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

Targa Resources, Inc. (NYSE:TRGP) has received a consensus recommendation of “Moderate Buy” from the twenty ratings firms that are presently covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and seventeen have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $272.7333.

A number of research analysts recently issued reports on the stock. Citigroup reiterated a “buy” rating on shares of Targa Resources in a research note on Wednesday, May 27th. Mizuho raised their price objective on shares of Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Stifel Nicolaus set a $268.00 price objective on shares of Targa Resources in a research report on Friday, May 8th. Seaport Research Partners reaffirmed a “neutral” rating on shares of Targa Resources in a research report on Monday, May 4th. Finally, The Goldman Sachs Group boosted their target price on shares of Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research note on Monday, April 20th.

Insider Activity

In other news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the transaction, the director directly owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.37% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Institutional investors have recently added to or reduced their stakes in the business. Olistico Wealth LLC acquired a new position in Targa Resources in the fourth quarter valued at approximately $27,000. Atlantic Union Bankshares Corp purchased a new position in Targa Resources in the fourth quarter valued at approximately $27,000. Miller Capital Partners Inc. acquired a new stake in Targa Resources during the fourth quarter worth approximately $30,000. Leonteq Securities AG acquired a new stake in Targa Resources during the fourth quarter worth approximately $31,000. Finally, Godfrey Financial Associates Inc. purchased a new stake in shares of Targa Resources during the 4th quarter worth approximately $37,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP opened at $258.85 on Friday. The stock has a 50-day simple moving average of $262.36 and a 200-day simple moving average of $231.94. 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 stock has a market capitalization of $55.56 billion, a PE ratio of 26.17, a PEG ratio of 1.32 and a beta of 0.71. Targa Resources has a 1 year low of $144.14 and a 1 year high of $280.00.

Targa Resources (NYSE:TRGP) last released 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). The firm had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. On average, analysts predict that Targa Resources will post 10.75 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were issued a dividend of $1.25 per share. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. Targa Resources’s dividend payout ratio (DPR) is presently 50.56%.

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.