Targa Resources Corp. (NYSE:TRGP) Receives $210.64 Consensus Price Target from Analysts

Shares of Targa Resources Corp. (NYSE:TRGP) have been given a consensus recommendation of “Buy” by the fifteen analysts that are presently covering the firm, MarketBeat reports. Thirteen equities research analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $210.64.

A number of equities research analysts have recently issued reports on the stock. Scotiabank cut their target price on shares of 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. Citigroup increased their target price on Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. Truist Financial boosted their price target on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a report on Tuesday, March 18th. Morgan Stanley lifted their price objective on shares of Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a report on Monday, March 17th. Finally, Wells Fargo & Company boosted their target price on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, February 21st.

Targa Resources Trading Up 1.0 %

Shares of TRGP opened at $174.48 on Friday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources has a one year low of $110.09 and a one year high of $218.51. The stock has a 50-day moving average price of $189.42 and a 200 day moving average price of $187.18. The company has a market capitalization of $37.97 billion, a P/E ratio of 30.40, a P/E/G ratio of 0.61 and a beta of 1.75.

Targa Resources (NYSE:TRGP) last released 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 for the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Sell-side analysts forecast that Targa Resources will post 8.15 EPS for the current fiscal year.

Targa Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 12th. Investors of record on Monday, April 28th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.28%. Targa Resources’s dividend payout ratio (DPR) is 69.69%.

Insider Buying and Selling at Targa Resources

In related news, Director Waters S. Iv Davis sold 2,190 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the transaction, the director now owns 2,899 shares in the company, valued at $568,957.74. This trade represents a 43.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew J. Meloy sold 48,837 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now owns 725,628 shares of the company’s stock, valued at $141,555,510.24. This trade represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock valued at $22,613,288 in the last quarter. Corporate insiders own 1.34% of the company’s stock.

Institutional Trading of Targa Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank acquired a new position in Targa Resources during the fourth quarter worth about $505,132,000. GQG Partners LLC bought a new stake in shares of Targa Resources in the 4th quarter worth approximately $393,335,000. Canada Pension Plan Investment Board raised its holdings in shares of Targa Resources by 981.8% in the 4th quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company’s stock worth $204,223,000 after purchasing an additional 1,038,350 shares in the last quarter. GAMMA Investing LLC lifted its stake in Targa Resources by 22,699.0% during the first quarter. GAMMA Investing LLC now owns 928,377 shares of the pipeline company’s stock valued at $186,112,000 after purchasing an additional 924,305 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Targa Resources during the fourth quarter worth approximately $150,372,000. 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.