Jefferies Remains a Hold on Targa Resources Corp

By Ryan Adsit

In a report released yesterday, Christopher Sighinolfi from Jefferies reiterated a Hold rating on Targa Resources Corp (NYSE: TRGP), with a price target of $54. The company’s shares opened today at $41.72.

According to, Sighinolfi is a 5-star analyst with an average return of 9.9% and a 59.2% success rate. Sighinolfi covers the Basic Materials sector, focusing on stocks such as Energy Transfer Partners LP, Dcp Midstream Partners Lp, and National Fuel Gas Company.

Targa Resources Corp has an analyst consensus of Moderate Buy, with a price target consensus of $58.91.

Based on Targa Resources Corp’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $2.12 billion and GAAP net loss of $119 million. In comparison, last year the company earned revenue of $1.46 billion and had a GAAP net loss of $2.7 million.

Based on the recent corporate insider activity of 90 insiders, corporate insider sentiment is negative on the stock. Last month, Matthew Meloy, the EVP & CFO of TRGP sold 11,288 shares for a total of $574,672.

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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 segments: Gathering & Processing, and Logistics & Marketing. The Gathering & 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 & Marketing 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. Targa Resources was founded on October 27, 2005 and is headquartered in Houston, TX.,00904S-E