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

Targa Resources Corp. (NYSE:TRGP) has been assigned an average rating of “Buy” from the fifteen brokerages that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a hold recommendation, thirteen have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $189.21.

TRGP has been the topic of several research analyst reports. Royal Bank of Canada raised their price target on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. The Goldman Sachs Group raised their target price on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Truist Financial cut 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. Scotiabank initiated coverage on shares of Targa Resources in a research note on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 price objective on the stock. Finally, Wells Fargo & Company upped their target price on shares of Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $210.19 on Thursday. The firm has a 50-day moving average of $194.72 and a two-hundred day moving average of $174.96. The company has a market capitalization of $45.83 billion, a price-to-earnings ratio of 38.01, a PEG ratio of 0.61 and a beta of 2.29. 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 has a twelve month low of $95.28 and a twelve month high of $218.51.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a $0.75 dividend. The ex-dividend date was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.43%. Targa Resources’s dividend payout ratio is currently 54.25%.

Hedge Funds Weigh In On Targa Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Toronto Dominion Bank lifted its holdings in shares of Targa Resources by 383.0% during the fourth quarter. Toronto Dominion Bank now owns 376,353 shares of the pipeline company’s stock valued at $67,179,000 after acquiring an additional 298,429 shares during the period. Vise Technologies Inc. increased its position in shares of Targa Resources by 121.6% during the 4th quarter. Vise Technologies Inc. now owns 5,572 shares of the pipeline company’s stock worth $995,000 after purchasing an additional 3,058 shares in the last quarter. Pinkerton Retirement Specialists LLC lifted its holdings in Targa Resources by 172.9% during the 4th quarter. Pinkerton Retirement Specialists LLC now owns 4,727 shares of the pipeline company’s stock valued at $844,000 after purchasing an additional 2,995 shares during the last quarter. Voloridge Investment Management LLC boosted its position in Targa Resources by 12.4% in the fourth quarter. Voloridge Investment Management LLC now owns 63,378 shares of the pipeline company’s stock valued at $11,313,000 after buying an additional 7,013 shares in the last quarter. Finally, Waverly Advisors LLC bought a new stake in Targa Resources during the fourth quarter worth about $278,000. Institutional investors own 92.13% of the company’s stock.

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.