Targa Resources, Inc. (NYSE:TRGP) Stock Has Average Price Target of $310.88 According to Brokerages

Targa Resources, Inc. (NYSE:TRGP) has been given a consensus rating of “Buy” by the nineteen ratings firms that are currently covering the company, Marketbeat reports. Eighteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $317.24.

Several equities analysts recently issued reports on the stock. Raymond James Financial set a $335.00 price target on shares of Targa Resources in a report on Friday, August 7th. Royal Bank Of Canada upped their target price on shares of Targa Resources from $312.00 to $338.00 and gave the stock an “outperform” rating in a research report on Thursday, August 27th. JPMorgan Chase & Co. raised their price target on Targa Resources from $291.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. TD Cowen upgraded shares of Targa Resources from a “hold” rating to a “buy” rating and upped their target price for the company from $275.00 to $350.00 in a research report on Friday, September 18th. Finally, Stifel Nicolaus assumed coverage on shares of Targa Resources in a research report on Thursday, September 10th. They issued a “buy” rating and a $340.00 price target on the stock.

Insider Buying and Selling

In related news, Director S Davis sold 2,400 shares of Targa Resources stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $299.67, for a total value of $719,208.00. Following the sale, the director owned 1,529 shares of the company’s stock, valued at approximately $458,195.43. This trade represents a 61.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles Crisp sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total value of $870,690.00. Following the transaction, the director directly owned 62,292 shares of the company’s stock, valued at approximately $18,079,007.16. This trade represents a 4.59% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 7,216 shares of company stock worth $2,127,634. 1.37% of the stock is owned by corporate insiders.

Institutional Trading of Targa Resources

A number of hedge funds and other institutional investors have recently modified their holdings of TRGP. QRG Capital Management Inc. boosted its position in Targa Resources by 13.3% during the second quarter. QRG Capital Management Inc. now owns 19,848 shares of the pipeline company’s stock valued at $5,322,000 after purchasing an additional 2,325 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its stake in shares of Targa Resources by 9.9% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 1,870 shares of the pipeline company’s stock worth $501,000 after purchasing an additional 168 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Targa Resources by 5.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 756,768 shares of the pipeline company’s stock valued at $202,920,000 after buying an additional 41,241 shares during the last quarter. State Street Corp grew its stake in shares of Targa Resources by 4.6% in the second quarter. State Street Corp now owns 14,226,166 shares of the pipeline company’s stock valued at $3,814,604,000 after buying an additional 626,885 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in Targa Resources by 24.7% during the second quarter. The Manufacturers Life Insurance Company now owns 374,589 shares of the pipeline company’s stock worth $100,442,000 after buying an additional 74,241 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Trading Down 0.2%

Shares of Targa Resources stock opened at $282.47 on Friday. The firm has a market capitalization of $60.57 billion, a PE ratio of 27.01, a price-to-earnings-growth ratio of 1.33 and a beta of 0.72. The company’s fifty day moving average price is $282.23 and its two-hundred day moving average price is $265.29. Targa Resources has a 52-week low of $144.14 and a 52-week high of $307.94. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, topping analysts’ consensus estimates of $2.83 by $0.71. The firm had revenue of $4.44 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. On average, analysts expect that Targa Resources will post 11.32 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were paid a $1.25 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. Targa Resources’s dividend payout ratio is presently 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.