Targa Resources Corp. (NYSE:TRGP) Given Consensus Rating of “Buy” by Analysts

Targa Resources Corp. (NYSE:TRGP) has been assigned an average recommendation of “Buy” from the fourteen research firms that are covering the stock, Marketbeat reports. Thirteen analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $148.36.

A number of equities analysts recently commented on the company. Barclays lifted their price target on Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Royal Bank of Canada lifted their price target on Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Scotiabank lifted their price target on Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a report on Wednesday, July 17th. JPMorgan Chase & Co. boosted their price objective on Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a report on Tuesday, July 2nd. Finally, Argus upgraded Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 1,213 shares of the business’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 transaction, the chief accounting officer now directly owns 52,257 shares in the company, valued at $6,898,969.14. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CAO Julie H. Boushka sold 12,641 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $134.50, for a total transaction of $1,700,214.50. Following the completion of the transaction, the chief accounting officer now directly owns 38,403 shares in the company, valued at approximately $5,165,203.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Julie H. Boushka sold 1,213 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the transaction, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at $6,898,969.14. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 175,534 shares of company stock worth $26,815,021 over the last three months. Corporate insiders own 1.39% of the company’s stock.

Institutional Trading of Targa Resources

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Targa Resources by 0.8% in the first quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock worth $3,025,521,000 after purchasing an additional 201,817 shares during the last quarter. Caxton Associates LP bought a new stake in shares of Targa Resources in the second quarter worth $2,323,000. New Mexico Educational Retirement Board grew its stake in shares of Targa Resources by 287.3% in the first quarter. New Mexico Educational Retirement Board now owns 45,700 shares of the pipeline company’s stock worth $5,118,000 after purchasing an additional 33,900 shares during the last quarter. BNP Paribas Financial Markets grew its stake in shares of Targa Resources by 160.3% in the first quarter. BNP Paribas Financial Markets now owns 290,080 shares of the pipeline company’s stock worth $32,486,000 after purchasing an additional 178,655 shares during the last quarter. Finally, Sciencast Management LP bought a new stake in shares of Targa Resources in the first quarter worth $1,910,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

NYSE:TRGP opened at $168.57 on Friday. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. The stock’s 50-day simple moving average is $151.99 and its 200 day simple moving average is $133.31. The company has a market cap of $36.93 billion, a P/E ratio of 35.49, a P/E/G ratio of 1.28 and a beta of 2.25. Targa Resources has a 52-week low of $81.03 and a 52-week high of $169.59.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The business had revenue of $3.56 billion during the quarter, compared to analysts’ expectations of $4.33 billion. During the same quarter last year, the company posted $1.44 earnings per share. As a group, sell-side analysts forecast that Targa Resources will post 5.92 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.78%. Targa Resources’s dividend payout ratio is currently 63.16%.

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.