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

Shares of Targa Resources, Inc. (NYSE:TRGP) have been given a consensus recommendation of “Moderate Buy” by the eighteen analysts that are currently covering the company, Marketbeat reports. Three analysts have rated the stock with a hold recommendation, fourteen have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $209.50.

Several equities research analysts have recently weighed in on TRGP shares. Weiss Ratings reissued a “buy (b-)” rating on shares of Targa Resources in a research note on Wednesday, October 8th. Royal Bank Of Canada raised their price objective on shares of Targa Resources from $205.00 to $208.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 12th. TD Cowen started coverage on Targa Resources in a research note on Monday, July 7th. They set a “hold” rating and a $192.00 target price on the stock. JPMorgan Chase & Co. raised their price target on Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 7th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Targa Resources in a research report on Thursday, August 14th.

Institutional Investors Weigh In On Targa Resources

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of Targa Resources by 1.4% during the second quarter. Vanguard Group Inc. now owns 27,960,214 shares of the pipeline company’s stock worth $4,867,314,000 after acquiring an additional 375,939 shares during the period. Wellington Management Group LLP grew its stake in Targa Resources by 7.5% in the first quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company’s stock worth $2,764,673,000 after purchasing an additional 962,631 shares in the last quarter. Geode Capital Management LLC increased its holdings in Targa Resources by 1.7% during the 2nd quarter. Geode Capital Management LLC now owns 5,856,899 shares of the pipeline company’s stock worth $1,022,222,000 after purchasing an additional 95,611 shares during the period. Invesco Ltd. increased its holdings in Targa Resources by 3.2% during the 1st quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company’s stock worth $915,338,000 after purchasing an additional 139,780 shares during the period. Finally, Norges Bank bought a new stake in Targa Resources during the 2nd quarter valued at $708,366,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Trading Up 1.3%

Shares of NYSE TRGP opened at $156.03 on Tuesday. Targa Resources has a 1-year low of $144.14 and a 1-year high of $218.51. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. The business’s 50 day moving average is $161.27 and its two-hundred day moving average is $164.83. The stock has a market capitalization of $33.58 billion, a P/E ratio of 22.07, a PEG ratio of 0.91 and a beta of 1.12.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, topping analysts’ consensus estimates of $1.95 by $0.92. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%.The firm had revenue of $4.26 billion during the quarter, compared to analysts’ expectations of $4.82 billion. As a group, research analysts expect that Targa Resources will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Stockholders of record on Friday, October 31st will be issued a $1.00 dividend. The ex-dividend date is Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.6%. Targa Resources’s dividend payout ratio is presently 56.58%.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.