Targa Resources, Inc. (NYSE:TRGP) Receives $288.00 Average Price Target from Analysts

Shares of Targa Resources, Inc. (NYSE:TRGP) have been assigned an average rating of “Moderate Buy” from the nineteen brokerages that are covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and seventeen have assigned a buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $288.00.

A number of equities research analysts have issued reports on TRGP shares. Mizuho lifted their target price on shares of Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Wells Fargo & Company increased their price objective on Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Citigroup reissued a “buy” rating on shares of Targa Resources in a research report on Wednesday, May 27th. The Goldman Sachs Group boosted their target price on Targa Resources from $242.00 to $268.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Finally, JPMorgan Chase & Co. upped their target price on Targa Resources from $291.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th.

Targa Resources Price Performance

NYSE TRGP opened at $259.64 on Thursday. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The firm has a market capitalization of $55.73 billion, a price-to-earnings ratio of 26.25, a price-to-earnings-growth ratio of 1.33 and a beta of 0.72. The company has a 50 day simple moving average of $268.70 and a 200-day simple moving average of $247.29. Targa Resources has a 52-week low of $144.14 and a 52-week high of $291.04.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.56 EPS for the quarter, beating analysts’ consensus estimates of $2.83 by $0.73. The firm had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. Equities research analysts predict that Targa Resources will post 10.84 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be paid a $1.25 dividend. The ex-dividend date of this dividend is Friday, July 31st. This represents a $5.00 annualized dividend and a dividend yield of 1.9%. Targa Resources’s payout ratio is presently 50.56%.

Insider Activity at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the transaction, the director owned 66,492 shares in the company, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.37% of the company’s stock.

Institutional Trading of Targa Resources

Institutional investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. increased its holdings in shares of Targa Resources by 57.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock worth $6,421,000 after buying an additional 12,640 shares in the last quarter. Hsbc Holdings PLC grew its stake in shares of Targa Resources by 7.0% during the fourth quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock valued at $151,331,000 after purchasing an additional 53,413 shares during the last quarter. Miller Howard Investments Inc. NY increased its position in Targa Resources by 37.3% in the first quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company’s stock worth $57,816,000 after purchasing an additional 62,652 shares during the period. Raiffeisen Bank International AG lifted its stake in shares of Targa Resources by 164.1% in the 4th quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company’s stock valued at $6,245,000 after purchasing an additional 20,905 shares during the period. Finally, Ninety One UK Ltd grew its holdings in Targa Resources by 12.6% during the fourth quarter. Ninety One UK Ltd now owns 97,731 shares of the pipeline company’s stock valued at $18,031,000 after purchasing an additional 10,946 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.