Targa Resources (NYSE:TRGP) Cut to Hold at US Capital Advisors

US Capital Advisors lowered shares of Targa Resources (NYSE:TRGP) from a moderate buy rating to a hold rating in a research note published on Tuesday,Zacks.com reports. US Capital Advisors also issued estimates for Targa Resources’ Q4 2024 earnings at $1.88 EPS, FY2024 earnings at $6.25 EPS, Q1 2025 earnings at $1.94 EPS, Q2 2025 earnings at $1.87 EPS, Q3 2025 earnings at $1.97 EPS, Q4 2025 earnings at $2.17 EPS, FY2025 earnings at $7.95 EPS and FY2026 earnings at $9.27 EPS.

A number of other analysts have also recently commented on TRGP. Bank of America assumed coverage on Targa Resources in a research report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target for the company. Royal Bank of Canada upped their price objective on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Wells Fargo & Company upped their price objective on Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Truist Financial upped their price objective on Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, Stifel Nicolaus upped their price objective on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $176.50.

Targa Resources Stock Performance

Shares of TRGP opened at $201.39 on Tuesday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The business has a 50-day simple moving average of $173.37 and a two-hundred day simple moving average of $146.40. The stock has a market cap of $43.92 billion, a price-to-earnings ratio of 36.42, a PEG ratio of 0.80 and a beta of 2.24. Targa Resources has a 52 week low of $81.03 and a 52 week high of $209.87.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The business had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter in the prior year, the business posted $0.97 earnings per share. On average, analysts expect that Targa Resources will post 6.23 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date was Thursday, October 31st. Targa Resources’s payout ratio is presently 54.25%.

Insider Activity at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the sale, the insider now directly owns 174,451 shares in the company, valued at $25,504,736.20. This represents a 1.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Julie H. Boushka sold 3,260 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the sale, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 185,760 shares of company stock valued at $30,026,712. Insiders own 1.44% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Hedge funds and other institutional investors have recently modified their holdings of the business. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Targa Resources in the second quarter worth approximately $29,000. DT Investment Partners LLC purchased a new stake in shares of Targa Resources in the third quarter worth approximately $29,000. UMB Bank n.a. raised its holdings in shares of Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after buying an additional 222 shares during the period. Prospera Private Wealth LLC purchased a new stake in shares of Targa Resources in the third quarter worth approximately $35,000. Finally, Whittier Trust Co. purchased a new stake in shares of Targa Resources in the second quarter worth approximately $44,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

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.