Brokerages Set Targa Resources Corp. (NYSE:TRGP) PT at $159.14

Targa Resources Corp. (NYSE:TRGP) has earned a consensus recommendation of “Buy” from the fourteen analysts that are currently covering the stock, MarketBeat Ratings reports. Thirteen equities research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $169.79.

TRGP has been the topic of several research reports. Truist Financial upped their price target on shares of Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a research report on Friday. UBS Group increased their price target on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research note on Friday. Royal Bank of Canada raised their price target 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. Barclays upped their price objective on Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Finally, Wells Fargo & Company lifted their target price on Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th.

Targa Resources Price Performance

Shares of Targa Resources stock opened at $199.00 on Tuesday. The stock has a market capitalization of $43.39 billion, a price-to-earnings ratio of 35.99, a P/E/G ratio of 0.78 and a beta of 2.24. The firm’s 50-day moving average price is $163.51 and its two-hundred day moving average price is $141.15. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources has a 1-year low of $81.03 and a 1-year high of $199.76.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. The firm had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same period last year, the firm posted $0.97 EPS. On average, equities analysts predict that Targa Resources will post 6.23 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date was Thursday, October 31st. Targa Resources’s dividend payout ratio is currently 54.25%.

Insider Buying and Selling at Targa Resources

In related news, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the sale, the director now directly owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. This represents a 57.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the transaction, the insider now directly owns 174,451 shares in the company, valued at approximately $25,504,736.20. The trade was a 1.41 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 185,760 shares of company stock valued at $30,026,712. Corporate insiders own 1.44% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Several institutional investors have recently added to or reduced their stakes in TRGP. Buckley Wealth Management LLC raised its stake in shares of Targa Resources by 0.7% in the 3rd quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company’s stock valued at $1,469,000 after purchasing an additional 65 shares during the period. Coldstream Capital Management Inc. grew its holdings in shares of Targa Resources by 0.9% during the third quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock worth $1,153,000 after buying an additional 66 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its position in Targa Resources by 9.8% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock valued at $138,000 after buying an additional 83 shares during the last quarter. Prime Capital Investment Advisors LLC lifted its stake in Targa Resources by 4.0% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock valued at $321,000 after acquiring an additional 84 shares in the last quarter. Finally, Fifth Third Bancorp boosted its position in Targa Resources by 1.0% during the 2nd quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock worth $1,148,000 after acquiring an additional 89 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

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.