Targa Resources, Inc. (NYSE:TRGP) Receives $210.57 Average Target Price from Brokerages

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

Several equities research analysts have recently issued reports on TRGP shares. Mizuho decreased their target price on Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a research report on Friday, August 29th. Morgan Stanley raised their price objective on shares of Targa Resources from $240.00 to $261.00 and gave the stock an “overweight” rating in a report on Wednesday, November 12th. Royal Bank Of Canada boosted their target price on shares of Targa Resources from $213.00 to $218.00 and gave the company an “outperform” rating in a research note on Wednesday, December 3rd. JPMorgan Chase & Co. raised their price target on shares of Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 7th. Finally, Stifel Nicolaus set a $213.00 price target on shares of Targa Resources in a report on Thursday, November 6th.

Insider Buying and Selling at Targa Resources

In related news, insider Gerald R. Shrader sold 2,750 shares of Targa Resources stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $181.21, for a total value of $498,327.50. Following the completion of the sale, the insider owned 29,561 shares of the company’s stock, valued at approximately $5,356,748.81. This trade represents a 8.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider D. Scott Pryor sold 20,000 shares of the business’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $172.21, for a total value of $3,444,200.00. Following the completion of the sale, the insider owned 22,139 shares in the company, valued at $3,812,557.19. This represents a 47.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.34% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Targa Resources

Hedge funds and other institutional investors have recently bought and sold shares of the business. Larson Financial Group LLC boosted its holdings in shares of Targa Resources by 4.1% in the third quarter. Larson Financial Group LLC now owns 1,508 shares of the pipeline company’s stock worth $253,000 after acquiring an additional 60 shares during the period. Equitable Holdings Inc. lifted its holdings in Targa Resources by 3.6% during the 3rd quarter. Equitable Holdings Inc. now owns 1,714 shares of the pipeline company’s stock worth $287,000 after purchasing an additional 60 shares in the last quarter. Stratos Wealth Partners LTD. boosted its stake in Targa Resources by 1.3% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 5,046 shares of the pipeline company’s stock worth $845,000 after purchasing an additional 64 shares during the period. State of Wyoming grew its holdings in Targa Resources by 3.2% during the 2nd quarter. State of Wyoming now owns 2,076 shares of the pipeline company’s stock valued at $361,000 after buying an additional 64 shares in the last quarter. Finally, UMB Bank n.a. increased its position in shares of Targa Resources by 11.9% during the second quarter. UMB Bank n.a. now owns 658 shares of the pipeline company’s stock valued at $115,000 after buying an additional 70 shares during the period. Institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

Targa Resources stock opened at $178.33 on Wednesday. Targa Resources has a 52 week low of $144.14 and a 52 week high of $218.51. The company’s 50 day moving average price is $167.15 and its two-hundred day moving average price is $166.96. The stock has a market cap of $38.28 billion, a P/E ratio of 23.71, a P/E/G ratio of 1.03 and a beta of 0.89. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 5.91.

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

Targa Resources Announces Dividend

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

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.