Targa Resources Corp. (NYSE:TRGP) Given Consensus Rating of “Buy” by Analysts

Shares of Targa Resources Corp. (NYSE:TRGP) have earned an average recommendation of “Buy” from the fifteen analysts that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, thirteen have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $189.21.

TRGP has been the subject of a number of recent analyst reports. Wells Fargo & Company increased their target price on shares of Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Truist Financial decreased their target price on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research report on Friday, December 13th. The Goldman Sachs Group increased their target price on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. UBS Group increased their target price on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, Scotiabank initiated coverage on shares of Targa Resources in a research report on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 target price for the company.

Targa Resources Stock Up 1.1 %

TRGP stock opened at $205.14 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources has a fifty-two week low of $84.33 and a fifty-two week high of $218.51. The firm’s 50-day simple moving average is $193.45 and its 200 day simple moving average is $167.94. The stock has a market cap of $44.73 billion, a PE ratio of 37.09, a price-to-earnings-growth ratio of 0.63 and a beta of 2.30.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The business had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter last year, the company earned $0.97 EPS. As a group, sell-side analysts predict that Targa Resources will post 6.42 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.46%. The ex-dividend date is Friday, January 31st. Targa Resources’s payout ratio is 54.25%.

Insiders Place Their Bets

In other Targa Resources news, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly owns 82,979 shares in the company, 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 filing with the SEC, which is available through this link. Also, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the sale, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.39% of the company’s stock.

Institutional Trading of Targa Resources

Hedge funds have recently made changes to their positions in the stock. Thrivent Financial for Lutherans raised its position in Targa Resources by 2.7% during the second quarter. Thrivent Financial for Lutherans now owns 9,337 shares of the pipeline company’s stock valued at $1,202,000 after acquiring an additional 245 shares in the last quarter. Evergreen Capital Management LLC bought a new position in Targa Resources during the second quarter valued at approximately $243,000. AXA S.A. raised its position in Targa Resources by 3.9% during the second quarter. AXA S.A. now owns 11,188 shares of the pipeline company’s stock valued at $1,441,000 after acquiring an additional 416 shares in the last quarter. AQR Capital Management LLC raised its position in Targa Resources by 63.4% during the second quarter. AQR Capital Management LLC now owns 272,749 shares of the pipeline company’s stock valued at $35,100,000 after acquiring an additional 105,842 shares in the last quarter. Finally, APG Asset Management N.V. bought a new position in Targa Resources during the second quarter valued at approximately $1,511,000. 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.