Robert W. Baird Keeps Their Buy Rating on Targa Resources Corp

By Jason Carr

Robert W. Baird analyst Ethan Bellamy reiterated a Buy rating on Targa Resources Corp (NYSE: TRGP) on September 14 and set a price target of $53. The company’s shares closed on Friday at $46.93.

According to TipRanks.com, Bellamy is a 1-star analyst with an average return of -1.7% and a 54.6% success rate. Bellamy covers the Basic Materials sector, focusing on stocks such as Vanguard Natural Resources LLC, Energy Transfer Partners LP, and Noble Midstream Partners LP.

Currently, the analyst consensus on Targa Resources Corp is Strong Buy and the average price target is $52.89, representing a 12.7% upside.

In a report issued on August 31, Jefferies also reiterated a Buy rating on the stock with a $49 price target.

Based on Targa Resources Corp’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $1.86 billion and quarterly net profit of $57.6 million. In comparison, last year the company earned revenue of $1.57 billion and had a GAAP net loss of $23.2 million.

Based on the recent corporate insider activity of 92 insiders, corporate insider sentiment is negative on the stock.

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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.