Targa Resources (NYSE:TRGP) Price Target Raised to $196.00

Targa Resources (NYSE:TRGP) had its target price increased by BMO Capital Markets from $185.00 to $196.00 in a report published on Thursday,Benzinga reports. BMO Capital Markets currently has an outperform rating on the pipeline company’s stock.

A number of other brokerages have also recently commented on TRGP. Mizuho reduced their target price on shares of Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a research report on Friday, August 29th. Cfra Research upgraded shares of Targa Resources to a “hold” rating in a report on Friday, August 8th. Barclays boosted their target price on Targa Resources from $178.00 to $195.00 and gave the stock an “overweight” rating in a report on Thursday, July 10th. Scotiabank restated an “outperform” rating on shares of Targa Resources in a research report on Thursday, August 14th. Finally, Wells Fargo & Company reiterated an “overweight” rating and set a $205.00 price objective (up previously from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Targa Resources has an average rating of “Moderate Buy” and a consensus target price of $209.50.

Targa Resources Price Performance

NYSE:TRGP opened at $171.81 on Thursday. The firm has a market cap of $36.97 billion, a P/E ratio of 24.30, a price-to-earnings-growth ratio of 0.91 and a beta of 1.16. The stock has a 50 day moving average of $161.19 and a two-hundred day moving average of $164.71. Targa Resources has a 12 month low of $144.14 and a 12 month high of $218.51. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). Targa Resources had a return on equity of 43.35% and a net margin of 8.99%.The firm had revenue of $4.15 billion during the quarter, compared to analyst estimates of $4.70 billion. On average, analysts expect that Targa Resources will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 17th. Investors 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 yield of 2.3%. Targa Resources’s dividend payout ratio is currently 53.19%.

Institutional Investors Weigh In On Targa Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Targa Resources during the 2nd quarter worth $708,366,000. GQG Partners LLC lifted its holdings in shares of Targa Resources by 64.0% in the 1st quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company’s stock worth $724,560,000 after acquiring an additional 1,410,747 shares during the last quarter. Nuveen LLC purchased a new position in shares of Targa Resources during the 1st quarter worth approximately $196,351,000. Wellington Management Group LLP increased its holdings in Targa Resources by 7.5% in the 1st quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company’s stock valued at $2,764,673,000 after purchasing an additional 962,631 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Targa Resources by 43.6% in the first quarter. Goldman Sachs Group Inc. now owns 2,748,708 shares of the pipeline company’s stock valued at $551,033,000 after purchasing an additional 834,666 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

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.