Targa Resources Corp. (NYSE:TRGP) Receives $148.36 Consensus PT from Analysts

Targa Resources Corp. (NYSE:TRGP) has received a consensus rating of “Buy” from the fourteen ratings firms that are presently covering the firm, Marketbeat.com reports. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $148.36.

Several analysts recently commented on TRGP shares. Barclays raised their target price on Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. The Goldman Sachs Group raised their target price on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Argus raised Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Bank of America began coverage on Targa Resources in a report on Thursday, October 17th. They set a “buy” rating and a $182.00 target price on the stock. Finally, JPMorgan Chase & Co. boosted their price objective on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research report on Tuesday, July 2nd.

Insiders Place Their Bets

In other Targa Resources news, insider Gerald R. Shrader sold 3,000 shares of the business’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $136.06, for a total transaction of $408,180.00. Following the transaction, the insider now owns 29,603 shares of the company’s stock, valued at approximately $4,027,784.18. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Gerald R. Shrader sold 3,000 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $136.06, for a total value of $408,180.00. Following the transaction, the insider now owns 29,603 shares of the company’s stock, valued at $4,027,784.18. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Robert Muraro sold 2,500 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the transaction, the insider now directly owns 174,451 shares in the company, valued at approximately $25,504,736.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 175,534 shares of company stock valued at $26,815,021. Insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Several large investors have recently bought and sold shares of the stock. Buckley Wealth Management LLC increased its holdings in Targa Resources by 0.7% during the 3rd quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company’s stock worth $1,469,000 after purchasing an additional 65 shares during the period. Massmutual Trust Co. FSB ADV increased its holdings in Targa Resources by 9.8% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock worth $138,000 after purchasing an additional 83 shares during the period. Fifth Third Bancorp increased its holdings in Targa Resources by 1.0% during the 2nd quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock worth $1,148,000 after purchasing an additional 89 shares during the period. Catalina Capital Group LLC increased its holdings in Targa Resources by 3.4% during the 2nd quarter. Catalina Capital Group LLC now owns 3,043 shares of the pipeline company’s stock worth $392,000 after purchasing an additional 99 shares during the period. Finally, Gulf International Bank UK Ltd increased its holdings in shares of Targa Resources by 0.6% in the 1st quarter. Gulf International Bank UK Ltd now owns 17,695 shares of the pipeline company’s stock valued at $1,981,000 after acquiring an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Up 2.1 %

Shares of NYSE:TRGP opened at $165.12 on Friday. Targa Resources has a 52-week low of $81.03 and a 52-week high of $167.79. The stock has a market cap of $36.17 billion, a price-to-earnings ratio of 34.76, a PEG ratio of 1.27 and a beta of 2.25. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. The business has a 50-day moving average price of $151.48 and a 200-day moving average price of $133.08.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. The firm had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same period last year, the company earned $1.44 earnings per share. Equities analysts predict that Targa Resources will post 6 EPS for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is currently 63.16%.

About Targa Resources

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.