Targa Resources, Inc. (NYSE:TRGP) Receives $269.21 Average PT from Analysts

Shares of Targa Resources, Inc. (NYSE:TRGP) have received an average recommendation of “Moderate Buy” from the eighteen research firms that are presently covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and fifteen have issued a buy recommendation on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $269.2143.

Several analysts have issued reports on the company. US Capital Advisors lowered Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Scotiabank boosted their price target on Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. TD Cowen boosted their price target on Targa Resources from $236.00 to $245.00 and gave the company a “hold” rating in a report on Monday, May 11th. Seaport Research Partners reissued a “neutral” rating on shares of Targa Resources in a report on Monday, May 4th. Finally, Wells Fargo & Company boosted their price target on Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a report on Friday, May 8th.

Insider Activity at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares in the company, valued at $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.37% of the stock is owned by insiders.

Hedge Funds Weigh In On Targa Resources

Several large investors have recently made changes to their positions in TRGP. Olistico Wealth LLC purchased a new position in shares of Targa Resources in the fourth quarter valued at about $27,000. Atlantic Union Bankshares Corp purchased a new position in shares of Targa Resources in the fourth quarter valued at about $27,000. Miller Capital Partners Inc. purchased a new position in shares of Targa Resources in the fourth quarter valued at about $30,000. Leonteq Securities AG purchased a new position in shares of Targa Resources in the fourth quarter valued at about $31,000. Finally, Godfrey Financial Associates Inc. purchased a new position in shares of Targa Resources in the fourth quarter valued at about $37,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Stock Performance

NYSE:TRGP opened at $272.31 on Wednesday. The stock has a 50-day simple moving average of $255.42 and a two-hundred day simple moving average of $222.87. Targa Resources has a 52-week low of $144.14 and a 52-week high of $280.00. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The firm has a market capitalization of $58.45 billion, a PE ratio of 27.53, a P/E/G ratio of 1.38 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. Analysts forecast that Targa Resources will post 10.75 EPS for the current year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were issued a dividend of $1.25 per share. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Thursday, April 30th. Targa Resources’s dividend payout ratio is presently 50.56%.

About Targa Resources

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.