Analysts Set Targa Resources Corp. (NYSE:TRGP) PT at $159.14

Targa Resources Corp. (NYSE:TRGP) has received a consensus recommendation of “Buy” from the fourteen ratings firms that are covering the company, MarketBeat reports. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $159.14.

A number of research firms have issued reports on TRGP. Wells Fargo & Company boosted their price objective on shares of Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Morgan Stanley increased their price target on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Argus upgraded Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Truist Financial raised their price target on Targa Resources from $150.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Finally, Bank of America started coverage on Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target for the company.

Targa Resources Stock Down 0.8 %

Shares of TRGP stock opened at $191.55 on Tuesday. The firm’s fifty day moving average price is $161.69 and its two-hundred day moving average price is $139.86. Targa Resources has a 1 year low of $81.03 and a 1 year high of $197.14. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The firm has a market capitalization of $41.77 billion, a P/E ratio of 34.64, a PEG ratio of 0.78 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The company had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same period last year, the firm posted $0.97 earnings per share. On average, equities analysts predict that Targa Resources will post 6.19 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date is Thursday, October 31st. Targa Resources’s payout ratio is 54.25%.

Insider Activity

In related news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the transaction, the director now owns 110,470 shares of the company’s stock, valued at $17,181,399.10. The trade was a 57.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Robert Muraro sold 2,500 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the transaction, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. This trade represents a 1.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,760 shares of company stock worth $30,026,712 over the last quarter. 1.39% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Targa Resources

Institutional investors have recently added to or reduced their stakes in the stock. Zurich Insurance Group Ltd FI bought a new position in Targa Resources in the 2nd quarter worth approximately $72,345,000. American Century Companies Inc. raised its stake in shares of Targa Resources by 239.1% during the 2nd quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock valued at $101,877,000 after purchasing an additional 557,832 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Targa Resources by 26.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock worth $194,720,000 after purchasing an additional 360,675 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Targa Resources by 13.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after purchasing an additional 271,444 shares during the period. Finally, Blackstone Inc. boosted its stake in Targa Resources by 2.7% in the 1st quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock worth $1,085,794,000 after purchasing an additional 252,729 shares during the period. Institutional investors own 92.13% of the company’s stock.

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.