Targa Resources, Inc. (NYSE:TRGP) Receives Average Rating of “Moderate Buy” from Brokerages

Targa Resources, Inc. (NYSE:TRGP) has been assigned a consensus recommendation of “Moderate Buy” from the seventeen analysts that are covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and fourteen have issued a buy recommendation on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $266.3571.

Several equities research analysts recently issued reports on TRGP shares. Citigroup upped their price target on Targa Resources from $200.00 to $262.00 and gave the stock a “buy” rating in a report on Tuesday, February 24th. Truist Financial raised their price objective on Targa Resources from $285.00 to $289.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. The Goldman Sachs Group raised their price objective on Targa Resources from $242.00 to $268.00 and gave the company a “buy” rating in a research note on Monday, April 20th. UBS Group raised their price objective on Targa Resources from $228.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, March 24th. Finally, Barclays raised their price objective on Targa Resources from $255.00 to $262.00 and gave the company an “overweight” rating in a research note on Thursday, May 14th.

Targa Resources Trading Down 2.1%

NYSE TRGP opened at $270.47 on Friday. The company has a market cap of $58.05 billion, a price-to-earnings ratio of 27.35, a P/E/G ratio of 1.73 and a beta of 0.75. Targa Resources has a 52 week low of $144.14 and a 52 week high of $280.00. The business has a 50 day moving average price of $247.02 and a 200-day moving average price of $211.33. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.27). The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. As a group, equities analysts expect that Targa Resources will post 10.66 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

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

Insider Buying and Selling at Targa Resources

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Jennifer R. Kneale sold 29,509 shares of the firm’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $230.12, for a total value of $6,790,611.08. Following the transaction, the president owned 235,260 shares in the company, valued at approximately $54,138,031.20. This trade represents a 11.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 115,531 shares of company stock worth $27,405,821. 1.37% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of TRGP. Olistico Wealth LLC purchased a new position in Targa Resources in the fourth quarter worth $27,000. Atlantic Union Bankshares Corp purchased a new position in shares of Targa Resources in the 4th quarter worth about $27,000. Miller Capital Partners Inc. purchased a new position in shares of Targa Resources in the 4th quarter worth about $30,000. Leonteq Securities AG purchased a new position in shares of Targa Resources in the 4th quarter worth about $31,000. Finally, Peoples Financial Services CORP. purchased a new position in shares of Targa Resources in the 3rd quarter worth about $34,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

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.