Analysts Set Targa Resources, Inc. (NYSE:TRGP) PT at $210.57

Targa Resources, Inc. (NYSE:TRGP) has been assigned an average rating of “Moderate Buy” from the seventeen brokerages that are presently covering the firm, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $210.7857.

Several research firms recently issued reports on TRGP. The Goldman Sachs Group reduced their price target on Targa Resources from $189.00 to $188.00 and set a “buy” rating for the company in a research note on Thursday, November 13th. Royal Bank Of Canada lifted their price objective on shares of Targa Resources from $213.00 to $218.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 3rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Targa Resources in a report on Wednesday, October 8th. Scotiabank boosted their price target on Targa Resources from $198.00 to $199.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Mizuho lowered their price objective on Targa Resources from $212.00 to $207.00 and set an “outperform” rating on the stock in a research note on Friday, August 29th.

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 shares were sold at an average price of $172.21, for a total transaction of $3,444,200.00. Following the completion of the sale, 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Gerald R. Shrader sold 2,750 shares of the stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $181.21, for a total transaction of $498,327.50. Following the sale, the insider owned 29,561 shares in the company, valued at $5,356,748.81. This represents a 8.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.34% of the company’s stock.

Institutional Trading of Targa Resources

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Targa Resources by 1.5% in the third quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock worth $4,755,169,000 after acquiring an additional 422,075 shares during the last quarter. Wellington Management Group LLP raised its position in Targa Resources by 9.0% in the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock valued at $3,291,012,000 after purchasing an additional 1,620,253 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Targa Resources by 1.7% during the second quarter. Geode Capital Management LLC now owns 5,856,899 shares of the pipeline company’s stock valued at $1,022,222,000 after purchasing an additional 95,611 shares in the last quarter. Norges Bank bought a new stake in shares of Targa Resources during the second quarter worth about $708,366,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in Targa Resources by 2.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,834,418 shares of the pipeline company’s stock valued at $568,217,000 after buying an additional 77,999 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Trading Down 0.2%

Shares of NYSE:TRGP opened at $178.33 on Wednesday. The company has a 50-day simple moving average of $167.15 and a 200 day simple moving average of $167.01. The company has a market capitalization of $38.28 billion, a P/E ratio of 23.71, a price-to-earnings-growth ratio of 1.03 and a beta of 0.89. The company has a debt-to-equity ratio of 5.91, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources has a 52-week low of $144.14 and a 52-week high of $218.51.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). The business had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $4.70 billion. Targa Resources had a net margin of 9.35% and a return on equity of 51.87%. Sell-side analysts forecast that Targa Resources will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, November 17th. Investors of record on Friday, October 31st were given a $1.00 dividend. The ex-dividend date was Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.2%. Targa Resources’s dividend payout ratio (DPR) is presently 53.19%.

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.