Targa Resources Corp. (NYSE:TRGP) Given Consensus Rating of “Buy” by Analysts

Shares of Targa Resources Corp. (NYSE:TRGPGet Free Report) have earned a consensus rating of “Buy” from the thirteen research firms that are presently covering the stock, Marketbeat reports. Twelve analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $105.00.

Several research firms have recently issued reports on TRGP. Truist Financial raised their price objective on Targa Resources from $95.00 to $105.00 and gave the stock a “buy” rating in a report on Monday, November 6th. Barclays lifted their price objective on Targa Resources from $94.00 to $105.00 and gave the company an “overweight” rating in a research note on Wednesday, January 17th. Finally, UBS Group reduced their price objective on Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, January 18th.

View Our Latest Stock Analysis on TRGP

Targa Resources Price Performance

TRGP stock opened at $87.09 on Friday. Targa Resources has a 52-week low of $64.85 and a 52-week high of $91.43. The stock’s fifty day simple moving average is $85.60 and its 200-day simple moving average is $85.23. The company has a quick ratio of 0.60, a current ratio of 0.80 and a debt-to-equity ratio of 2.81. The stock has a market capitalization of $19.42 billion, a price-to-earnings ratio of 22.80 and a beta of 2.18.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Wednesday, January 31st will be issued a dividend of $0.50 per share. The ex-dividend date is Tuesday, January 30th. This represents a $2.00 annualized dividend and a dividend yield of 2.30%. Targa Resources’s payout ratio is currently 52.36%.

Insiders Place Their Bets

In other Targa Resources news, Director Charles R. Crisp sold 3,000 shares of Targa Resources stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $85.01, for a total transaction of $255,030.00. Following the sale, the director now directly owns 116,524 shares in the company, valued at approximately $9,905,705.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.39% of the stock is owned by company insiders.

Institutional Investors Weigh In On Targa Resources

Several hedge funds and other institutional investors have recently bought and sold shares of TRGP. Moneta Group Investment Advisors LLC grew its position in shares of Targa Resources by 104,219.5% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 25,241,143 shares of the pipeline company’s stock worth $1,855,224,000 after acquiring an additional 25,216,947 shares in the last quarter. Deutsche Bank AG grew its position in shares of Targa Resources by 200.4% in the 3rd quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock worth $478,063,000 after acquiring an additional 3,720,270 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Targa Resources by 424.5% in the 1st quarter. Wellington Management Group LLP now owns 3,777,797 shares of the pipeline company’s stock worth $285,110,000 after acquiring an additional 3,057,486 shares in the last quarter. Norges Bank acquired a new position in shares of Targa Resources in the 4th quarter worth approximately $187,123,000. Finally, State Street Corp grew its position in shares of Targa Resources by 14.4% in the 1st quarter. State Street Corp now owns 7,836,957 shares of the pipeline company’s stock worth $591,455,000 after acquiring an additional 986,283 shares in the last quarter. 90.21% of the stock is currently owned by hedge funds and other institutional investors.

About Targa Resources

(Get Free Report

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. The company operates in two segments, Gathering and Processing, and Logistics and Transportation.

Featured Articles

Analyst Recommendations for Targa Resources (NYSE:TRGP)

Receive News & Ratings for Targa Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Targa Resources and related companies with MarketBeat.com's FREE daily email newsletter.