Targa Resources Corp. (NYSE:TRGP) Receives $176.50 Consensus PT from Brokerages

Targa Resources Corp. (NYSE:TRGP) has received a consensus rating of “Buy” from the fifteen research firms that are covering the company, MarketBeat reports. One analyst has rated the stock with a hold recommendation, thirteen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $176.50.

TRGP has been the topic of a number of recent analyst reports. The Goldman Sachs Group increased their price target on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Bank of America initiated coverage on Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 target price on the stock. UBS Group raised their price target on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Wells Fargo & Company upped their price objective on shares of Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. Finally, US Capital Advisors lowered shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th.

Targa Resources Trading Down 3.8 %

Shares of TRGP stock opened at $186.91 on Friday. The company has a market capitalization of $40.76 billion, a price-to-earnings ratio of 33.80, a PEG ratio of 0.77 and a beta of 2.28. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The firm has a 50-day moving average price of $179.56 and a 200 day moving average price of $150.78. Targa Resources has a twelve month low of $81.03 and a twelve month high of $209.87.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The business had revenue of $3.85 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same quarter in the previous year, the business posted $0.97 earnings per share. Research analysts forecast that Targa Resources will post 6.26 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.61%. The ex-dividend date was Thursday, October 31st. Targa Resources’s payout ratio is currently 54.25%.

Insider Activity

In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the sale, the director now owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This trade represents a 57.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.74, for a total transaction of $621,812.40. Following the sale, the chief accounting officer now owns 35,143 shares in the company, valued at $6,703,175.82. This represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 183,260 shares of company stock valued at $29,661,212. Company insiders own 1.44% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TRGP. Strategic Investment Solutions Inc. IL purchased a new position in shares of Targa Resources during the 2nd quarter valued at approximately $29,000. DT Investment Partners LLC acquired a new position in Targa Resources during the 3rd quarter worth $29,000. UMB Bank n.a. increased its position in shares of Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 222 shares during the last quarter. Prospera Private Wealth LLC acquired a new stake in shares of Targa Resources in the 3rd quarter valued at about $35,000. Finally, Whittier Trust Co. bought a new position in shares of Targa Resources during the second quarter worth about $44,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

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.