Targa Resources, Inc. (NYSE:TRGP) Given Average Recommendation of “Moderate Buy” by Brokerages

Targa Resources, Inc. (NYSE:TRGP) has received an average recommendation of “Moderate Buy” from the seventeen analysts that are presently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $210.7857.

Several brokerages recently weighed in on TRGP. The Goldman Sachs Group cut their target price on shares of Targa Resources from $189.00 to $188.00 and set a “buy” rating on the stock in a research note on Thursday, November 13th. UBS Group reaffirmed a “buy” rating on shares of Targa Resources in a research report on Friday. Wall Street Zen cut Targa Resources from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Weiss Ratings reissued a “buy (b-)” rating on shares of Targa Resources in a research note on Wednesday, October 8th. Finally, BMO Capital Markets upped their price target on Targa Resources from $185.00 to $196.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th.

Insider Activity at Targa Resources

In other news, insider D. Scott Pryor sold 20,000 shares of the firm’s stock in a transaction on Friday, November 14th. The shares were sold at an average price of $172.21, for a total value of $3,444,200.00. Following the sale, the insider directly owned 22,139 shares in the company, valued at approximately $3,812,557.19. This trade represents a 47.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Gerald R. Shrader sold 2,750 shares of Targa Resources stock in a transaction on Friday, December 5th. The stock was sold at an average price of $181.21, for a total transaction of $498,327.50. Following the sale, the insider directly owned 29,561 shares of the company’s stock, valued at approximately $5,356,748.81. This trade represents a 8.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.34% of the stock is owned by company insiders.

Institutional Trading of Targa Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Integrated Wealth Concepts LLC boosted its stake in Targa Resources by 8.8% during the 1st quarter. Integrated Wealth Concepts LLC now owns 3,725 shares of the pipeline company’s stock worth $747,000 after purchasing an additional 300 shares during the period. Woodline Partners LP boosted its stake in shares of Targa Resources by 40.7% during the first quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock worth $3,693,000 after buying an additional 5,327 shares during the period. Integrity Alliance LLC. acquired a new stake in shares of Targa Resources during the first quarter worth about $423,000. Focus Partners Wealth grew its stake in shares of Targa Resources by 157.4% in the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock valued at $788,000 after purchasing an additional 2,404 shares during the last quarter. Finally, Belpointe Asset Management LLC acquired a new position in Targa Resources in the 1st quarter valued at $224,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Price Performance

TRGP opened at $176.83 on Friday. The firm has a market cap of $37.96 billion, a price-to-earnings ratio of 23.51, a PEG ratio of 0.85 and a beta of 0.87. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 5.91. The stock’s 50-day moving average price is $176.22 and its 200 day moving average price is $168.48. Targa Resources has a 12-month low of $144.14 and a 12-month high of $218.51.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.22 by ($0.02). Targa Resources had a return on equity of 51.87% and a net margin of 9.35%.The business had revenue of $4.15 billion for the quarter, compared to analyst estimates of $4.70 billion. As a group, sell-side analysts expect that Targa Resources will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, November 17th. Investors of record on Friday, October 31st were paid a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Friday, October 31st. Targa Resources’s dividend payout ratio is presently 53.19%.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.