Targa Resources, Inc. (NYSE:TRGP) Given Consensus Rating of “Moderate Buy” by Brokerages

Targa Resources, Inc. (NYSE:TRGP) has received an average recommendation of “Moderate Buy” from the seventeen research firms that are presently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokers that have covered the stock in the last year is $213.50.

Several equities research analysts recently commented on the company. Morgan Stanley reaffirmed an “overweight” rating and set a $266.00 target price on shares of Targa Resources in a research note on Wednesday, January 28th. Royal Bank Of Canada increased their target price on shares of Targa Resources from $213.00 to $218.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 3rd. UBS Group reiterated a “buy” rating on shares of Targa Resources in a report on Friday, January 9th. Weiss Ratings upgraded Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 29th. Finally, Wells Fargo & Company boosted their target price on Targa Resources from $205.00 to $207.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th.

Targa Resources Trading Down 0.4%

TRGP traded down $0.87 during trading on Thursday, reaching $221.04. 269,391 shares of the stock traded hands, compared to its average volume of 1,254,076. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 5.91. The stock’s 50-day moving average is $188.52 and its 200 day moving average is $172.70. Targa Resources has a 12 month low of $144.14 and a 12 month high of $224.98. The stock has a market capitalization of $47.45 billion, a PE ratio of 29.39, a P/E/G ratio of 0.93 and a beta of 0.88.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Friday, January 30th will be issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Friday, January 30th. Targa Resources’s dividend payout ratio (DPR) is currently 53.19%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider Gerald R. Shrader sold 2,750 shares of the firm’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $181.21, for a total value of $498,327.50. Following the transaction, the insider directly owned 29,561 shares of the company’s stock, valued at approximately $5,356,748.81. This trade represents a 8.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider D. Scott Pryor sold 20,000 shares of Targa Resources stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $172.21, for a total value of $3,444,200.00. Following the transaction, the insider owned 22,139 shares of the company’s stock, valued at $3,812,557.19. This trade represents a 47.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.34% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

Large investors have recently bought and sold shares of the stock. Bank of Montreal Can raised its holdings in shares of Targa Resources by 5.6% in the fourth quarter. Bank of Montreal Can now owns 239,859 shares of the pipeline company’s stock valued at $44,254,000 after purchasing an additional 12,736 shares during the last quarter. Brown Brothers Harriman & Co. grew its position in Targa Resources by 10.9% in the 4th quarter. Brown Brothers Harriman & Co. now owns 6,032 shares of the pipeline company’s stock worth $1,113,000 after purchasing an additional 591 shares in the last quarter. Raiffeisen Bank International AG increased its stake in Targa Resources by 164.1% in the 4th quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company’s stock valued at $6,245,000 after buying an additional 20,905 shares during the last quarter. Principal Securities Inc. lifted its position in shares of Targa Resources by 41.4% during the 4th quarter. Principal Securities Inc. now owns 1,169 shares of the pipeline company’s stock worth $216,000 after buying an additional 342 shares in the last quarter. Finally, Aviva PLC boosted its stake in shares of Targa Resources by 5.6% in the 4th quarter. Aviva PLC now owns 235,890 shares of the pipeline company’s stock worth $43,522,000 after buying an additional 12,414 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.