Analysts Set Targa Resources, Inc. (NYSE:TRGP) Price Target at $266.36

Shares of Targa Resources, Inc. (NYSE:TRGP) have been assigned an average rating of “Moderate Buy” from the seventeen ratings firms that are currently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation and fourteen have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $266.3571.

A number of equities analysts have recently commented on TRGP shares. UBS Group lifted their price objective on Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, March 24th. Weiss Ratings upgraded Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 29th. TD Cowen lifted their price objective on Targa Resources from $236.00 to $245.00 and gave the stock a “hold” rating in a research note on Monday, May 11th. Scotiabank lifted their price objective on Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 12th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $241.00 price objective on shares of Targa Resources in a research note on Friday, February 20th.

Targa Resources Trading Up 1.1%

Targa Resources stock opened at $275.00 on Friday. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The business’s 50-day simple moving average is $245.52 and its 200-day simple moving average is $209.61. The firm has a market capitalization of $59.03 billion, a PE ratio of 27.81, a PEG ratio of 1.70 and a beta of 0.75. Targa Resources has a 52 week low of $144.14 and a 52 week high of $275.60.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. Equities research analysts forecast that Targa Resources will post 10.66 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, April 30th. Targa Resources’s dividend payout ratio (DPR) is 50.56%.

Insider Buying and Selling at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the sale, the director directly owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lindsey Cooksen sold 435 shares of Targa Resources stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $231.72, for a total value of $100,798.20. Following the sale, the director directly owned 11,670 shares in the company, valued at approximately $2,704,172.40. This trade represents a 3.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 115,531 shares of company stock valued at $27,405,821 over the last quarter. Company insiders own 1.37% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Institutional investors have recently added to or reduced their stakes in the company. Olistico Wealth LLC acquired a new stake in Targa Resources during the fourth quarter worth about $27,000. Atlantic Union Bankshares Corp acquired a new stake in Targa Resources during the fourth quarter valued at approximately $27,000. Miller Capital Partners Inc. acquired a new stake in Targa Resources during the fourth quarter valued at approximately $30,000. Leonteq Securities AG acquired a new stake in Targa Resources during the fourth quarter valued at approximately $31,000. Finally, Peoples Financial Services CORP. acquired a new stake in Targa Resources during the third quarter valued at approximately $34,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Company Profile

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.