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

Targa Resources, Inc. (NYSE:TRGP) has been given an average rating of “Moderate Buy” by the eighteen analysts that are currently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $238.50.

A number of equities research analysts have recently issued reports on the company. Citigroup boosted their target price on Targa Resources from $200.00 to $262.00 and gave the stock a “buy” rating in a research report on Tuesday, February 24th. Wells Fargo & Company lifted their price target on Targa Resources from $207.00 to $248.00 and gave the stock an “overweight” rating in a research note on Friday, February 20th. UBS Group restated a “buy” rating on shares of Targa Resources in a report on Friday, January 9th. Scotiabank reaffirmed an “outperform” rating on shares of Targa Resources in a research note on Tuesday, February 24th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $266.00 target price on shares of Targa Resources in a report on Wednesday, January 28th.

Targa Resources Trading Up 1.9%

Shares of NYSE:TRGP opened at $235.55 on Monday. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67. The stock has a market capitalization of $50.63 billion, a price-to-earnings ratio of 27.42, a PEG ratio of 1.01 and a beta of 0.84. Targa Resources has a 1-year low of $144.14 and a 1-year high of $237.50. The company has a 50 day moving average price of $199.75 and a 200 day moving average price of $177.98.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.35 by $0.16. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%.The company had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $4.12 billion. On average, research analysts anticipate that Targa Resources will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were paid a $1.00 dividend. The ex-dividend date of this dividend was Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a yield of 1.7%. Targa Resources’s dividend payout ratio (DPR) is currently 46.57%.

Insider Activity

In other news, Director Lindsey Cooksen sold 435 shares of the firm’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $231.72, for a total value of $100,798.20. Following the completion of the sale, the director owned 11,670 shares of the company’s stock, valued at $2,704,172.40. This trade represents a 3.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, President Jennifer R. Kneale sold 29,509 shares of Targa Resources stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $230.12, for a total value of $6,790,611.08. Following the transaction, the president owned 235,260 shares in the company, valued at $54,138,031.20. This represents a 11.15% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 51,553 shares of company stock worth $11,707,455. 1.34% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Targa Resources

Several hedge funds have recently bought and sold shares of TRGP. Woodline Partners LP grew its stake in Targa Resources by 40.7% during the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock valued at $3,693,000 after acquiring an additional 5,327 shares in the last quarter. Focus Partners Wealth boosted its holdings in shares of Targa Resources by 157.4% during the first quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock worth $788,000 after purchasing an additional 2,404 shares during the period. Arkadios Wealth Advisors grew its position in Targa Resources by 13.1% during the second quarter. Arkadios Wealth Advisors now owns 1,248 shares of the pipeline company’s stock valued at $217,000 after purchasing an additional 145 shares in the last quarter. Assetmark Inc. grew its position in Targa Resources by 381.6% during the second quarter. Assetmark Inc. now owns 1,469 shares of the pipeline company’s stock valued at $256,000 after purchasing an additional 1,164 shares in the last quarter. Finally, Simon Quick Advisors LLC increased its stake in Targa Resources by 29.6% in the 2nd quarter. Simon Quick Advisors LLC now owns 2,458 shares of the pipeline company’s stock valued at $428,000 after buying an additional 562 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

About Targa Resources

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.