Targa Resources, Inc. (NYSE:TRGP) Receives $269.21 Consensus Target Price from Brokerages

Targa Resources, Inc. (NYSE:TRGP) has been assigned a consensus recommendation of “Moderate Buy” from the eighteen research firms that are presently covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation and fifteen have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $269.2143.

TRGP has been the subject of several recent analyst reports. Citigroup reaffirmed a “buy” rating on shares of Targa Resources in a report on Wednesday, May 27th. Truist Financial increased their price target on Targa Resources from $285.00 to $289.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. TD Cowen increased their price target on Targa Resources from $236.00 to $245.00 and gave the company a “hold” rating in a research report on Monday, May 11th. Wells Fargo & Company increased their price target on Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Finally, UBS Group increased their price target on Targa Resources from $228.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, March 24th.

Insider Activity at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the sale, the director directly owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.37% of the company’s stock.

Institutional Trading of Targa Resources

A number of large investors have recently bought and sold shares of TRGP. Atlantic Union Bankshares Corp purchased a new stake in Targa Resources in the fourth quarter worth $27,000. Olistico Wealth LLC purchased a new stake in Targa Resources in the fourth quarter worth $27,000. Miller Capital Partners Inc. purchased a new stake in Targa Resources in the fourth quarter worth $30,000. Global Assets Advisory LLC purchased a new stake in Targa Resources in the first quarter worth $41,000. Finally, Leonteq Securities AG purchased a new stake in Targa Resources in the fourth quarter worth $31,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Down 0.1%

TRGP stock opened at $272.31 on Wednesday. Targa Resources has a twelve month low of $144.14 and a twelve month high of $280.00. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. The stock’s 50 day moving average is $255.42 and its 200-day moving average is $223.24. The firm has a market capitalization of $58.45 billion, a PE ratio of 27.53, a P/E/G ratio of 1.39 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. Sell-side analysts expect that Targa Resources will post 10.75 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were given a dividend of $1.25 per share. The ex-dividend date of this dividend was Thursday, April 30th. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.8%. Targa Resources’s dividend payout ratio (DPR) is 50.56%.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.