Targa Resources Corp. (NYSE:TRGP) Receives $206.43 Average Target Price from Analysts

Shares of Targa Resources Corp. (NYSE:TRGP - Get Free Report) have been assigned a consensus rating of "Buy" from the fifteen research firms that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $210.50.

A number of equities research analysts have recently issued reports on TRGP shares. Scotiabank dropped their price objective on Targa Resources from $218.00 to $210.00 and set a "sector outperform" rating on the stock in a research note on Thursday, March 6th. Citigroup upped their price objective on Targa Resources from $218.00 to $227.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. Truist Financial upped their price objective on Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research note on Tuesday. Royal Bank of Canada upped their price objective on Targa Resources from $220.00 to $221.00 and gave the stock an "outperform" rating in a research note on Monday, March 3rd. Finally, Mizuho upped their price objective on Targa Resources from $208.00 to $226.00 and gave the stock an "outperform" rating in a research note on Thursday, February 20th.

Targa Resources Price Performance

Shares of Targa Resources stock traded up $0.21 during trading on Monday, reaching $199.17. The company's stock had a trading volume of 450,503 shares, compared to its average volume of 1,572,156. The stock has a 50-day moving average price of $199.54 and a two-hundred day moving average price of $182.41. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources has a one year low of $108.65 and a one year high of $218.51. The stock has a market capitalization of $43.44 billion, a P/E ratio of 34.70, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32.

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Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.90 by ($0.46). The business had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. As a group, sell-side analysts anticipate that Targa Resources will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a dividend of $0.75 per share. The ex-dividend date was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.51%. Targa Resources's payout ratio is 52.26%.

Insider Activity at Targa Resources

In related news, insider Jennifer R. Kneale sold 29,887 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the transaction, the insider now owns 227,269 shares of the company's stock, valued at $43,731,100.98. The trade was a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the transaction, the insider now directly owns 82,139 shares in the company, valued at approximately $16,206,024.70. The trade was a 29.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock valued at $22,613,288 over the last 90 days. Insiders own 1.39% of the company's stock.

Institutional Trading of Targa Resources

A number of hedge funds have recently bought and sold shares of the business. Snowden Capital Advisors LLC lifted its holdings in Targa Resources by 2.0% during the fourth quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company's stock worth $473,000 after acquiring an additional 53 shares during the period. Coldstream Capital Management Inc. lifted its holdings in Targa Resources by 0.9% during the third quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company's stock worth $1,153,000 after acquiring an additional 66 shares during the period. Fisher Asset Management LLC lifted its holdings in Targa Resources by 3.1% during the fourth quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company's stock worth $396,000 after acquiring an additional 67 shares during the period. Mather Group LLC. raised its stake in shares of Targa Resources by 2.3% in the fourth quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company's stock valued at $540,000 after buying an additional 68 shares during the period. Finally, Keybank National Association OH raised its stake in shares of Targa Resources by 0.4% in the fourth quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company's stock valued at $3,470,000 after buying an additional 70 shares during the period. 92.13% of the stock is currently owned by institutional investors.

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.