Targa Resources (NYSE:TRGP) Research Coverage Started at TD Cowen

TD Cowen initiated coverage on shares of Targa Resources (NYSE:TRGP) in a report released on Monday morning, Marketbeat reports. The brokerage issued a hold rating and a $192.00 price objective on the pipeline company’s stock.

Several other equities research analysts have also recently weighed in on TRGP. Royal Bank Of Canada reiterated an “outperform” rating and set a $205.00 price target (up from $191.00) on shares of Targa Resources in a research report on Thursday, June 26th. Scotiabank upped their price target on Targa Resources from $193.00 to $197.00 and gave the company a “sector outperform” rating in a research report on Thursday, June 5th. US Capital Advisors upgraded Targa Resources from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Citigroup decreased their price objective on shares of Targa Resources from $227.00 to $197.00 and set a “buy” rating on the stock in a research report on Friday, May 9th. Finally, Mizuho set a $212.00 price objective on shares of Targa Resources and gave the stock an “outperform” rating in a research report on Tuesday, May 20th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $208.31.

Targa Resources Trading Down 1.9%

Shares of TRGP opened at $171.02 on Monday. The business’s 50-day moving average price is $166.18 and its 200-day moving average price is $182.14. Targa Resources has a twelve month low of $122.56 and a twelve month high of $218.51. The stock has a market cap of $37.10 billion, a PE ratio of 31.50, a P/E/G ratio of 0.62 and a beta of 1.07. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 6.04.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. The company had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. On average, equities analysts forecast that Targa Resources will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently declared a dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st were given a dividend of $1.00 per share. This represents a yield of 2.34%. The ex-dividend date was Wednesday, April 30th. Targa Resources’s payout ratio is currently 73.66%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Targa Resources by 1.6% during the first quarter. Vanguard Group Inc. now owns 27,584,275 shares of the pipeline company’s stock valued at $5,529,820,000 after acquiring an additional 423,667 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Targa Resources by 7.5% in the 1st quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company’s stock valued at $2,764,673,000 after acquiring an additional 962,631 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Targa Resources by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company’s stock valued at $1,056,187,000 after acquiring an additional 212,986 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Targa Resources by 3.2% in the 1st quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company’s stock valued at $915,338,000 after acquiring an additional 139,780 shares during the last quarter. Finally, GQG Partners LLC lifted its stake in shares of Targa Resources by 64.0% in the 1st quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company’s stock valued at $724,560,000 after acquiring an additional 1,410,747 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

About Targa Resources

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.