Targa Resources Corp (TRGP) Receives Consensus Recommendation of “Buy” from Brokerages

Targa Resources Corp (NYSE:TRGP) has been given a consensus rating of “Buy” by the twenty-three research firms that are covering the firm, MarketBeat reports. Eight equities research analysts have rated the stock with a hold recommendation, eleven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $58.53.

A number of brokerages recently commented on TRGP. Jefferies Financial Group reaffirmed a “$51.76” rating and issued a $55.00 price target on shares of Targa Resources in a research note on Wednesday, July 18th. Raymond James reaffirmed a “buy” rating on shares of Targa Resources in a research note on Monday, August 13th. UBS Group raised their price target on Targa Resources from $60.00 to $61.00 and gave the stock a “buy” rating in a research note on Friday, August 10th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $57.00 price target (up previously from $53.00) on shares of Targa Resources in a research note on Friday, August 10th. Finally, Citigroup raised their price target on Targa Resources from $55.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, July 31st.

In related news, Director Charles R. Crisp sold 3,100 shares of Targa Resources stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $54.13, for a total value of $167,803.00. Following the completion of the sale, the director now directly owns 120,105 shares in the company, valued at approximately $6,501,283.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO John Richard Klein sold 2,092 shares of Targa Resources stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $53.52, for a total value of $111,963.84. Following the completion of the sale, the chief accounting officer now owns 24,972 shares of the company’s stock, valued at $1,336,501.44. The disclosure for this sale can be found here. Insiders sold a total of 6,176 shares of company stock valued at $334,507 over the last quarter. 1.76% of the stock is owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the business. Proficio Capital Partners LLC grew its stake in shares of Targa Resources by 121.0% during the 2nd quarter. Proficio Capital Partners LLC now owns 2,276 shares of the pipeline company’s stock valued at $113,000 after purchasing an additional 1,246 shares during the period. James Hambro & Partners purchased a new position in shares of Targa Resources during the 2nd quarter valued at about $113,000. Sit Investment Associates Inc. purchased a new position in shares of Targa Resources during the 2nd quarter valued at about $127,000. Westbourne Investment Advisors Inc. purchased a new position in shares of Targa Resources during the 3rd quarter valued at about $168,000. Finally, Checchi Capital Advisers LLC purchased a new position in shares of Targa Resources during the 3rd quarter valued at about $208,000. Institutional investors and hedge funds own 92.01% of the company’s stock.

NYSE TRGP traded down $1.30 on Friday, reaching $51.30. 1,733,882 shares of the company’s stock traded hands, compared to its average volume of 1,712,967. Targa Resources has a 12 month low of $40.57 and a 12 month high of $59.21. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.73 and a quick ratio of 0.64. The stock has a market capitalization of $11.57 billion, a P/E ratio of -119.30 and a beta of 1.95.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 9th. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.40. Targa Resources had a net margin of 2.24% and a return on equity of 1.62%. The firm had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.35 billion. As a group, equities analysts expect that Targa Resources will post 0.3 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Wednesday, October 31st will be issued a $0.91 dividend. The ex-dividend date is Tuesday, October 30th. This represents a $3.64 annualized dividend and a yield of 7.10%. Targa Resources’s payout ratio is -846.51%.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages in gathering, compressing, treating, processing, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.

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Analyst Recommendations for Targa Resources (NYSE:TRGP)

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