Analysts Set Targa Resources Corp. (NYSE:TRGP) PT at $111.00

Shares of Targa Resources Corp. (NYSE:TRGP) have earned an average recommendation of “Buy” from the eleven ratings firms that are currently covering the firm, MarketBeat.com reports. Ten research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $115.10.

A number of equities research analysts recently issued reports on TRGP shares. Mizuho lifted their target price on Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. JPMorgan Chase & Co. lifted their target price on Targa Resources from $122.00 to $125.00 and gave the company an “overweight” rating in a research report on Wednesday, March 6th. Barclays lifted their target price on Targa Resources from $105.00 to $116.00 and gave the company an “overweight” rating in a research report on Tuesday, March 19th. Truist Financial lifted their target price on Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Finally, The Goldman Sachs Group lifted their target price on Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a research report on Thursday.

Targa Resources Trading Up 1.4 %

NYSE TRGP opened at $115.97 on Monday. The firm has a market cap of $25.81 billion, a P/E ratio of 31.60 and a beta of 2.21. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.79 and a quick ratio of 0.66. The stock’s 50-day moving average is $100.33 and its 200-day moving average is $90.72. Targa Resources has a one year low of $67.36 and a one year high of $116.70.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). The business had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.50 billion. Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. Sell-side analysts anticipate that Targa Resources will post 5.75 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, February 15th. Shareholders of record on Wednesday, January 31st were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.72%. The ex-dividend date was Tuesday, January 30th. Targa Resources’s dividend payout ratio (DPR) is 54.50%.

Insider Buying and Selling

In related news, Director Joe Bob Perkins sold 33,405 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the transaction, the director now directly owns 38,440 shares of the company’s stock, valued at approximately $3,754,434.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Joe Bob Perkins sold 33,405 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the transaction, the director now directly owns 38,440 shares of the company’s stock, valued at approximately $3,754,434.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Jennifer R. Kneale sold 26,061 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was 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 directly owns 227,663 shares in the company, valued at $22,165,269.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 81,966 shares of company stock valued at $7,987,215. 1.44% of the stock is owned by insiders.

Institutional Trading of Targa Resources

Several institutional investors have recently added to or reduced their stakes in the company. Moneta Group Investment Advisors LLC boosted its stake in Targa Resources by 104,219.5% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 25,241,143 shares of the pipeline company’s stock valued at $1,855,224,000 after purchasing an additional 25,216,947 shares during the period. BlackRock Inc. boosted its stake in Targa Resources by 1.9% in the 1st quarter. BlackRock Inc. now owns 18,748,593 shares of the pipeline company’s stock valued at $1,367,710,000 after purchasing an additional 348,951 shares during the period. Blackstone Inc. boosted its stake in Targa Resources by 60.4% in the 4th quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock valued at $820,290,000 after purchasing an additional 3,554,989 shares during the period. Wellington Management Group LLP boosted its stake in Targa Resources by 5.1% in the 3rd quarter. Wellington Management Group LLP now owns 8,319,024 shares of the pipeline company’s stock valued at $713,107,000 after purchasing an additional 401,144 shares during the period. Finally, State Street Corp boosted its stake in Targa Resources by 14.4% in the 1st quarter. State Street Corp now owns 7,836,957 shares of the pipeline company’s stock valued at $591,455,000 after purchasing an additional 986,283 shares during the period. 92.13% of the stock is currently 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.