Targa Resources Corp. (NYSE:TRGP) Receives $198.79 Average PT from Brokerages

Targa Resources Corp. (NYSE:TRGP) has received a consensus rating of “Buy” from the fifteen analysts that are presently covering the firm, Marketbeat Ratings reports. Thirteen 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 brokers that have issued ratings on the stock in the last year is $198.79.

A number of equities research analysts recently commented on the stock. Mizuho set a $212.00 price target on shares of Targa Resources and gave the company an “outperform” rating in a report on Tuesday, May 20th. Barclays lowered their price target on shares of Targa Resources from $206.00 to $178.00 and set an “overweight” rating for the company in a report on Tuesday, May 20th. US Capital Advisors upgraded shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Royal Bank of Canada lowered their price target on shares of Targa Resources from $199.00 to $191.00 and set an “outperform” rating for the company in a report on Thursday, May 8th. Finally, The Goldman Sachs Group decreased their price objective on shares of Targa Resources from $218.00 to $194.00 and set a “buy” rating for the company in a report on Monday, May 5th.

Targa Resources Price Performance

Shares of Targa Resources stock opened at $160.70 on Friday. The company has a fifty day moving average of $168.02 and a 200-day moving average of $186.03. Targa Resources has a 52-week low of $115.82 and a 52-week high of $218.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The stock has a market capitalization of $34.86 billion, a price-to-earnings ratio of 28.00, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The firm had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. Equities research analysts expect that Targa Resources will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Strs Ohio bought a new position in shares of Targa Resources in the 1st quarter worth about $1,563,000. Belpointe Asset Management LLC bought a new position in shares of Targa Resources in the 1st quarter worth about $224,000. Intech Investment Management LLC increased its stake in shares of Targa Resources by 16.5% in the 1st quarter. Intech Investment Management LLC now owns 46,399 shares of the pipeline company’s stock worth $9,302,000 after acquiring an additional 6,573 shares in the last quarter. Focus Partners Wealth increased its stake in shares of Targa Resources by 157.4% in the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock worth $788,000 after acquiring an additional 2,404 shares in the last quarter. Finally, Integrity Alliance LLC. bought a new position in shares of Targa Resources in the 1st quarter worth about $423,000. 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.