Targa Resources Corp. (NYSE:TRGP) Receives $207.21 Average Target Price from Brokerages

Targa Resources Corp. (NYSE:TRGP) has earned an average recommendation of “Buy” from the fifteen research firms that are currently covering the firm, MarketBeat reports. Thirteen investment analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $205.07.

Several research firms have recently issued reports on TRGP. Morgan Stanley raised their price objective on Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a report on Monday, March 17th. Barclays decreased their price target on Targa Resources from $211.00 to $206.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 9th. Wells Fargo & Company increased their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. The Goldman Sachs Group lowered their target price on shares of Targa Resources from $218.00 to $194.00 and set a “buy” rating for the company in a report on Monday. Finally, Scotiabank cut their price target on shares of Targa Resources from $201.00 to $199.00 and set a “sector outperform” rating on the stock in a research note on Tuesday, April 29th.

Insider Transactions at Targa Resources

In other news, Director Waters S. Iv Davis sold 2,190 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the transaction, the director now directly owns 2,899 shares in the company, valued at approximately $568,957.74. This trade represents a 43.03 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the transaction, the chief executive officer now owns 725,628 shares of the company’s stock, valued at approximately $141,555,510.24. The trade was a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 115,914 shares of company stock valued at $22,613,288. 1.34% of the stock is currently owned by corporate insiders.

Institutional Trading of Targa Resources

Several large investors have recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of Targa Resources during the 4th quarter valued at $505,132,000. GQG Partners LLC bought a new stake in Targa Resources in the fourth quarter worth about $393,335,000. Canada Pension Plan Investment Board lifted its holdings in Targa Resources by 981.8% in the 4th quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company’s stock valued at $204,223,000 after acquiring an additional 1,038,350 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Targa Resources by 22,699.0% during the 1st quarter. GAMMA Investing LLC now owns 928,377 shares of the pipeline company’s stock valued at $186,112,000 after purchasing an additional 924,305 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Targa Resources in the 4th quarter worth approximately $150,372,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Up 0.7 %

Targa Resources stock opened at $160.03 on Tuesday. The stock has a 50 day moving average of $179.34 and a two-hundred day moving average of $188.02. Targa Resources has a twelve month low of $112.27 and a twelve month high of $218.51. The stock has a market capitalization of $34.82 billion, a price-to-earnings ratio of 27.88, a PEG ratio of 0.61 and a beta of 1.22. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). The business had revenue of $4.56 billion for the quarter, compared to analyst estimates of $5.01 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. As a group, research analysts expect that Targa Resources will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently announced a dividend, which will be paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st will be given a $1.00 dividend. This represents a dividend yield of 2.34%. The ex-dividend date is Wednesday, April 30th. Targa Resources’s payout ratio is 73.66%.

About Targa Resources

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.