Targa Resources Corp. (NYSE:TRGP) Receives $189.21 Consensus Target Price from Brokerages

Targa Resources Corp. (NYSE:TRGP) has been assigned an average recommendation of “Buy” from the fifteen analysts that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $189.21.

A number of equities research analysts recently issued reports on TRGP shares. Royal Bank of Canada boosted their target price on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a report on Monday, November 11th. US Capital Advisors downgraded shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. The Goldman Sachs Group lifted their price target on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Wells Fargo & Company lifted their price target on shares of Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Finally, Barclays lifted their price target on shares of Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a research report on Monday, January 13th.

Insider Activity

In other Targa Resources news, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the transaction, the insider now directly owns 82,979 shares in the company, valued at $15,793,393.07. This represents a 26.55 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.74, for a total transaction of $621,812.40. Following the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.39% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in TRGP. DT Investment Partners LLC acquired a new stake in shares of Targa Resources during the third quarter worth $29,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Targa Resources during the second quarter worth $29,000. Prospera Private Wealth LLC acquired a new stake in shares of Targa Resources during the third quarter worth $35,000. Rosenberg Matthew Hamilton raised its holdings in shares of Targa Resources by 49.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after purchasing an additional 89 shares during the period. Finally, Stonebridge Financial Group LLC acquired a new stake in shares of Targa Resources in the 4th quarter worth about $49,000. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $205.14 on Friday. Targa Resources has a 12 month low of $84.33 and a 12 month high of $218.51. The company has a 50-day simple moving average of $193.45 and a 200-day simple moving average of $167.94. The company has a market cap of $44.73 billion, a PE ratio of 37.09, a price-to-earnings-growth ratio of 0.63 and a beta of 2.30. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP) last released its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The firm had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the previous year, the firm earned $0.97 earnings per share. On average, equities analysts anticipate that Targa Resources will post 6.42 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be paid a $0.75 dividend. The ex-dividend date is Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.46%. Targa Resources’s dividend payout ratio (DPR) is presently 54.25%.

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.