Targa Resources Corp. (NYSE:TRGP) Receives Consensus Recommendation of “Buy” from Analysts

Targa Resources Corp. (NYSE:TRGP) has been given a consensus recommendation of “Buy” by the thirteen analysts that are currently covering the company, MarketBeat.com reports. Thirteen investment analysts have rated the stock with a buy rating. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $140.54.

A number of research firms have weighed in on TRGP. Argus began coverage on Targa Resources in a report on Wednesday, June 26th. They set a “buy” rating and a $140.00 target price for the company. UBS Group upped their target price on Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. Truist Financial upped their target price on Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Morgan Stanley increased their price objective on Targa Resources from $134.00 to $140.00 and gave the company an “overweight” rating in a report on Monday, June 10th. Finally, JPMorgan Chase & Co. increased their price objective on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a report on Tuesday, July 2nd.

Targa Resources Stock Up 0.4 %

Shares of NYSE:TRGP opened at $146.90 on Thursday. Targa Resources has a 52-week low of $77.97 and a 52-week high of $147.08. The stock has a market cap of $32.18 billion, a P/E ratio of 30.23, a price-to-earnings-growth ratio of 1.16 and a beta of 2.26. The business’s 50 day moving average is $135.87 and its 200 day moving average is $120.28. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. The company had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same quarter in the prior year, the business earned $1.44 earnings per share. Sell-side analysts predict that Targa Resources will post 5.88 EPS for the current year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 2.04%. The ex-dividend date of this dividend was Wednesday, July 31st. Targa Resources’s dividend payout ratio is currently 61.73%.

Insiders Place Their Bets

In other Targa Resources news, insider Gerald R. Shrader sold 3,000 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $136.06, for a total transaction of $408,180.00. Following the sale, the insider now directly owns 29,603 shares of the company’s stock, valued at approximately $4,027,784.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Targa Resources news, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the sale, the chief accounting officer now directly owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Gerald R. Shrader sold 3,000 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $136.06, for a total value of $408,180.00. Following the sale, the insider now directly owns 29,603 shares in the company, valued at $4,027,784.18. The disclosure for this sale can be found here. In the last three months, insiders have sold 43,034 shares of company stock valued at $5,623,890. Company insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Targa Resources by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock valued at $3,025,521,000 after acquiring an additional 201,817 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Targa Resources by 231.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock valued at $119,712,000 after acquiring an additional 962,073 shares during the period. New Mexico Educational Retirement Board grew its position in shares of Targa Resources by 287.3% during the 1st quarter. New Mexico Educational Retirement Board now owns 45,700 shares of the pipeline company’s stock valued at $5,118,000 after acquiring an additional 33,900 shares during the period. Ieq Capital LLC grew its position in shares of Targa Resources by 8.5% during the 4th quarter. Ieq Capital LLC now owns 6,169 shares of the pipeline company’s stock valued at $536,000 after acquiring an additional 482 shares during the period. Finally, BNP Paribas Financial Markets lifted its stake in Targa Resources by 160.3% in the 1st quarter. BNP Paribas Financial Markets now owns 290,080 shares of the pipeline company’s stock valued at $32,486,000 after buying an additional 178,655 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.