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

Shares of Targa Resources Corp. (NYSE:TRGP) have earned an average rating of “Buy” from the twenty-one analysts that are covering the company, Marketbeat reports. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $41.00.

A number of equities analysts have weighed in on the company. Royal Bank of Canada boosted their price objective on Targa Resources from $39.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, May 14th. Credit Suisse Group boosted their price objective on Targa Resources from $40.00 to $43.00 and gave the stock an “outperform” rating in a research note on Friday, May 14th. Mizuho upped their price target on Targa Resources from $36.00 to $42.00 and gave the company a “neutral” rating in a research note on Wednesday, May 12th. Morgan Stanley upped their price target on Targa Resources from $44.00 to $52.00 and gave the company an “overweight” rating in a research note on Wednesday, May 26th. Finally, The Goldman Sachs Group assumed coverage on Targa Resources in a research note on Thursday, March 18th. They issued a “buy” rating and a $49.00 price target on the stock.

In other Targa Resources news, Director Joe Bob Perkins sold 6,796 shares of the company’s stock in a transaction dated Thursday, April 29th. The stock was sold at an average price of $35.01, for a total transaction of $237,927.96. Following the sale, the director now owns 630,002 shares in the company, valued at approximately $22,056,370.02. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Chris Tong sold 8,000 shares of the company’s stock in a transaction dated Wednesday, May 19th. The stock was sold at an average price of $38.00, for a total value of $304,000.00. Following the sale, the director now owns 98,268 shares in the company, valued at approximately $3,734,184. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 156,221 shares of company stock worth $6,201,811. 1.69% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in TRGP. FMR LLC increased its holdings in shares of Targa Resources by 13.4% in the 1st quarter. FMR LLC now owns 1,192,808 shares of the pipeline company’s stock valued at $49,561,000 after acquiring an additional 140,814 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Targa Resources by 6.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,015 shares of the pipeline company’s stock valued at $739,000 after acquiring an additional 1,631 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Targa Resources by 3.5% in the 4th quarter. Victory Capital Management Inc. now owns 36,447 shares of the pipeline company’s stock valued at $961,000 after acquiring an additional 1,228 shares during the last quarter. NN Investment Partners Holdings N.V. purchased a new position in shares of Targa Resources in the 4th quarter valued at about $950,000. Finally, First Trust Advisors LP increased its holdings in shares of Targa Resources by 109.7% in the 4th quarter. First Trust Advisors LP now owns 124,023 shares of the pipeline company’s stock valued at $3,272,000 after acquiring an additional 64,873 shares during the last quarter. Institutional investors and hedge funds own 85.05% of the company’s stock.

Shares of TRGP opened at $46.55 on Friday. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.80 and a quick ratio of 0.77. Targa Resources has a one year low of $13.08 and a one year high of $48.35. The stock has a market capitalization of $10.64 billion, a PE ratio of 54.13 and a beta of 3.05. The stock’s 50 day moving average price is $36.76.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, May 6th. The pipeline company reported $0.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.38. The company had revenue of $3.63 billion for the quarter, compared to analyst estimates of $2.62 billion. Targa Resources had a return on equity of 5.53% and a net margin of 3.36%. Sell-side analysts predict that Targa Resources will post 1.21 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, May 14th. Shareholders of record on Friday, April 30th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, April 29th. This represents a $0.40 annualized dividend and a yield of 0.86%. Targa Resources’s dividend payout ratio (DPR) is 38.10%.

Targa Resources Company Profile

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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