Targa Resources, Inc. (NYSE:TRGP) Stock Now Rated “Buy” by Wall Street Brokerages

Shares of Targa Resources, Inc. (NYSE:TRGP) have earned an average recommendation of “Buy” from the twenty-two research firms that are covering the company, Marketbeat reports. Twenty-one research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $317.75.

Several research firms recently commented on TRGP. Mizuho lifted their price target on Targa Resources from $300.00 to $320.00 and gave the stock an “outperform” rating in a research report on Friday, September 11th. Wells Fargo & Company boosted their price objective on Targa Resources from $282.00 to $324.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 2nd. Capital One Financial upped their price objective on Targa Resources from $310.00 to $335.00 and gave the company an “overweight” rating in a research report on Tuesday, September 22nd. Morgan Stanley raised their price objective on Targa Resources from $343.00 to $359.00 and gave the company an “overweight” rating in a research note on Wednesday, September 16th. Finally, Wolfe Research set a $335.00 target price on Targa Resources in a report on Friday, August 7th.

Targa Resources Price Performance

Targa Resources stock opened at $294.75 on Tuesday. Targa Resources has a 52-week low of $144.14 and a 52-week high of $307.94. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. The firm’s fifty day moving average is $286.24 and its 200 day moving average is $269.99. The company has a market cap of $63.20 billion, a price-to-earnings ratio of 28.18, a PEG ratio of 1.22 and a beta of 0.80.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, topping analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The business had revenue of $4.44 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Sell-side analysts forecast that Targa Resources will post 11.38 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 17th. Investors of record on Friday, October 30th will be issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, October 30th. Targa Resources’s dividend payout ratio is presently 47.80%.

Insider Activity at Targa Resources

In other Targa Resources news, Director Paul W. Chung sold 1,816 shares of Targa Resources stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total transaction of $537,735.76. Following the completion of the transaction, the director directly owned 44,000 shares of the company’s stock, valued at $13,028,840. The trade was a 3.96% 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 Waters S. Iv Davis sold 2,400 shares of the business’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $299.67, for a total transaction of $719,208.00. Following the transaction, the director owned 1,529 shares in the company, valued at $458,195.43. This trade represents a 61.08% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 7,216 shares of company stock worth $2,127,634. Company insiders own 1.37% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Hardy Reed LLC boosted its stake in shares of Targa Resources by 1.0% during the 1st quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company’s stock worth $1,083,000 after purchasing an additional 41 shares during the period. Versant Capital Management Inc grew its holdings in Targa Resources by 4.1% during the 2nd quarter. Versant Capital Management Inc now owns 1,146 shares of the pipeline company’s stock valued at $307,000 after purchasing an additional 45 shares during the last quarter. Premier Path Wealth Partners LLC raised its position in Targa Resources by 2.3% in the 2nd quarter. Premier Path Wealth Partners LLC now owns 2,003 shares of the pipeline company’s stock worth $537,000 after purchasing an additional 45 shares during the period. River Wealth Advisors LLC raised its position in Targa Resources by 0.3% in the 2nd quarter. River Wealth Advisors LLC now owns 19,457 shares of the pipeline company’s stock worth $5,217,000 after purchasing an additional 50 shares during the period. Finally, Bridgewater Advisors Inc. raised its position in Targa Resources by 2.7% in the 1st quarter. Bridgewater Advisors Inc. now owns 2,210 shares of the pipeline company’s stock worth $520,000 after purchasing an additional 59 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

About Targa Resources

Targa Resources Corp. is a Houston-based midstream energy company that owns, operates and develops infrastructure used to gather, process, transport, store and fractionate natural gas and natural gas liquids (NGLs). Its operations support producers and other energy companies by connecting hydrocarbon supplies with domestic and international markets.

The company’s services include natural gas gathering and processing, NGL recovery, fractionation and storage, crude oil gathering, and the transportation and logistics of NGLs and related products.