Targa Resources (NYSE:TRGP) Research Coverage Started at Bank of America

Bank of America initiated coverage on shares of Targa Resources (NYSE:TRGP) in a research report report published on Thursday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $182.00 price target on the pipeline company’s stock.

TRGP has been the topic of several other reports. Royal Bank of Canada boosted their price target on shares of Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a report on Wednesday. The Goldman Sachs Group boosted their target price on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. JPMorgan Chase & Co. boosted their target price on shares of Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, July 2nd. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Finally, Wells Fargo & Company boosted their target price on shares of Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Targa Resources currently has a consensus rating of “Buy” and an average target price of $148.36.

Targa Resources Stock Up 0.5 %

Targa Resources stock opened at $162.75 on Thursday. Targa Resources has a fifty-two week low of $81.03 and a fifty-two week high of $167.79. The stock has a market cap of $36.08 billion, a PE ratio of 33.49, a price-to-earnings-growth ratio of 1.32 and a beta of 2.25. The firm’s 50-day simple moving average is $150.42 and its 200 day simple moving average is $132.29. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The business had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $4.33 billion. During the same period in the previous year, the company earned $1.44 earnings per share. Research analysts predict that Targa Resources will post 5.9 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.84%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is currently 61.73%.

Insider Activity

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

Hedge Funds Weigh In On Targa Resources

Institutional investors have recently made changes to their positions in the stock. Strategic Investment Solutions Inc. IL bought a new position in shares of Targa Resources in the 2nd quarter worth $29,000. UMB Bank n.a. increased its holdings 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 buying an additional 222 shares during the last quarter. Whittier Trust Co. bought a new position in shares of Targa Resources in the 2nd quarter worth $44,000. Register Financial Advisors LLC bought a new position in shares of Targa Resources in the 1st quarter worth $45,000. Finally, Rogco LP bought a new position in shares of Targa Resources in the 1st quarter worth $56,000. Institutional investors own 92.13% of the company’s stock.

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.