Targa Resources Corp. Price Target Increased to $107.00 by Analysts at RBC Capital (TRGP)
Stock analysts at RBC Capital hoisted their price objective on shares of Targa Resources Corp. (NASDAQ:TRGP) from $83.00 to $107.00 in a report issued on Tuesday, American Banking & Market News reports. The firm currently has an “outperform” rating on the stock. RBC Capital’s price target indicates a potential upside of 10.86% from the stock’s previous close.
Shares of Targa Resources Corp. (NASDAQ:TRGP) opened at 96.52 on Tuesday. Targa Resources Corp. has a 52 week low of $58.55 and a 52 week high of $98.64. The stock’s 50-day moving average is $89.58 and its 200-day moving average is $78.6. The company has a market cap of $4.086 billion and a price-to-earnings ratio of 62.14.
Targa Resources Corp. (NASDAQ:TRGP) last posted its quarterly earnings results on Thursday, February 13th. The company reported $0.48 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.50 by $0.02. On average, analysts predict that Targa Resources Corp. will post $2.24 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, February 18th. Stockholders of record on Monday, January 27th will be paid a dividend of $0.6075 per share. This represents a $2.43 annualized dividend and a dividend yield of 2.52%. The ex-dividend date of this dividend is Thursday, January 23rd. This is an increase from Targa Resources Corp.’s previous quarterly dividend of $0.57.
A number of other firms have also recently commented on TRGP. Analysts at Wells Fargo & Co. downgraded shares of Targa Resources Corp. from an “outperform” rating to a “market perform” rating in a research note on Friday. They noted that the move was a valuation call. Separately, analysts at Jefferies Group downgraded shares of Targa Resources Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. They now have a $94.00 price target on the stock, up previously from $90.00. Finally, analysts at Morgan Stanley upgraded shares of Targa Resources Corp. from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, January 8th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Targa Resources Corp. presently has a consensus rating of “Buy” and a consensus target price of $87.10.
Targa Resources Corp. (NASDAQ:TRGP) forms the Partnership to own, operate, acquire and develop a diversified portfolio of complementary midstream energy assets.
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