Brokerages Set Targa Resources Corp. (NYSE:TRGP) Price Target at $134.46

Shares of Targa Resources Corp. (NYSE:TRGP) have received a consensus recommendation of “Buy” from the thirteen brokerages that are presently covering the company, Marketbeat.com reports. Thirteen analysts have rated the stock with a buy recommendation. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $138.62.

TRGP has been the topic of a number of research analyst reports. Scotiabank lifted their price target on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 17th. Wells Fargo & Company boosted their price target on Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a research report on Monday. Stifel Nicolaus upped their price target on Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Morgan Stanley increased their target price on shares of Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a research report on Monday, June 10th. Finally, The Goldman Sachs Group lifted their price target on shares of Targa Resources from $132.00 to $147.00 and gave the company a “buy” rating in a research report on Friday, August 2nd.

Insider Buying and Selling at Targa Resources

In other news, CAO Julie H. Boushka sold 1,213 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total transaction of $160,140.26. Following the completion of the sale, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at $6,898,969.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Targa Resources news, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total transaction of $160,140.26. Following the transaction, the chief accounting officer now directly owns 52,257 shares in the company, valued at approximately $6,898,969.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Robert Muraro sold 10,000 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $120.08, for a total transaction of $1,200,800.00. Following the completion of the sale, the insider now directly owns 196,951 shares of the company’s stock, valued at approximately $23,649,876.08. The disclosure for this sale can be found here. Insiders sold a total of 41,213 shares of company stock worth $4,926,609 in the last 90 days. 1.39% of the stock is owned by corporate insiders.

Institutional Trading of Targa Resources

Several institutional investors and hedge funds have recently bought and sold shares of the company. Envestnet Asset Management Inc. lifted its stake in Targa Resources by 4.2% during the second quarter. Envestnet Asset Management Inc. now owns 454,303 shares of the pipeline company’s stock worth $58,505,000 after purchasing an additional 18,249 shares during the last quarter. Oppenheimer Asset Management Inc. increased its stake in Targa Resources by 1.9% during the second quarter. Oppenheimer Asset Management Inc. now owns 14,055 shares of the pipeline company’s stock valued at $1,810,000 after purchasing an additional 262 shares during the last quarter. Parallel Advisors LLC raised its holdings in shares of Targa Resources by 12.0% during the second quarter. Parallel Advisors LLC now owns 3,988 shares of the pipeline company’s stock worth $514,000 after purchasing an additional 428 shares during the period. Dai ichi Life Insurance Company Ltd lifted its position in shares of Targa Resources by 4.5% in the 2nd quarter. Dai ichi Life Insurance Company Ltd now owns 15,610 shares of the pipeline company’s stock worth $2,010,000 after buying an additional 672 shares during the last quarter. Finally, Pinkerton Retirement Specialists LLC acquired a new position in shares of Targa Resources in the 2nd quarter valued at about $255,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Performance

NYSE TRGP opened at $136.71 on Friday. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. The company has a market capitalization of $29.95 billion, a PE ratio of 28.13, a price-to-earnings-growth ratio of 0.69 and a beta of 2.27. The business’s 50-day moving average price is $128.44 and its 200 day moving average price is $113.41. Targa Resources has a twelve month low of $77.97 and a twelve month high of $139.35.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data 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 analyst estimates of $4.33 billion. During the same period in the prior year, the firm posted $1.44 EPS. On average, research analysts predict that Targa Resources will post 5.51 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Wednesday, July 31st will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.19%. The ex-dividend date is Wednesday, July 31st. Targa Resources’s dividend payout ratio (DPR) is 61.73%.

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.