Targa Resources’ (TRGP) Buy (B-) Rating Reiterated at Weiss Ratings

Weiss Ratings reissued their buy (b-) rating on shares of Targa Resources (NYSE:TRGP) in a research note released on Friday,Weiss Ratings reports.

A number of other research analysts have also issued reports on TRGP. Wells Fargo & Company reiterated an “overweight” rating and issued a $205.00 target price (up from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. Scotiabank reaffirmed an “outperform” rating on shares of Targa Resources in a research report on Thursday, August 14th. Barclays upped their price objective on shares of Targa Resources from $178.00 to $195.00 and gave the company an “overweight” rating in a research report on Thursday, July 10th. TD Securities began coverage on shares of Targa Resources in a research report on Monday, July 7th. They set a “hold” rating for the company. Finally, BMO Capital Markets began coverage on shares of Targa Resources in a research report on Friday, September 19th. They set an “outperform” rating and a $185.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $209.50.

Targa Resources Stock Performance

NYSE:TRGP opened at $153.73 on Friday. Targa Resources has a 1 year low of $144.14 and a 1 year high of $218.51. The firm’s fifty day simple moving average is $162.29 and its 200 day simple moving average is $165.49. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93. The firm has a market capitalization of $33.08 billion, a PE ratio of 21.74, a PEG ratio of 0.98 and a beta of 1.12.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.95 by $0.92. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The business had revenue of $4.26 billion for the quarter, compared to analyst estimates of $4.82 billion. On average, sell-side analysts anticipate that Targa Resources will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Stockholders of record on Friday, October 31st will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Friday, October 31st. Targa Resources’s payout ratio is 56.58%.

Institutional Trading of Targa Resources

Institutional investors have recently made changes to their positions in the business. Cornerstone Planning Group LLC boosted its position in shares of Targa Resources by 578.9% during the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock valued at $26,000 after acquiring an additional 110 shares in the last quarter. Disciplina Capital Management LLC bought a new position in Targa Resources during the 1st quarter valued at about $46,000. Avion Wealth lifted its holdings in Targa Resources by 475.0% during the 3rd quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock valued at $46,000 after purchasing an additional 228 shares during the last quarter. First Horizon Corp bought a new position in Targa Resources during the 3rd quarter valued at about $47,000. Finally, Olde Wealth Management LLC bought a new position in Targa Resources during the 1st quarter valued at about $52,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

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.