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

Targa Resources Corp. (NYSE:TRGP) has been assigned a consensus rating of “Buy” from the eleven brokerages that are presently covering the stock, Marketbeat reports. Eleven analysts have rated the stock with a buy recommendation. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $119.55.

A number of research firms recently weighed in on TRGP. Mizuho upped their target price on shares of Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. The Goldman Sachs Group upped their target price on shares of Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. UBS Group lowered their target price on shares of Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, January 18th. JPMorgan Chase & Co. upped their target price on shares of Targa Resources from $122.00 to $125.00 and gave the stock an “overweight” rating in a report on Wednesday, March 6th. Finally, Citigroup increased their price objective on shares of Targa Resources from $104.00 to $112.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st.

Targa Resources Price Performance

TRGP stock opened at $117.68 on Friday. The stock has a market capitalization of $26.19 billion, a PE ratio of 32.07 and a beta of 2.21. The company’s 50-day moving average is $107.97 and its 200-day moving average is $93.67. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.79 and a quick ratio of 0.66. Targa Resources has a 1 year low of $67.36 and a 1 year high of $117.87.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). The company had revenue of $4.24 billion for 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 fiscal 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 issued a $0.75 dividend. The ex-dividend date is Monday, April 29th. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 annualized dividend and a yield of 2.55%. Targa Resources’s dividend payout ratio (DPR) is 54.50%.

Insider Buying and Selling

In other Targa Resources news, insider Robert Muraro sold 10,000 shares of the firm’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $97.31, for a total value of $973,100.00. Following the completion of the transaction, the insider now directly owns 219,451 shares of the company’s stock, valued at approximately $21,354,776.81. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CFO Jennifer R. Kneale sold 26,061 shares of Targa Resources stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $97.36, for a total value of $2,537,298.96. Following the transaction, the chief financial officer now owns 227,663 shares in the company, valued at approximately $22,165,269.68. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Robert Muraro sold 10,000 shares of Targa Resources stock in a transaction on 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 in the company, valued at approximately $21,354,776.81. The disclosure for this sale can be found here. In the last ninety days, insiders sold 81,966 shares of company stock valued at $7,987,215. Company insiders own 1.39% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

Large investors have recently added to or reduced their stakes in the business. Spire Wealth Management increased its position in shares of Targa Resources by 2,400.0% in the first quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock valued at $31,000 after acquiring an additional 264 shares during the period. Addison Advisors LLC purchased a new position in shares of Targa Resources in the fourth quarter valued at about $27,000. VisionPoint Advisory Group LLC increased its position in shares of Targa Resources by 111.2% in the third quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock valued at $34,000 after acquiring an additional 209 shares during the period. Register Financial Advisors LLC purchased a new position in shares of Targa Resources in the first quarter valued at about $45,000. Finally, EdgeRock Capital LLC purchased a new position in shares of Targa Resources in the fourth quarter valued at about $42,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Company Profile

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.