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

Targa Resources Corp. (NYSE:TRGP) has been assigned an average rating of “Buy” from the fifteen brokerages that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation, thirteen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $181.43.

A number of research analysts have weighed in on TRGP shares. Bank of America initiated coverage on shares of Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 price objective on the stock. Royal Bank of Canada raised their price target on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Barclays boosted their price objective on Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. UBS Group raised their target price on Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a report on Friday, November 15th. Finally, Truist Financial decreased their price target on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a report on Friday, December 13th.

Targa Resources Stock Performance

Shares of TRGP opened at $187.76 on Wednesday. The stock has a 50-day moving average of $187.61 and a 200-day moving average of $159.92. Targa Resources has a one year low of $81.03 and a one year high of $209.87. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The company has a market cap of $40.94 billion, a PE ratio of 33.95, a P/E/G ratio of 0.73 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 EPS for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The firm had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the previous year, the company posted $0.97 earnings per share. On average, equities research analysts predict that Targa Resources will post 6.26 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.60%. Targa Resources’s payout ratio is currently 54.25%.

Insider Buying and Selling at Targa Resources

In related news, insider D. Scott Pryor sold 30,000 shares of the firm’s 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 transaction, the insider now directly owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. This trade represents a 26.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the business’s stock in a transaction 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 directly owns 35,143 shares in the company, valued at $6,703,175.82. The trade was a 8.49 % decrease in their position. The disclosure for this sale can be found here. 1.39% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Targa Resources

Hedge funds have recently made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. grew its holdings in Targa Resources by 48.9% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 8,025 shares of the pipeline company’s stock valued at $1,033,000 after buying an additional 2,636 shares in the last quarter. Commonwealth Equity Services LLC boosted its holdings in Targa Resources by 5.3% in the 2nd quarter. Commonwealth Equity Services LLC now owns 9,714 shares of the pipeline company’s stock valued at $1,251,000 after purchasing an additional 486 shares during the period. Van ECK Associates Corp grew its position in shares of Targa Resources by 10.3% during the 2nd quarter. Van ECK Associates Corp now owns 66,235 shares of the pipeline company’s stock valued at $8,530,000 after purchasing an additional 6,161 shares in the last quarter. Summit Financial LLC increased its holdings in shares of Targa Resources by 29.4% in the second quarter. Summit Financial LLC now owns 4,772 shares of the pipeline company’s stock worth $615,000 after purchasing an additional 1,083 shares during the period. Finally, Natixis Advisors LLC raised its position in shares of Targa Resources by 27.9% in the second quarter. Natixis Advisors LLC now owns 25,317 shares of the pipeline company’s stock worth $3,260,000 after buying an additional 5,521 shares in the last quarter. 92.13% of the stock is currently 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.