Targa Resources Corp. (NYSE:TRGP) Given Average Recommendation of “Buy” by Brokerages

Shares of Targa Resources Corp. (NYSE:TRGP) have received an average recommendation of “Buy” from the eleven analysts that are covering the stock, Marketbeat reports. Eleven investment analysts have rated the stock with a buy rating. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $119.55.

TRGP has been the topic of several recent analyst reports. Stifel Nicolaus lifted their target price on Targa Resources from $111.00 to $130.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. Scotiabank lifted their price target on Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a research report on Monday, April 15th. Royal Bank of Canada lifted their price target on Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a research report on Monday, February 26th. The Goldman Sachs Group lifted their target price on Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. Finally, Citigroup lifted their target price on Targa Resources from $104.00 to $112.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st.

Insider Buying and Selling

In related news, insider Robert Muraro sold 10,000 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $97.31, for a total transaction of $973,100.00. Following the completion of the transaction, the insider now owns 219,451 shares of the company’s stock, valued at approximately $21,354,776.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Robert Muraro sold 10,000 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $97.31, for a total transaction of $973,100.00. Following the transaction, the insider now directly owns 219,451 shares in the company, valued at $21,354,776.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Julie H. Boushka sold 2,500 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total value of $244,150.00. Following the transaction, the chief accounting officer now owns 71,808 shares in the company, valued at $7,012,769.28. The disclosure for this sale can be found here. In the last 90 days, insiders sold 81,966 shares of company stock valued at $7,987,215. Insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Large investors have recently modified their holdings of the stock. Deutsche Bank AG grew its position in Targa Resources by 200.4% during 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 during the last quarter. Blackstone Inc. increased its holdings in Targa Resources by 60.4% during the 4th quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock valued at $820,290,000 after purchasing an additional 3,554,989 shares in the last quarter. Norges Bank acquired a new stake in Targa Resources during the 4th quarter valued at $187,123,000. Price T Rowe Associates Inc. MD increased its holdings in Targa Resources by 231.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock valued at $119,712,000 after purchasing an additional 962,073 shares in the last quarter. Finally, Truist Financial Corp increased its holdings in Targa Resources by 11,513.7% during the 3rd quarter. Truist Financial Corp now owns 636,429 shares of the pipeline company’s stock valued at $54,555,000 after purchasing an additional 630,949 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Trading Up 0.7 %

Shares of NYSE TRGP opened at $117.68 on Friday. The company has a market cap of $26.19 billion, a price-to-earnings ratio of 32.07 and a beta of 2.21. Targa Resources has a 12-month low of $67.36 and a 12-month high of $117.87. The company has a current ratio of 0.79, a quick ratio of 0.66 and a debt-to-equity ratio of 2.68. The stock’s 50 day simple moving average is $107.97 and its 200 day simple moving average is $93.67.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.49 by ($0.26). The company had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $4.50 billion. Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. Equities research analysts expect that Targa Resources will post 5.77 EPS for the current year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 2.55%. The ex-dividend date is Monday, April 29th. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s payout ratio is currently 54.50%.

About Targa Resources

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. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved 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, storing, terminaling, purchasing, and selling crude oil.