Targa Resources, Inc. (NYSE:TRGP) Receives $272.73 Consensus Price Target from Brokerages

Shares of Targa Resources, Inc. (NYSE:TRGP) have been assigned an average rating of “Moderate Buy” from the nineteen research firms that are currently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $281.9333.

TRGP has been the subject of a number of analyst reports. Jefferies Financial Group began coverage on shares of Targa Resources in a research report on Thursday, June 18th. They issued a “buy” rating and a $314.00 price objective for the company. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $281.00 target price on shares of Targa Resources in a research note on Tuesday, May 12th. Erste Group Bank assumed coverage on Targa Resources in a report on Thursday, June 25th. They issued a “buy” rating for the company. The Goldman Sachs Group increased their price target on Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Finally, TD Cowen lifted their price target on Targa Resources from $236.00 to $245.00 and gave the company a “hold” rating in a report on Monday, May 11th.

Targa Resources Price Performance

TRGP traded up $0.22 during midday trading on Friday, reaching $273.24. 744,006 shares of the company’s stock were exchanged, compared to its average volume of 1,284,316. 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 stock has a market capitalization of $58.65 billion, a PE ratio of 27.63, a P/E/G ratio of 1.40 and a beta of 0.71. The business’s 50-day moving average price is $265.16 and its 200 day moving average price is $235.18. 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 quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The company had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. As a group, equities analysts anticipate that Targa Resources will post 10.75 EPS for the current fiscal year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were paid a dividend of $1.25 per share. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. 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. Targa Resources’s payout ratio is 50.56%.

Insider Buying and Selling at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the sale, the director directly owned 66,492 shares of the company’s stock, valued at $17,019,292.32. The trade was a 13.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.37% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Targa Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tema ETFs LLC grew its holdings in shares of Targa Resources by 9.5% during the 2nd quarter. Tema ETFs LLC now owns 3,358 shares of the pipeline company’s stock worth $900,000 after purchasing an additional 290 shares during the period. Camelot Technology Advisors Inc. lifted its position in Targa Resources by 2.1% during the second quarter. Camelot Technology Advisors Inc. now owns 11,099 shares of the pipeline company’s stock valued at $2,976,000 after buying an additional 230 shares in the last quarter. Valeo Financial Advisors LLC purchased a new stake in Targa Resources during the second quarter worth approximately $235,000. Trust Point Inc. acquired a new stake in shares of Targa Resources in the second quarter worth $230,000. Finally, Czech National Bank lifted its holdings in shares of Targa Resources by 4.5% during the 2nd quarter. Czech National Bank now owns 61,096 shares of the pipeline company’s stock valued at $16,382,000 after acquiring an additional 2,635 shares in the last quarter. 92.13% of the stock is currently 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.