Targa Resources, Inc. (NYSE:TRGP) Receives $210.21 Average Price Target from Analysts

Targa Resources, Inc. (NYSE:TRGP) has been assigned a consensus rating of “Moderate Buy” from the seventeen research firms that are currently covering the stock, MarketBeat reports. Three research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among analysts that have covered the stock in the last year is $210.2143.

A number of brokerages have weighed in on TRGP. Scotiabank lowered their price target on Targa Resources from $199.00 to $198.00 and set a “sector outperform” rating on the stock in a research report on Thursday, November 13th. The Goldman Sachs Group decreased their target price on Targa Resources from $189.00 to $188.00 and set a “buy” rating on the stock in a report on Thursday, November 13th. Morgan Stanley raised their price target on Targa Resources from $240.00 to $261.00 and gave the company an “overweight” rating in a report on Wednesday, November 12th. BMO Capital Markets upped their price objective on shares of Targa Resources from $185.00 to $196.00 and gave the company an “outperform” rating in a report on Thursday, November 6th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Targa Resources in a research report on Wednesday, October 8th.

Targa Resources Stock Performance

NYSE TRGP traded up $2.18 on Friday, hitting $175.31. 558,363 shares of the stock were exchanged, compared to its average volume of 1,757,706. The company has a market capitalization of $37.63 billion, a PE ratio of 24.80, a P/E/G ratio of 0.91 and a beta of 1.16. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. The business’s fifty day moving average is $163.11 and its 200 day moving average is $165.15. Targa Resources has a 52 week low of $144.14 and a 52 week high of $218.51.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share for the quarter, missing the consensus estimate of $2.22 by ($0.02). The firm had revenue of $4.15 billion for the quarter, compared to analyst estimates of $4.70 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. Research analysts anticipate that Targa Resources will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 17th. Shareholders of record on Friday, October 31st were given a dividend of $1.00 per share. The ex-dividend date was Friday, October 31st. This represents a $4.00 annualized dividend and a yield of 2.3%. Targa Resources’s dividend payout ratio (DPR) is 53.19%.

Insider Activity

In other news, insider D. Scott Pryor sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $172.21, for a total value of $3,444,200.00. Following the transaction, the insider owned 22,139 shares of the company’s stock, valued at approximately $3,812,557.19. This represents a 47.46% 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. 1.34% of the stock is currently owned by corporate insiders.

Institutional Trading of Targa Resources

Hedge funds have recently added to or reduced their stakes in the company. Peoples Financial Services CORP. bought a new position in Targa Resources during the 3rd quarter worth $34,000. Disciplina Capital Management LLC acquired a new position in shares of Targa Resources in the first quarter valued at about $46,000. Root Financial Partners LLC bought a new position in Targa Resources during the third quarter worth about $39,000. Avion Wealth increased its position in Targa Resources by 475.0% during the third quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock worth $46,000 after acquiring an additional 228 shares during the period. Finally, First Horizon Corp acquired a new stake in Targa Resources in the 3rd quarter worth about $47,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Company Profile

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.