Targa Resources, Inc. (NYSE:TRGP) Stock Has Average Target Price of $317.85 According to Analysts

Shares of Targa Resources, Inc. (NYSE:TRGP) have earned a consensus recommendation of “Buy” from the twenty-two brokerages that are covering the firm, MarketBeat reports. Twenty-one research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokers that have covered the stock in the last year is $317.75.

Several equities analysts have recently commented on the company. Stifel Nicolaus set a $335.00 target price on Targa Resources in a research report on Friday, October 9th. Mizuho raised their target price on Targa Resources from $300.00 to $320.00 and gave the company an “outperform” rating in a report on Friday, September 11th. UBS Group restated a “buy” rating and set a $318.00 price objective (up from $305.00) on shares of Targa Resources in a research report on Thursday, July 9th. Weiss Ratings raised Targa Resources from a “buy (b)” rating to a “buy (b+)” rating in a report on Wednesday, October 14th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $322.00 price objective on shares of Targa Resources in a research note on Tuesday, October 13th.

Insiders Place Their Bets

In other news, Director Waters S. Iv Davis sold 2,400 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $299.67, for a total transaction of $719,208.00. Following the transaction, the director directly owned 1,529 shares of the company’s stock, valued at $458,195.43. This represents a 61.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Charles R. Crisp sold 3,000 shares of the company’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total transaction of $870,690.00. Following the transaction, the director owned 62,292 shares in the company, valued at approximately $18,079,007.16. The trade was a 4.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 7,216 shares of company stock worth $2,127,634. 1.37% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of TRGP. Tidal Investments LLC lifted its holdings in Targa Resources by 238.0% during the 2nd quarter. Tidal Investments LLC now owns 41,741 shares of the pipeline company’s stock worth $11,192,000 after purchasing an additional 29,390 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of Targa Resources during the 2nd quarter valued at $100,442,000. Hsbc Holdings PLC raised its position in Targa Resources by 7.0% during the fourth quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock valued at $151,331,000 after purchasing an additional 53,413 shares in the last quarter. Miller Howard Investments Inc. NY raised its holdings in shares of Targa Resources by 37.3% during the 1st quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company’s stock valued at $57,816,000 after buying an additional 62,652 shares in the last quarter. Finally, Nykredit A S bought a new stake in shares of Targa Resources in the 2nd quarter worth approximately $33,314,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Down 0.7%

Shares of TRGP stock opened at $292.89 on Tuesday. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The firm’s 50-day moving average is $286.78 and its 200-day moving average is $270.44. The stock has a market cap of $62.81 billion, a price-to-earnings ratio of 28.00, a PEG ratio of 1.22 and a beta of 0.80. Targa Resources has a 52-week low of $149.01 and a 52-week high of $307.94.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. The company had revenue of $4.44 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Sell-side analysts predict that Targa Resources will post 11.38 EPS for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 17th. Stockholders of record on Friday, October 30th will be given a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, October 30th. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. Targa Resources’s dividend payout ratio (DPR) is 47.80%.

Targa Resources Company Profile

Targa Resources Corp. is a Houston-based midstream energy company that owns, operates and develops infrastructure used to gather, process, transport, store and fractionate natural gas and natural gas liquids (NGLs). Its operations support producers and other energy companies by connecting hydrocarbon supplies with domestic and international markets.

The company’s services include natural gas gathering and processing, NGL recovery, fractionation and storage, crude oil gathering, and the transportation and logistics of NGLs and related products.