Targa Resources Corp. (NYSE:TRGP) Receives Average Recommendation of "Buy" from Analysts

Shares of Targa Resources Corp. (NYSE:TRGP - Get Free Report) have been given a consensus rating of "Buy" by the fifteen brokerages that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $181.43.

Several research analysts have weighed in on TRGP shares. Barclays boosted their price target on Targa Resources from $155.00 to $171.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 15th. Bank of America initiated coverage on Targa Resources in a research report on Thursday, October 17th. They issued a "buy" rating and a $182.00 price objective for the company. Truist Financial decreased their target price on Targa Resources from $225.00 to $220.00 and set a "buy" rating on the stock in a report on Friday, December 13th. Morgan Stanley lifted their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the stock an "overweight" rating in a research report on Friday, October 25th. Finally, Royal Bank of Canada increased their price objective 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.

Insider Buying and Selling

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of the 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 completion of the sale, the chief accounting officer now owns 35,143 shares of the company's stock, valued at approximately $6,703,175.82. This represents a 8.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider D. Scott Pryor sold 30,000 shares of the company's stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the sale, the insider now directly owns 82,979 shares in the company, valued at approximately $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. 1.39% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Targa Resources

Several institutional investors have recently added to or reduced their stakes in TRGP. DT Investment Partners LLC bought a new position in shares of Targa Resources during the 3rd quarter worth about $29,000. Strategic Investment Solutions Inc. IL bought a new position in Targa Resources in the second quarter worth approximately $29,000. Prospera Private Wealth LLC acquired a new stake in Targa Resources in the third quarter valued at approximately $35,000. Huntington National Bank increased its holdings in shares of Targa Resources by 22.9% during the third quarter. Huntington National Bank now owns 478 shares of the pipeline company's stock valued at $71,000 after acquiring an additional 89 shares in the last quarter. Finally, Venturi Wealth Management LLC increased its holdings in shares of Targa Resources by 36.1% during the third quarter. Venturi Wealth Management LLC now owns 532 shares of the pipeline company's stock valued at $79,000 after acquiring an additional 141 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Stock Up 0.4 %

Shares of NYSE:TRGP traded up $0.74 during trading on Wednesday, hitting $178.50. 1,254,149 shares of the company's stock traded hands, compared to its average volume of 1,669,545. The company has a 50-day moving average price of $186.03 and a 200-day moving average price of $157.94. Targa Resources has a 52 week low of $81.03 and a 52 week high of $209.87. 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 company has a market cap of $38.92 billion, a price-to-earnings ratio of 32.28, a price-to-earnings-growth ratio of 0.73 and a beta of 2.28.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results 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. The business had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter last year, the firm earned $0.97 EPS. As a group, research analysts forecast that Targa Resources will post 6.26 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.68%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources's dividend payout ratio (DPR) is currently 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.