Targa Resources Corp. (NYSE:TRGP) Receives Consensus Rating of “Buy” from Brokerages

Shares of Targa Resources Corp. (NYSE:TRGPGet Rating) have been assigned a consensus rating of “Buy” from the thirteen analysts that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, eight have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $77.00.

A number of research analysts recently weighed in on the company. StockNews.com lowered Targa Resources from a “buy” rating to a “hold” rating in a report on Thursday, May 19th. Truist Financial upped their price objective on Targa Resources from $69.00 to $78.00 in a report on Wednesday, March 2nd. Wells Fargo & Company decreased their target price on Targa Resources to $83.00 and set an “overweight” rating on the stock in a research report on Friday, May 20th. TheStreet downgraded Targa Resources from a “b-” rating to a “c” rating in a research report on Thursday, March 3rd. Finally, Morgan Stanley boosted their target price on Targa Resources from $74.00 to $103.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 26th.

In other news, Director Paul W. Chung sold 3,568 shares of the stock in a transaction dated Monday, May 16th. The shares were sold at an average price of $73.34, for a total transaction of $261,677.12. Following the transaction, the director now directly owns 240,641 shares in the company, valued at approximately $17,648,610.94. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction that occurred on Wednesday, May 18th. The stock was sold at an average price of $71.33, for a total transaction of $1,426,600.00. Following the sale, the insider now directly owns 81,233 shares of the company’s stock, valued at approximately $5,794,349.89. The disclosure for this sale can be found here. Over the last three months, insiders sold 63,662 shares of company stock worth $4,847,249. 1.10% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of TRGP. Wellington Management Group LLP increased its position in Targa Resources by 424.5% during the 1st quarter. Wellington Management Group LLP now owns 3,777,797 shares of the pipeline company’s stock worth $285,110,000 after purchasing an additional 3,057,486 shares in the last quarter. BlackRock Inc. grew its position in Targa Resources by 7.3% in the fourth quarter. BlackRock Inc. now owns 21,959,815 shares of the pipeline company’s stock valued at $1,147,183,000 after acquiring an additional 1,499,300 shares in the last quarter. Norges Bank acquired a new stake in Targa Resources in the fourth quarter valued at approximately $62,345,000. State Street Corp grew its position in Targa Resources by 14.4% in the first quarter. State Street Corp now owns 7,836,957 shares of the pipeline company’s stock valued at $591,455,000 after acquiring an additional 986,283 shares in the last quarter. Finally, First Trust Advisors LP grew its position in Targa Resources by 324.0% in the fourth quarter. First Trust Advisors LP now owns 1,205,000 shares of the pipeline company’s stock valued at $62,949,000 after acquiring an additional 920,818 shares in the last quarter. 91.93% of the stock is owned by hedge funds and other institutional investors.

NYSE:TRGP opened at $60.65 on Tuesday. The firm has a market cap of $13.83 billion, a P/E ratio of -104.57 and a beta of 2.53. The company has a current ratio of 0.65, a quick ratio of 0.62 and a debt-to-equity ratio of 1.73. The stock’s 50 day simple moving average is $72.91 and its 200-day simple moving average is $65.60. Targa Resources has a 12-month low of $38.81 and a 12-month high of $81.50.

Targa Resources (NYSE:TRGPGet Rating) last announced its quarterly earnings data on Thursday, May 5th. The pipeline company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.83). Targa Resources had a positive return on equity of 8.24% and a negative net margin of 0.22%. The business had revenue of $4.96 billion for the quarter, compared to analyst estimates of $6.07 billion. During the same period in the prior year, the company earned $0.53 EPS. Research analysts forecast that Targa Resources will post 4.02 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Monday, May 16th. Investors of record on Friday, April 29th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.31%. Targa Resources’s dividend payout ratio (DPR) is presently -241.38%.

Targa Resources Company Profile (Get Rating)

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company engages 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, purchasing, storing, terminaling, and selling crude oil.

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Analyst Recommendations for Targa Resources (NYSE:TRGP)

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