Brokerages Set Targa Resources Corp. (NYSE:TRGP) Target Price at $148.36

Targa Resources Corp. (NYSE:TRGP - Get Free Report) has received a consensus recommendation of "Buy" from the fourteen ratings firms that are presently covering the company, MarketBeat reports. Thirteen research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $148.36.

TRGP has been the subject of several analyst reports. Barclays increased their price objective on Targa Resources from $155.00 to $171.00 and gave the stock an "overweight" rating in a research report on Tuesday. JPMorgan Chase & Co. increased their price objective on Targa Resources from $140.00 to $145.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 2nd. Bank of America began coverage on Targa Resources in a research report on Thursday. They issued a "buy" rating and a $182.00 price objective for the company. Royal Bank of Canada raised their price target on Targa Resources from $153.00 to $172.00 and gave the stock an "outperform" rating in a research report on Wednesday. Finally, Scotiabank raised their price target on Targa Resources from $128.00 to $142.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, July 17th.

Targa Resources Stock Performance

Shares of TRGP traded up $0.83 during mid-day trading on Friday, reaching $162.75. The company had a trading volume of 841,862 shares, compared to its average volume of 1,647,912. The stock has a market capitalization of $35.66 billion, a P/E ratio of 34.26, a PEG ratio of 1.32 and a beta of 2.25. The stock has a 50 day moving average of $149.88 and a two-hundred day moving average of $131.80. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. Targa Resources has a 52-week low of $81.03 and a 52-week high of $167.79.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating analysts' consensus estimates of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The business had revenue of $3.56 billion during the quarter, compared to analysts' expectations of $4.33 billion. During the same quarter in the prior year, the firm earned $1.44 earnings per share. On average, analysts expect that Targa Resources will post 5.9 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued a $0.75 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.84%. Targa Resources's dividend payout ratio (DPR) is presently 63.16%.

Insider Activity at Targa Resources

In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the firm's stock in a transaction 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the sale, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction dated 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 owns 110,470 shares in the company, valued at $17,181,399.10. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 175,534 shares of company stock worth $26,815,021. Company insiders own 1.44% of the company's stock.

Hedge Funds Weigh In On Targa Resources

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Targa Resources by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company's stock valued at $3,025,521,000 after purchasing an additional 201,817 shares in the last quarter. Caxton Associates LP purchased a new stake in Targa Resources in the 2nd quarter valued at approximately $2,323,000. New Mexico Educational Retirement Board boosted its holdings in Targa Resources by 287.3% in the 1st quarter. New Mexico Educational Retirement Board now owns 45,700 shares of the pipeline company's stock valued at $5,118,000 after purchasing an additional 33,900 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in Targa Resources by 160.3% in the 1st quarter. BNP Paribas Financial Markets now owns 290,080 shares of the pipeline company's stock valued at $32,486,000 after purchasing an additional 178,655 shares in the last quarter. Finally, Sciencast Management LP purchased a new stake in shares of Targa Resources during the 1st quarter worth approximately $1,910,000. 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.