Brokerages Set Targa Resources Corp. (NYSE:TRGP) Target Price at $189.21

Shares of Targa Resources Corp. (NYSE:TRGP) have been assigned a consensus recommendation of “Buy” from the fourteen research firms that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation, twelve have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $203.77.

A number of research firms recently weighed in on TRGP. Royal Bank of Canada upped their target price on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Barclays upped their target price on shares of Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. US Capital Advisors downgraded shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Wells Fargo & Company upped their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Truist Financial reduced their price objective on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research report on Friday, December 13th.

Targa Resources Trading Down 1.1 %

TRGP opened at $198.19 on Thursday. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources has a fifty-two week low of $95.88 and a fifty-two week high of $218.51. The firm has a market capitalization of $43.22 billion, a PE ratio of 34.53, a P/E/G ratio of 0.61 and a beta of 2.29. The company’s 50-day moving average is $195.91 and its 200 day moving average is $176.53.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. As a group, research analysts predict that Targa Resources will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s payout ratio is currently 52.26%.

Institutional Trading of Targa Resources

A number of institutional investors have recently modified their holdings of TRGP. Vanguard Group Inc. lifted its stake in Targa Resources by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company’s stock worth $4,848,169,000 after purchasing an additional 150,038 shares in the last quarter. Wellington Management Group LLP lifted its stake in Targa Resources by 4.4% in the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock worth $2,235,927,000 after purchasing an additional 633,589 shares in the last quarter. Geode Capital Management LLC lifted its stake in Targa Resources by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company’s stock worth $1,056,187,000 after purchasing an additional 212,986 shares in the last quarter. Norges Bank purchased a new stake in Targa Resources in the 4th quarter worth approximately $505,132,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in Targa Resources by 2.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company’s stock worth $492,022,000 after purchasing an additional 53,853 shares in the last quarter. 92.13% of the stock is currently 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.