Targa Resources, Inc. (NYSE:TRGP) Stock Has Consensus Price Target of $325.58 According to Analysts

Shares of Targa Resources, Inc. (NYSE:TRGP) have been given a consensus rating of “Buy” by the twenty-two brokerages that are currently covering the firm, Marketbeat.com reports. Twenty equities research analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $325.89.

A number of equities analysts have issued reports on TRGP shares. Raymond James Financial set a $344.00 target price on Targa Resources in a report on Thursday. TD Cowen raised Targa Resources from a “hold” rating to a “buy” rating and lifted their target price for the company from $275.00 to $350.00 in a research report on Friday, September 18th. Wells Fargo & Company upped their price target on Targa Resources from $324.00 to $330.00 and gave the stock an “overweight” rating in a research report on Monday. Stifel Nicolaus set a $335.00 target price on shares of Targa Resources in a report on Friday, October 9th. Finally, Barclays lifted their price target on shares of Targa Resources from $284.00 to $294.00 and gave the company an “overweight” rating in a research note on Thursday, October 8th.

Insider Activity at Targa Resources

In other Targa Resources news, Director Paul Chung sold 1,816 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total value of $537,735.76. Following the completion of the transaction, the director directly owned 44,000 shares in the company, valued at $13,028,840. This trade represents a 3.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Charles Crisp sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total value of $870,690.00. Following the sale, the director owned 62,292 shares in the company, valued at approximately $18,079,007.16. This represents a 4.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 7,216 shares of company stock valued at $2,127,634. Insiders own 1.37% of the company’s stock.

Institutional Trading of Targa Resources

Large investors have recently added to or reduced their stakes in the company. Tidal Investments LLC lifted its holdings in shares of Targa Resources by 238.0% during the second quarter. Tidal Investments LLC now owns 41,741 shares of the pipeline company’s stock worth $11,192,000 after buying an additional 29,390 shares in the last quarter. The Manufacturers Life Insurance Company bought a new position in Targa Resources during the second quarter worth about $100,442,000. Freedom Day Solutions LLC bought a new stake in Targa Resources in the 3rd quarter valued at about $2,631,000. Nykredit A S acquired a new stake in shares of Targa Resources in the second quarter valued at approximately $33,314,000. Finally, Envestnet Asset Management Inc. raised its position in shares of Targa Resources by 5.8% in the second quarter. Envestnet Asset Management Inc. now owns 756,768 shares of the pipeline company’s stock valued at $202,920,000 after buying an additional 41,241 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP opened at $273.19 on Friday. The firm has a market cap of $58.58 billion, a P/E ratio of 24.18, a PEG ratio of 1.17 and a beta of 0.76. Targa Resources has a twelve month low of $166.18 and a twelve month high of $316.60. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The firm’s 50 day moving average price is $289.01 and its two-hundred day moving average price is $261.76.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, November 5th. The pipeline company reported $3.04 EPS for the quarter, topping analysts’ consensus estimates of $2.74 by $0.30. The business had revenue of $5.60 billion for the quarter, compared to analyst estimates of $4.77 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. On average, analysts forecast that Targa Resources will post 11.51 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced 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 1.8%. The ex-dividend date is Friday, October 30th. Targa Resources’s dividend payout ratio is presently 44.25%.

About Targa Resources

Targa Resources Corp. is a midstream energy company that gathers, processes, transports and stores natural gas and natural gas liquids (NGLs), and provides services for crude oil. Its infrastructure connects oil and gas producers with pipelines, processing facilities, fractionators, storage sites and domestic and international markets.

The company’s services include natural gas gathering, compression and processing; NGL transportation and fractionation; and crude oil gathering and terminaling.