Brokerages Set Targa Resources Corp. (NYSE:TRGP) PT at $189.21

Targa Resources Corp. (NYSE:TRGP) has been assigned a consensus recommendation of “Buy” from the fifteen brokerages that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation, thirteen have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $189.21.

Several brokerages have commented on TRGP. Truist Financial dropped their target price on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research report on Friday, December 13th. Scotiabank began coverage on shares of Targa Resources in a research report on Friday, January 10th. They set a “sector outperform” rating and a $218.00 target price for the company. Royal Bank of Canada upped their target price on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Morgan Stanley upped their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Finally, Bank of America initiated coverage on shares of Targa Resources in a research report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price objective for the company.

Insiders Place Their Bets

In other news, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.74, for a total transaction of $621,812.40. Following the transaction, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the transaction, the insider now directly owns 82,979 shares in the company, valued at $15,793,393.07. This represents a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.39% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL acquired a new stake in Targa Resources in the second quarter valued at approximately $29,000. DT Investment Partners LLC acquired a new stake in Targa Resources in the third quarter valued at approximately $29,000. Prospera Private Wealth LLC acquired a new stake in Targa Resources in the third quarter valued at approximately $35,000. Rosenberg Matthew Hamilton boosted its position in Targa Resources by 49.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after buying an additional 89 shares in the last quarter. Finally, UMB Bank n.a. boosted its position in Targa Resources by 39.6% in the fourth quarter. UMB Bank n.a. now owns 374 shares of the pipeline company’s stock valued at $67,000 after buying an additional 106 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

Targa Resources Stock Up 1.7 %

Shares of TRGP opened at $202.55 on Friday. The company has a market capitalization of $44.17 billion, a P/E ratio of 36.63, a PEG ratio of 0.63 and a beta of 2.30. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources has a one year low of $84.33 and a one year high of $218.51. The business’s 50 day simple moving average is $193.47 and its 200-day simple moving average is $167.22.

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 firm had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the prior year, the business earned $0.97 EPS. As a group, sell-side analysts predict that Targa Resources will post 6.42 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, January 31st. This represents a $3.00 annualized dividend and a yield of 1.48%. Targa Resources’s dividend payout ratio (DPR) is presently 54.25%.

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.