Targa Resources Corp. (NYSE:TRGP) Given Consensus Rating of “Buy” by Brokerages

Shares of Targa Resources Corp. (NYSE:TRGP) have been assigned a consensus rating of “Buy” from the fifteen research firms that are covering the firm, Marketbeat Ratings reports. Thirteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $202.93.

TRGP has been the subject of a number of research analyst reports. Citigroup decreased their price target on Targa Resources from $227.00 to $197.00 and set a “buy” rating for the company in a research note on Friday. Barclays lowered their price objective on shares of Targa Resources from $211.00 to $206.00 and set an “overweight” rating for the company in a research report on Wednesday, April 9th. Wells Fargo & Company raised their target price on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Mizuho reduced their price objective on Targa Resources from $226.00 to $218.00 and set an “outperform” rating on the stock in a report on Monday, April 28th. Finally, The Goldman Sachs Group lowered their price target on shares of Targa Resources from $218.00 to $194.00 and set a “buy” rating for the company in a research report on Monday, May 5th.

Insider Buying and Selling at Targa Resources

In related news, insider D. Scott Pryor sold 35,000 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the sale, the insider now owns 82,139 shares in the company, valued at $16,206,024.70. This represents a 29.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jennifer R. Kneale sold 29,887 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the transaction, the insider now directly owns 227,269 shares of the company’s stock, valued at $43,731,100.98. This represents a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 115,914 shares of company stock worth $22,613,288. 1.34% of the stock is owned by corporate insiders.

Institutional Trading of Targa Resources

A number of hedge funds have recently modified their holdings of the stock. Nordea Investment Management AB increased its holdings in Targa Resources by 85.7% in the 4th quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock worth $5,070,000 after acquiring an additional 13,167 shares in the last quarter. Capital Investment Advisors LLC raised its position in shares of Targa Resources by 191.4% during the 4th quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock worth $1,476,000 after purchasing an additional 5,431 shares during the last quarter. Atomi Financial Group Inc. purchased a new position in Targa Resources in the 4th quarter valued at about $271,000. Segment Wealth Management LLC boosted its holdings in Targa Resources by 2,753.4% in the 4th quarter. Segment Wealth Management LLC now owns 55,328 shares of the pipeline company’s stock worth $9,876,000 after buying an additional 53,389 shares during the last quarter. Finally, Diversified Trust Co increased its stake in Targa Resources by 133.4% during the 4th quarter. Diversified Trust Co now owns 11,475 shares of the pipeline company’s stock worth $2,048,000 after buying an additional 6,558 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

NYSE:TRGP opened at $159.51 on Tuesday. The firm has a market capitalization of $34.71 billion, a price-to-earnings ratio of 27.79, a PEG ratio of 0.61 and a beta of 1.22. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The business has a 50 day simple moving average of $178.73 and a 200-day simple moving average of $188.13. Targa Resources has a 1 year low of $112.27 and a 1 year high of $218.51.

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

Targa Resources Dividend Announcement

The business also recently announced a dividend, which will be paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st will be given a dividend of $1.00 per share. This represents a yield of 2.34%. The ex-dividend date is Wednesday, April 30th. Targa Resources’s dividend payout ratio is presently 73.66%.

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.