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

Targa Resources, Inc. (NYSE:TRGP) has earned an average rating of “Moderate Buy” from the eighteen brokerages that are currently covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation and fifteen have given a buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $269.2143.

A number of research analysts recently commented on TRGP shares. Morgan Stanley boosted their price target on Targa Resources from $327.00 to $331.00 and gave the company an “overweight” rating in a research note on Tuesday, May 12th. Truist Financial boosted their price target on Targa Resources from $285.00 to $289.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Barclays boosted their price target on Targa Resources from $255.00 to $262.00 and gave the company an “overweight” rating in a research note on Thursday, May 14th. Mizuho boosted their price target on Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Finally, Wells Fargo & Company boosted their price target on Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a research note on Friday, May 8th.

Targa Resources Stock Down 0.1%

TRGP opened at $263.94 on Wednesday. Targa Resources has a fifty-two week low of $144.14 and a fifty-two week high of $280.00. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The company has a market capitalization of $56.65 billion, a P/E ratio of 26.69, a P/E/G ratio of 1.35 and a beta of 0.72. The stock has a fifty day moving average of $254.01 and a 200-day moving average of $221.10.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The firm had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. On average, equities analysts expect that Targa Resources will post 10.75 EPS for the current year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, April 30th. Targa Resources’s payout ratio is presently 50.56%.

Insider Buying and Selling

In related news, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the transaction, the director owned 66,492 shares of the company’s stock, valued at $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.37% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Olistico Wealth LLC acquired a new position in Targa Resources during the fourth quarter worth about $27,000. Atlantic Union Bankshares Corp acquired a new position in Targa Resources during the fourth quarter worth about $27,000. Miller Capital Partners Inc. acquired a new position in Targa Resources during the fourth quarter worth about $30,000. Leonteq Securities AG acquired a new position in Targa Resources during the fourth quarter worth about $31,000. Finally, Godfrey Financial Associates Inc. acquired a new position in Targa Resources during the fourth quarter worth about $37,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

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.