Targa Resources, Inc. (NYSE:TRGP) Receives $310.88 Consensus Price Target from Brokerages

Shares of Targa Resources, Inc. (NYSE:TRGP) have earned a consensus rating of “Buy” from the nineteen research firms that are currently covering the firm, MarketBeat.com reports. Eighteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $315.2941.

A number of brokerages recently issued reports on TRGP. Citigroup reissued a “buy” rating on shares of Targa Resources in a research report on Wednesday, May 27th. Morgan Stanley upped their target price on Targa Resources from $343.00 to $359.00 and gave the company an “overweight” rating in a research report on Wednesday. Erste Group Bank began coverage on Targa Resources in a report on Thursday, June 25th. They set a “buy” rating on the stock. TD Cowen upgraded Targa Resources from a “hold” rating to a “buy” rating and raised their price target for the stock from $275.00 to $350.00 in a research report on Friday. Finally, Wolfe Research set a $335.00 price target on Targa Resources in a research note on Friday, August 7th.

Insider Activity

In other news, Director Paul Chung sold 1,816 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total transaction of $537,735.76. Following the completion of the sale, the director owned 44,000 shares of the company’s stock, valued at approximately $13,028,840. This represents a 3.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director S Davis sold 2,400 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $299.67, for a total transaction of $719,208.00. Following the sale, the director owned 1,529 shares in the company, valued at $458,195.43. This represents a 61.08% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 7,216 shares of company stock worth $2,127,634. 1.37% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Targa Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company boosted its holdings in shares of Targa Resources by 24.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 374,589 shares of the pipeline company’s stock valued at $100,442,000 after purchasing an additional 74,241 shares in the last quarter. Sequoia Financial Advisors LLC raised its holdings in shares of Targa Resources by 0.8% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 8,843 shares of the pipeline company’s stock worth $2,371,000 after buying an additional 69 shares in the last quarter. Tidal Investments LLC lifted its position in shares of Targa Resources by 238.0% during the 2nd quarter. Tidal Investments LLC now owns 41,741 shares of the pipeline company’s stock worth $11,192,000 after buying an additional 29,390 shares during the last quarter. Integrated Wealth Concepts LLC lifted its position in shares of Targa Resources by 53.8% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 6,568 shares of the pipeline company’s stock worth $1,761,000 after buying an additional 2,297 shares during the last quarter. Finally, Baird Financial Group Inc. boosted its stake in Targa Resources by 10.1% in the second quarter. Baird Financial Group Inc. now owns 3,543 shares of the pipeline company’s stock valued at $950,000 after buying an additional 326 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Trading Down 0.0%

TRGP stock opened at $292.12 on Friday. Targa Resources has a 52 week low of $144.14 and a 52 week high of $307.94. The company has a market capitalization of $62.64 billion, a PE ratio of 27.93, a price-to-earnings-growth ratio of 1.38 and a beta of 0.72. The company’s 50-day simple moving average is $281.86 and its 200 day simple moving average is $264.06. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The firm had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. As a group, sell-side analysts anticipate that Targa Resources will post 11.32 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Friday, July 31st. Targa Resources’s dividend payout ratio (DPR) is currently 47.80%.

Targa Resources Company Profile

Targa Resources Corp. (NYSE: TRGP) is a midstream energy infrastructure company that gathers, processes, transports and fractionates natural gas and natural gas liquids (NGLs). Its operations connect producers with downstream markets and include natural gas gathering and processing, NGL fractionation, storage, transportation and marketing, as well as crude oil gathering and logistics.

The company operates an integrated network of pipelines, processing plants, fractionation facilities, storage assets and export infrastructure across the United States.