US Capital Advisors Downgrades Targa Resources (NYSE:TRGP) to Hold

US Capital Advisors downgraded shares of Targa Resources (NYSE:TRGP) from a moderate buy rating to a hold rating in a research note published on Tuesday morning,Zacks.com reports. US Capital Advisors also issued estimates for Targa Resources’ Q4 2024 earnings at $1.88 EPS, FY2024 earnings at $6.25 EPS, Q1 2025 earnings at $1.94 EPS, Q2 2025 earnings at $1.87 EPS, Q3 2025 earnings at $1.97 EPS, Q4 2025 earnings at $2.17 EPS, FY2025 earnings at $7.95 EPS and FY2026 earnings at $9.27 EPS.

A number of other brokerages also recently commented on TRGP. Morgan Stanley lifted their target price on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Wells Fargo & Company boosted their price objective on Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. The Goldman Sachs Group raised their target price on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Stifel Nicolaus lifted their price target on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Finally, Truist Financial boosted their target price on shares of Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a report on Friday, November 15th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Targa Resources currently has a consensus rating of “Buy” and an average price target of $176.50.

Targa Resources Stock Performance

Targa Resources stock opened at $204.30 on Tuesday. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The firm’s fifty day moving average price is $174.40 and its 200 day moving average price is $147.03. The company has a market capitalization of $44.55 billion, a price-to-earnings ratio of 36.94, a price-to-earnings-growth ratio of 0.79 and a beta of 2.24. Targa Resources has a 12-month low of $81.03 and a 12-month high of $209.87.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the previous year, the business earned $0.97 EPS. On average, research analysts forecast that Targa Resources will post 6.28 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.47%. Targa Resources’s payout ratio is currently 54.25%.

Insider Transactions at Targa Resources

In related news, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the transaction, the insider now directly owns 174,451 shares in the company, valued at $25,504,736.20. This represents a 1.41 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $17,181,399.10. The trade was a 57.59 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 185,760 shares of company stock worth $30,026,712. 1.39% of the stock is owned by insiders.

Hedge Funds Weigh In On Targa Resources

Hedge funds have recently made changes to their positions in the business. Strategic Investment Solutions Inc. IL bought a new position in shares of Targa Resources during the 2nd quarter worth approximately $29,000. DT Investment Partners LLC acquired a new position in Targa Resources during the third quarter worth $29,000. UMB Bank n.a. lifted its holdings in shares of Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after acquiring an additional 222 shares during the period. Prospera Private Wealth LLC acquired a new stake in shares of Targa Resources in the 3rd quarter valued at $35,000. Finally, Whittier Trust Co. bought a new stake in shares of Targa Resources in the 2nd quarter worth about $44,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Company Profile

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.