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

Targa Resources Corp. (NYSE:TRGP) has been assigned a consensus recommendation of “Buy” from the fourteen analysts that are covering the company, Marketbeat reports. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $148.36.

Several equities research analysts have recently commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a report on Tuesday, July 2nd. Wells Fargo & Company upped their target price on Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Bank of America initiated coverage on Targa Resources in a report on Thursday. They issued a “buy” rating and a $182.00 price target on the stock. Royal Bank of Canada upped their price objective on Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Truist Financial lifted their target price on Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, August 5th.

Targa Resources Stock Down 0.4 %

NYSE:TRGP opened at $161.92 on Friday. The company has a market cap of $35.47 billion, a price-to-earnings ratio of 34.09, a price-to-earnings-growth ratio of 1.32 and a beta of 2.25. Targa Resources has a twelve month low of $81.03 and a twelve month high of $167.79. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. The stock has a fifty day simple moving average of $149.88 and a 200-day simple moving average of $131.80.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The business had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $4.33 billion. During the same period in the prior year, the firm earned $1.44 EPS. Analysts anticipate that Targa Resources will post 5.9 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be issued a $0.75 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.85%. Targa Resources’s dividend payout ratio (DPR) is presently 63.16%.

Insider Activity at Targa Resources

In related news, CAO Julie H. Boushka sold 1,213 shares of the business’s 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 directly owns 52,257 shares in the company, valued at $6,898,969.14. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CAO Julie H. Boushka sold 12,641 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $134.50, for a total value of $1,700,214.50. Following the completion of the sale, the chief accounting officer now directly owns 38,403 shares in the company, valued at $5,165,203.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 transaction of $160,140.26. Following the completion of the sale, the chief accounting officer now directly owns 52,257 shares in the company, valued at $6,898,969.14. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 175,534 shares of company stock worth $26,815,021. 1.44% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Targa Resources

Institutional investors have recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV lifted its holdings in Targa Resources by 9.8% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock valued at $138,000 after purchasing an additional 83 shares in the last quarter. Fifth Third Bancorp boosted its position 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 acquiring an additional 89 shares during the last quarter. Catalina Capital Group LLC grew its stake in Targa Resources by 3.4% during the 2nd quarter. Catalina Capital Group LLC now owns 3,043 shares of the pipeline company’s stock valued at $392,000 after acquiring an additional 99 shares in the last quarter. Gulf International Bank UK Ltd raised its holdings in 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 acquiring an additional 100 shares during the last quarter. Finally, &PARTNERS lifted its stake in Targa Resources by 1.1% in the 2nd quarter. &PARTNERS now owns 10,107 shares of the pipeline company’s stock worth $1,302,000 after purchasing an additional 107 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

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.