Targa Resources, Inc. (NYSE:TRGP) Receives $252.57 Consensus Target Price from Analysts

Shares of Targa Resources, Inc. (NYSE:TRGP) have received an average rating of “Moderate Buy” from the eighteen ratings firms that are currently covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $252.5714.

A number of equities research analysts have recently weighed in on TRGP shares. BMO Capital Markets restated an “outperform” rating and set a $241.00 target price on shares of Targa Resources in a research report on Friday, February 20th. Royal Bank Of Canada lifted their price objective on Targa Resources from $218.00 to $260.00 and gave the stock an “outperform” rating in a research report on Friday, February 27th. Morgan Stanley boosted their price objective on Targa Resources from $266.00 to $298.00 and gave the stock an “overweight” rating in a report on Tuesday, March 3rd. Truist Financial assumed coverage on shares of Targa Resources in a research report on Tuesday, March 24th. They set a “buy” rating and a $279.00 target price on the stock. Finally, Weiss Ratings raised shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 29th.

Insider Transactions at Targa Resources

In other Targa Resources news, insider Patrick J. Mcdonie sold 31,537 shares of Targa Resources stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the completion of the sale, the insider owned 305,163 shares of the company’s stock, valued at approximately $73,043,815.68. The trade was a 9.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider D. Scott Pryor sold 17,500 shares of the company’s stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total transaction of $4,006,100.00. Following the sale, the insider owned 31,938 shares of the company’s stock, valued at $7,311,246.96. The trade was a 35.40% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 104,929 shares of company stock valued at $24,692,134. 1.34% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Targa Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TRGP. Alps Advisors Inc. grew its holdings in Targa Resources by 5.5% during the third quarter. Alps Advisors Inc. now owns 143,904 shares of the pipeline company’s stock valued at $24,110,000 after purchasing an additional 7,497 shares during the period. Korea Investment CORP increased its stake in Targa Resources by 37.4% in the third quarter. Korea Investment CORP now owns 260,760 shares of the pipeline company’s stock valued at $43,688,000 after purchasing an additional 70,998 shares in the last quarter. Commonwealth Equity Services LLC raised its holdings in Targa Resources by 137.9% in the third quarter. Commonwealth Equity Services LLC now owns 66,636 shares of the pipeline company’s stock worth $11,164,000 after purchasing an additional 38,626 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its holdings in Targa Resources by 2.4% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 682,300 shares of the pipeline company’s stock worth $114,313,000 after purchasing an additional 16,000 shares during the period. Finally, Envestnet Asset Management Inc. boosted its position in shares of Targa Resources by 5.0% during the third quarter. Envestnet Asset Management Inc. now owns 484,462 shares of the pipeline company’s stock worth $81,167,000 after purchasing an additional 22,969 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

TRGP stock opened at $250.57 on Friday. The company has a debt-to-equity ratio of 5.21, a current ratio of 0.67 and a quick ratio of 0.55. The company has a 50 day moving average price of $223.17 and a 200 day moving average price of $188.78. Targa Resources has a fifty-two week low of $144.14 and a fifty-two week high of $253.40. The stock has a market capitalization of $53.82 billion, a PE ratio of 29.17, a price-to-earnings-growth ratio of 1.64 and a beta of 0.84.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.35 by $0.16. The firm had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $4.12 billion. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%. Analysts forecast that Targa Resources will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 1.6%. The ex-dividend date was Friday, January 30th. Targa Resources’s dividend payout ratio is currently 46.57%.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.