate insider activity of 69 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of TRGP in relation to earlier this year. TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities. Targa Resources Corp. provides midstream natural gas and natural gas liquids services. It also provides gathering, storing, and terminaling crude oil and storing, terminaling, and selling refined petroleum products. It operates through the following business segments: Gathering and Processing, and Logistics and Transportation. The Gathering and Processing segment includes assets used in the gathering of natural gas produced from oil and gas wells and processing this raw natural gas into merchantable natural gas by extracting NGLs and removing impurities; and assets used for crude oil gathering and terminaling. The Logistics and Transportation segment includes all the activities necessary to convert mixed NGLs into NGL products and provides certain value added services such as storing, fractionating, terminaling, transporting and marketing of NGLs and NGL products, including services to LPG exporters; storing and terminaling of refined petroleum products and crude oil and certain natural gas supply and marketing activities in support of its other businesses. The company was founded on October 27, 2005 and is headquartered in Houston, TX. Read More on TRGP:
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