Targa Resources Corp. (NYSE:TRGP) Receives $181.43 Consensus Price Target from Analysts

Shares of Targa Resources Corp. (NYSE:TRGP) have earned an average recommendation of “Buy” from the fifteen research firms that are presently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $181.43.

Several research analysts recently weighed in on TRGP shares. The Goldman Sachs Group boosted their target price on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Truist Financial reduced their price objective on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research note on Friday, December 13th. Morgan Stanley lifted their target price on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Wells Fargo & Company increased their price target on Targa Resources from $190.00 to $204.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Finally, UBS Group lifted their price objective on Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research report on Friday, November 15th.

Targa Resources Stock Performance

Shares of TRGP opened at $186.17 on Wednesday. The company has a 50-day moving average of $186.72 and a two-hundred day moving average of $158.81. The stock has a market cap of $40.60 billion, a P/E ratio of 33.67, a PEG ratio of 0.73 and a beta of 2.30. Targa Resources has a 12-month low of $81.03 and a 12-month high of $209.87. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last posted its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. The firm had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter in the prior year, the company earned $0.97 EPS. As a group, research analysts predict that Targa Resources will post 6.26 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s payout ratio is currently 54.25%.

Insider Activity

In other Targa Resources news, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the sale, the insider now owns 82,979 shares of the company’s stock, valued at $15,793,393.07. This trade represents a 26.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.74, for a total transaction of $621,812.40. Following the sale, the chief accounting officer now owns 35,143 shares in the company, valued at $6,703,175.82. This represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.39% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL acquired a new position in shares of Targa Resources in the second quarter worth about $29,000. DT Investment Partners LLC acquired a new position in shares of Targa Resources in the 3rd quarter valued at approximately $29,000. Prospera Private Wealth LLC purchased a new position in shares of Targa Resources during the 3rd quarter valued at approximately $35,000. Huntington National Bank boosted its stake in shares of Targa Resources by 22.9% during the 3rd quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock valued at $71,000 after buying an additional 89 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in shares of Targa Resources during the second quarter worth approximately $78,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Company Profile

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.