Targa Resources, Inc. (NYSE:TRGP) Receives $297.18 Consensus PT from Analysts

Targa Resources, Inc. (NYSE:TRGP) has been given an average rating of “Buy” by the nineteen analysts that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation, seventeen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $298.7059.

A number of equities research analysts recently commented on TRGP shares. US Capital Advisors downgraded Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. JPMorgan Chase & Co. increased their price target on shares of Targa Resources from $291.00 to $315.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Royal Bank Of Canada raised their price target on shares of Targa Resources from $312.00 to $338.00 and gave the stock an “outperform” rating in a research report on Thursday. Weiss Ratings restated a “buy (b)” rating on shares of Targa Resources in a research note on Thursday, July 2nd. Finally, Mizuho upped their price objective on shares of Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th.

Targa Resources Stock Performance

Shares of TRGP opened at $288.38 on Monday. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The stock has a 50-day moving average of $275.05 and a two-hundred day moving average of $257.11. The stock has a market cap of $61.84 billion, a P/E ratio of 27.57, a P/E/G ratio of 1.38 and a beta of 0.72. Targa Resources has a one year low of $144.14 and a one year high of $307.94.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The business had revenue of $4.44 billion for the quarter, compared to analyst estimates of $4.90 billion. As a group, research analysts predict that Targa Resources will post 11.2 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were given a dividend of $1.25 per share. The ex-dividend date was Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a yield of 1.7%. Targa Resources’s payout ratio is currently 47.80%.

Insiders Place Their Bets

In other Targa Resources news, Director Charles R. Crisp sold 3,000 shares of the company’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total value of $870,690.00. Following the sale, the director directly owned 62,292 shares of the company’s stock, valued at approximately $18,079,007.16. This represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Waters S. Iv Davis sold 2,400 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $299.67, for a total value of $719,208.00. Following the sale, the director directly owned 1,529 shares in the company, valued at $458,195.43. This represents a 61.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.37% of the company’s stock.

Institutional Trading of Targa Resources

A number of hedge funds have recently added to or reduced their stakes in TRGP. Woodline Partners LP increased its holdings in Targa Resources by 40.7% in the first quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock valued at $3,693,000 after buying an additional 5,327 shares in the last quarter. Focus Partners Wealth grew its position in shares of Targa Resources by 157.4% during the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock valued at $788,000 after acquiring an additional 2,404 shares during the period. Baird Financial Group Inc. grew its position in shares of Targa Resources by 6.3% during the 2nd quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company’s stock valued at $644,000 after acquiring an additional 219 shares during the period. Brown Advisory Inc. grew its position in shares of Targa Resources by 13.1% during the 2nd quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company’s stock valued at $787,000 after acquiring an additional 524 shares during the period. Finally, Cerity Partners LLC increased its stake in shares of Targa Resources by 11.0% in the 2nd quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company’s stock valued at $5,550,000 after purchasing an additional 3,163 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

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.