Targa Resources (TRGP) Received its Third Buy in a Row


After J.P. Morgan and Morgan Stanley gave Targa Resources (NYSE: TRGP) a Buy rating last month, the company received another Buy, this time from Raymond James. Analyst James Weston initiated coverage with a Buy rating on Targa Resources today and set a price target of $36.00. The company’s shares closed last Monday at $29.21.

According to TipRanks.com, Weston is a 2-star analyst with an average return of 3.6% and a 47.4% success rate. Weston covers the Industrial Goods sector, focusing on stocks such as Dcp Midstream Partners, Antero Midstream, and Crestwood Equity.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Targa Resources with a $30.83 average price target.

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Based on Targa Resources’ latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $2.12 billion and net profit of $69.3 million. In comparison, last year the company earned revenue of $1.9 billion and had a GAAP net loss of $47.3 million.

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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.

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