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

Shares of Targa Resources Corp. (NYSE:TRGP) have been given an average rating of “Buy” by the thirteen ratings firms that are covering the firm, Marketbeat.com reports. Twelve analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $141.77.

A number of equities research analysts have recently commented on TRGP shares. Scotiabank raised their target price on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 17th. The Goldman Sachs Group boosted their price objective on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday. Wells Fargo & Company increased their target price on Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. Royal Bank of Canada boosted their price target on shares of Targa Resources from $147.00 to $153.00 and gave the stock an “outperform” rating in a report on Tuesday, August 13th. Finally, Truist Financial upped their price objective on shares of Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, August 5th.

Insider Buying and Selling

In other news, insider Robert Muraro sold 2,500 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the sale, the insider now owns 174,451 shares of the company’s stock, valued at $25,504,736.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the sale, the insider now owns 174,451 shares of the company’s stock, valued at $25,504,736.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Julie H. Boushka sold 1,213 shares of Targa Resources stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the transaction, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at $6,898,969.14. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,534 shares of company stock valued at $4,788,590. Corporate insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Hedge funds and other institutional investors have recently modified their holdings of the company. Fifth Third Bancorp lifted its stake in Targa Resources by 1.0% during the second quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock worth $1,148,000 after purchasing an additional 89 shares during the last quarter. Massmutual Trust Co. FSB ADV lifted its position in shares of Targa Resources by 17.2% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 633 shares of the pipeline company’s stock worth $71,000 after buying an additional 93 shares during the last quarter. Catalina Capital Group LLC boosted its holdings in shares of Targa Resources by 3.4% in the 2nd quarter. Catalina Capital Group LLC now owns 3,043 shares of the pipeline company’s stock valued at $392,000 after buying an additional 99 shares in the last quarter. Gulf International Bank UK Ltd boosted its holdings in shares of Targa Resources by 0.6% in the 1st quarter. Gulf International Bank UK Ltd now owns 17,695 shares of the pipeline company’s stock valued at $1,981,000 after buying an additional 100 shares in the last quarter. Finally, &PARTNERS grew its position in shares of Targa Resources by 1.1% in the 2nd quarter. &PARTNERS now owns 10,107 shares of the pipeline company’s stock valued at $1,302,000 after buying an additional 107 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $152.83 on Monday. The company has a 50 day simple moving average of $141.00 and a two-hundred day simple moving average of $125.59. The stock has a market cap of $33.89 billion, a price-to-earnings ratio of 31.45, a PEG ratio of 1.19 and a beta of 2.26. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. Targa Resources has a 12 month low of $77.97 and a 12 month high of $154.87.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. The business 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 last year, the business posted $1.44 EPS. As a group, analysts predict that Targa Resources will post 5.89 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date of this dividend was Wednesday, July 31st. Targa Resources’s dividend payout ratio (DPR) is 61.73%.

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.