Targa Resources Corp. (NYSE:TRGP) Receives $176.50 Average Price Target from Analysts

Targa Resources Corp. (NYSE:TRGP) has been given an average rating of “Buy” by the fifteen research firms that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation, thirteen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $176.50.

TRGP has been the subject of several research reports. Barclays lifted their target price on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Wells Fargo & Company lifted their price objective on Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. Bank of America began coverage on Targa Resources in a research note on Thursday, October 17th. They set a “buy” rating and a $182.00 target price on the stock. The Goldman Sachs Group lifted their target price on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Finally, UBS Group upped their target price on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research note on Friday, November 15th.

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 value of $23,329,500.00. Following the sale, the director now directly owns 110,470 shares in the company, valued at $17,181,399.10. The trade was a 57.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the transaction, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at $6,703,175.82. The trade was a 8.49 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 183,260 shares of company stock valued at $29,661,212. Company insiders own 1.44% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in TRGP. Buckley Wealth Management LLC boosted its position in shares of Targa Resources by 0.7% in the 3rd quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company’s stock worth $1,469,000 after buying an additional 65 shares in the last quarter. Coldstream Capital Management Inc. lifted its holdings in shares of Targa Resources by 0.9% in the third quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock valued at $1,153,000 after purchasing an additional 66 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its position in shares of Targa Resources by 9.8% in the third quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock valued at $138,000 after purchasing an additional 83 shares during the last quarter. Prime Capital Investment Advisors LLC increased its stake in shares of Targa Resources by 4.0% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock worth $321,000 after purchasing an additional 84 shares in the last quarter. Finally, Fifth Third Bancorp raised its position in shares of Targa Resources by 1.0% during the 2nd quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock worth $1,148,000 after purchasing an additional 89 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $186.91 on Friday. The business’s 50 day moving average price is $179.56 and its 200 day moving average price is $150.78. The company has a market cap of $40.76 billion, a price-to-earnings ratio of 33.80, a PEG ratio of 0.77 and a beta of 2.28. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources has a one year low of $81.03 and a one year high of $209.87.

Targa Resources (NYSE:TRGP) last issued its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. 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 firm earned $0.97 earnings per share. On average, research analysts predict that Targa Resources will post 6.26 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.61%. The ex-dividend date was Thursday, October 31st. Targa Resources’s dividend payout ratio is presently 54.25%.

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.