Brokerages Set Targa Resources, Inc. (NYSE:TRGP) PT at $272.73

Shares of Targa Resources, Inc. (NYSE:TRGP) have been given a consensus rating of “Moderate Buy” by the nineteen research firms that are presently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and seventeen have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $281.9333.

TRGP has been the subject of several research analyst reports. Citigroup reiterated a “buy” rating on shares of Targa Resources in a research report on Wednesday, May 27th. Barclays raised their target price on shares of Targa Resources from $262.00 to $270.00 and gave the stock an “overweight” rating in a report on Tuesday, June 23rd. UBS Group reaffirmed a “buy” rating and issued a $318.00 price target on shares of Targa Resources in a research note on Thursday. Scotiabank upped their price target on shares of Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. Finally, Wells Fargo & Company increased their price objective on shares of Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th.

Targa Resources Stock Performance

TRGP stock opened at $272.92 on Friday. The business’s 50-day moving average price is $264.70 and its two-hundred day moving average price is $234.91. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. The firm has a market cap of $58.58 billion, a PE ratio of 27.60, a P/E/G ratio of 1.42 and a beta of 0.71. Targa Resources has a 1-year low of $144.14 and a 1-year high of $280.00.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.68 billion. As a group, research analysts forecast that Targa Resources will post 10.75 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Thursday, April 30th. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s dividend payout ratio (DPR) is currently 50.56%.

Insiders Place Their Bets

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.37% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Valeo Financial Advisors LLC acquired a new position in Targa Resources during the 2nd quarter worth approximately $235,000. Trust Point Inc. acquired a new stake in shares of Targa Resources in the second quarter valued at approximately $230,000. Czech National Bank lifted its position in shares of Targa Resources by 4.5% in the second quarter. Czech National Bank now owns 61,096 shares of the pipeline company’s stock worth $16,382,000 after purchasing an additional 2,635 shares in the last quarter. PensionDanmark Pensionsforsikringsaktieselskab lifted its position in shares of Targa Resources by 9.6% in the second quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 38,952 shares of the pipeline company’s stock worth $10,445,000 after purchasing an additional 3,400 shares in the last quarter. Finally, Chapin Davis Inc. boosted its holdings in Targa Resources by 5.5% during the second quarter. Chapin Davis Inc. now owns 4,736 shares of the pipeline company’s stock worth $1,270,000 after purchasing an additional 246 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Company Profile

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.