According to Zacks, “Targa Resources Corp owns general and limited partner interests in Targa Resources Partners LP, engaged in providing midstream natural gas and natural gas liquid services in the United States. The Company operates its business through two business segments: Natural Gas Gathering and Processing and NGL Logistics and Marketing. The Natural Gas Gathering and Processing segment includes assets used in the gathering of natural gas produced from oil and gas wells and processing this raw natural gas into merchantable natural gas by extracting natural gas liquids and removing impurities. NGL Logistics and Marketing segment is engaged in gathering and storing; fractionating, storing, and transporting of finished NGLs. Targa also markets the natural gas liquids produced and purchased in selected United States markets. The Company also offers refinery services and wholesale propane marketing operations. Targa Resources Corp is headquartered in Houston, Texas. “
TRGP has been the subject of several other research reports. SunTrust Banks began coverage on Corteva in a research report on Monday, June 3rd. They set a hold rating and a $29.00 price objective for the company. Raymond James began coverage on Solar Capital in a research report on Tuesday, April 16th. They set an outperform rating and a $22.50 price objective for the company. Evercore ISI lowered DHT from an outperform rating to an in-line rating and set a $5.17 price objective for the company. in a research report on Wednesday, April 24th. Mizuho set a $45.00 price objective on Targa Resources and gave the company a hold rating in a research report on Friday, July 12th. Finally, Mitsubishi UFJ Financial Group began coverage on Targa Resources in a research report on Monday, April 8th. They set a neutral rating and a $50.00 price objective for the company. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $54.58.
Shares of Targa Resources stock opened at $39.71 on Thursday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.58 and a quick ratio of 0.48. The stock has a market capitalization of $9.10 billion, a price-to-earnings ratio of 198.55 and a beta of 1.77. The firm’s fifty day moving average price is $39.11. Targa Resources has a 12 month low of $33.55 and a 12 month high of $59.21.
Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Wednesday, May 8th. The pipeline company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.16). The firm had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.44 billion. Targa Resources had a negative net margin of 0.58% and a positive return on equity of 1.45%. As a group, equities analysts expect that Targa Resources will post -0.78 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st will be given a $0.91 dividend. This represents a $3.64 annualized dividend and a dividend yield of 9.17%. The ex-dividend date of this dividend is Tuesday, July 30th. Targa Resources’s dividend payout ratio is presently 1,820.00%.
In related news, Director Robert B. Evans purchased 51,420 shares of the stock in a transaction dated Friday, May 10th. The stock was purchased at an average price of $39.38 per share, with a total value of $2,024,919.60. Following the transaction, the director now directly owns 38,506 shares in the company, valued at $1,516,366.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.86% of the stock is owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. raised its position in Targa Resources by 1.4% in the 1st quarter. BlackRock Inc. now owns 13,392,208 shares of the pipeline company’s stock worth $556,448,000 after buying an additional 182,798 shares during the last quarter. Tortoise Capital Advisors L.L.C. raised its position in Targa Resources by 35.6% in the 1st quarter. Tortoise Capital Advisors L.L.C. now owns 13,153,678 shares of the pipeline company’s stock worth $546,535,000 after buying an additional 3,454,138 shares during the last quarter. OppenheimerFunds Inc. raised its position in Targa Resources by 8.0% in the 1st quarter. OppenheimerFunds Inc. now owns 7,415,134 shares of the pipeline company’s stock worth $308,099,000 after buying an additional 549,984 shares during the last quarter. Chickasaw Capital Management LLC raised its position in Targa Resources by 20.7% in the 2nd quarter. Chickasaw Capital Management LLC now owns 6,129,598 shares of the pipeline company’s stock worth $240,648,000 after buying an additional 1,049,863 shares during the last quarter. Finally, Neuberger Berman Group LLC raised its position in Targa Resources by 20.4% in the 1st quarter. Neuberger Berman Group LLC now owns 5,018,606 shares of the pipeline company’s stock worth $208,523,000 after buying an additional 849,272 shares during the last quarter. 91.15% of the stock is owned by hedge funds and other institutional investors.
Targa Resources Company Profile
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages 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; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.
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