Targa Resources (NYSE:TRGP) Coverage Initiated by Analysts at Bank of America

Bank of America initiated coverage on shares of Targa Resources (NYSE:TRGP) in a research note published on Thursday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $182.00 price target on the pipeline company’s stock.

Several other research firms also recently weighed in on TRGP. Barclays upped their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a report on Tuesday. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. boosted their target price on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, July 2nd. The Goldman Sachs Group boosted their price objective on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Finally, Scotiabank increased their price objective on Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a report on Wednesday, July 17th. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $148.36.

Targa Resources Price Performance

TRGP stock opened at $161.92 on Thursday. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. The company’s fifty day simple moving average is $149.88 and its 200 day simple moving average is $131.80. Targa Resources has a 12-month low of $81.03 and a 12-month high of $167.79. The firm has a market cap of $35.47 billion, a price-to-earnings ratio of 34.09, a PEG ratio of 1.32 and a beta of 2.25.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The company had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $4.33 billion. During the same period in the previous year, the business earned $1.44 EPS. On average, analysts expect that Targa Resources will post 5.9 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date is Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is 63.16%.

Insider Activity

In related news, insider Gerald R. Shrader sold 3,000 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $136.06, for a total transaction of $408,180.00. Following the transaction, the insider now owns 29,603 shares in the company, valued at $4,027,784.18. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Gerald R. Shrader sold 3,000 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $136.06, for a total transaction of $408,180.00. Following the completion of the sale, the insider now owns 29,603 shares in the company, valued at approximately $4,027,784.18. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the sale, the insider now owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 175,534 shares of company stock valued at $26,815,021 in the last 90 days. 1.44% of the stock is currently owned by insiders.

Institutional Trading of Targa Resources

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Strategic Investment Solutions Inc. IL purchased a new stake in Targa Resources in the second quarter worth about $29,000. UMB Bank n.a. grew its position in shares of Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 222 shares in the last quarter. Whittier Trust Co. bought a new stake in shares of Targa Resources in the 2nd quarter valued at approximately $44,000. Register Financial Advisors LLC bought a new stake in shares of Targa Resources in the 1st quarter valued at approximately $45,000. Finally, Rogco LP bought a new stake in shares of Targa Resources during the 1st quarter worth approximately $56,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

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.