Targa Resources Corp. (NYSE:TRGP) Given Average Rating of "Buy" by Brokerages

Shares of Targa Resources Corp. (NYSE:TRGP - Get Free Report) have been assigned a consensus recommendation of "Buy" from the fourteen analysts that are currently covering the stock, MarketBeat Ratings 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 price target among analysts that have issued a report on the stock in the last year is $159.14.

A number of research firms have recently issued reports on TRGP. 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 target on the stock. The Goldman Sachs Group increased their price target on Targa Resources from $147.00 to $163.00 and gave the stock a "buy" rating in a research report on Thursday, September 19th. Royal Bank of Canada boosted their price objective on Targa Resources from $172.00 to $199.00 and gave the company an "outperform" rating in a research report on Monday. Truist Financial boosted their price target on shares of Targa Resources from $150.00 to $175.00 and gave the company a "buy" rating in a report on Tuesday, November 5th. Finally, Argus upgraded shares of Targa Resources to a "strong-buy" rating in a research report on Tuesday, September 3rd.

Insider Buying and Selling

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the firm's stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value 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 trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider D. Scott Pryor sold 30,000 shares of the business'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 transaction, the insider now owns 82,979 shares in the company, valued at approximately $15,793,393.07. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 185,760 shares of company stock valued at $30,026,712. 1.39% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Targa Resources

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Targa Resources by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company's stock worth $3,025,521,000 after purchasing an additional 201,817 shares during the last quarter. Caxton Associates LP bought a new position in shares of Targa Resources in the 2nd quarter valued at approximately $2,323,000. Cetera Investment Advisers boosted its position in Targa Resources by 215.2% during the first quarter. Cetera Investment Advisers now owns 31,052 shares of the pipeline company's stock worth $3,478,000 after purchasing an additional 21,200 shares during the period. Virtu Financial LLC acquired a new position in Targa Resources during the first quarter valued at approximately $1,151,000. Finally, California State Teachers Retirement System raised its position in shares of Targa Resources by 6.5% in the first quarter. California State Teachers Retirement System now owns 444,530 shares of the pipeline company's stock valued at $49,783,000 after purchasing an additional 27,164 shares during the period. Institutional investors own 92.13% of the company's stock.

Targa Resources Stock Down 0.3 %

Shares of NYSE:TRGP traded down $0.65 during trading on Tuesday, hitting $194.31. The company's stock had a trading volume of 1,081,338 shares, compared to its average volume of 1,651,372. Targa Resources has a fifty-two week low of $81.03 and a fifty-two week high of $197.14. The stock's 50-day moving average price is $159.88 and its two-hundred day moving average price is $138.94. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.53 and a current ratio of 0.77. The company has a market capitalization of $42.37 billion, a PE ratio of 35.25, a PEG ratio of 1.49 and a beta of 2.24.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.17. The firm had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period in the prior year, the firm posted $0.97 EPS. As a group, sell-side analysts expect that Targa Resources will post 6.19 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.54%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources's dividend payout ratio is 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.