Targa Resources Corp. (NYSE:TRGP) Given Average Recommendation of "Buy" by Analysts

Shares of Targa Resources Corp. (NYSE:TRGP - Get Free Report) have received a consensus recommendation of "Buy" from the fourteen research firms that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation, twelve have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $203.77.

A number of research analysts have recently weighed in on TRGP shares. Stifel Nicolaus increased their target price on shares of Targa Resources from $190.00 to $224.00 and gave the company a "buy" rating in a research report on Wednesday, November 20th. Scotiabank started 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 increased 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. Truist Financial reduced 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. Finally, Barclays increased their target price on shares of Targa Resources from $171.00 to $204.00 and gave the company an "overweight" rating in a research report on Monday, January 13th.

Targa Resources Stock Down 2.5 %

TRGP stock traded down $5.20 during trading on Thursday, reaching $199.50. The stock had a trading volume of 953,287 shares, compared to its average volume of 1,460,172. Targa Resources has a one year low of $95.88 and a one year high of $218.51. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The company's 50 day moving average is $195.58 and its two-hundred day moving average is $175.41. The company has a market capitalization of $43.50 billion, a price-to-earnings ratio of 36.04, a P/E/G ratio of 0.62 and a beta of 2.29.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data 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). Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.48 billion. Equities research analysts forecast that Targa Resources will post 6.36 EPS for the current year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.50%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources's dividend payout ratio is presently 54.25%.

Institutional Trading of Targa Resources

Several institutional investors and hedge funds have recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Targa Resources during the 4th quarter valued at $505,132,000. GQG Partners LLC purchased a new stake in shares of Targa Resources during the 4th quarter valued at $393,335,000. Canada Pension Plan Investment Board raised its position in shares of Targa Resources by 981.8% during the 4th quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company's stock valued at $204,223,000 after buying an additional 1,038,350 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Targa Resources during the 4th quarter valued at $150,372,000. Finally, TD Asset Management Inc. raised its position in shares of Targa Resources by 568.7% during the 4th quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company's stock valued at $173,212,000 after buying an additional 825,267 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

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.