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

Targa Resources Corp. (NYSE:TRGP) has received a consensus recommendation of “Buy” from the fifteen analysts that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation, thirteen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $211.00.

Several brokerages recently commented on TRGP. Scotiabank dropped their price objective on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a research note on Thursday, March 6th. The Goldman Sachs Group raised their price objective on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Wells Fargo & Company raised their price objective on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Barclays raised their price objective on Targa Resources from $204.00 to $211.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Royal Bank of Canada raised their price objective on Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a research note on Monday, March 3rd.

Targa Resources Stock Performance

TRGP stock opened at $197.25 on Monday. The business’s fifty day moving average is $199.77 and its 200-day moving average is $183.36. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The company has a market cap of $43.02 billion, a P/E ratio of 34.36, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. Targa Resources has a twelve month low of $110.09 and a twelve month high of $218.51.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. Equities research analysts forecast that Targa Resources will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s payout ratio is 52.26%.

Insider Activity

In related news, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the transaction, the director now owns 2,899 shares in the company, valued at approximately $568,957.74. This trade represents a 43.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total value of $9,527,121.96. Following the transaction, the chief executive officer now owns 725,628 shares of the company’s stock, valued at $141,555,510.24. The trade was a 6.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock worth $22,613,288 in the last quarter. Corporate insiders own 1.39% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

Hedge funds and other institutional investors have recently bought and sold shares of the business. Colonial Trust Co SC grew its holdings in Targa Resources by 5,400.0% during the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock worth $29,000 after purchasing an additional 162 shares during the period. Atala Financial Inc bought a new position in Targa Resources during the fourth quarter worth about $31,000. Cary Street Partners Financial LLC bought a new position in Targa Resources during the fourth quarter worth about $31,000. Ameriflex Group Inc. acquired a new stake in Targa Resources during the fourth quarter worth approximately $31,000. Finally, Rakuten Securities Inc. lifted its position in Targa Resources by 394.6% during the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock worth $33,000 after acquiring an additional 146 shares during the last quarter. 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.