Brokerages Set Targa Resources Corp (TRGP) PT at $54.80

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Shares of Targa Resources Corp (NYSE:TRGP) have received an average recommendation of “Buy” from the twenty-three brokerages that are currently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $54.80.

TRGP has been the topic of several research reports. Evercore ISI reissued an “in-line” rating on shares of Targa Resources in a research note on Wednesday, April 24th. ValuEngine raised shares of Targa Resources from a “hold” rating to a “buy” rating in a report on Wednesday, May 15th. Zacks Investment Research cut shares of Targa Resources from a “hold” rating to a “strong sell” rating in a report on Thursday, April 25th. Wells Fargo & Co reaffirmed a “buy” rating on shares of Targa Resources in a report on Friday, March 8th. Finally, Seaport Global Securities raised shares of Targa Resources from a “neutral” rating to a “buy” rating and set a $48.00 target price for the company in a report on Tuesday, January 29th.

In other Targa Resources news, Director Robert B. Evans bought 51,420 shares of Targa Resources stock in a transaction on Friday, May 10th. The stock was acquired at an average cost of $39.38 per share, with a total value of $2,024,919.60. Following the completion of the acquisition, the director now owns 38,506 shares in the company, valued at $1,516,366.28. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.86% of the stock is owned by insiders.

A number of hedge funds have recently made changes to their positions in TRGP. Stephens Inc. AR raised its stake in shares of Targa Resources by 9.6% in the first quarter. Stephens Inc. AR now owns 22,965 shares of the pipeline company’s stock valued at $954,000 after acquiring an additional 2,002 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Targa Resources by 11.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 62,276 shares of the pipeline company’s stock worth $2,243,000 after acquiring an additional 6,281 shares in the last quarter. Marathon Capital Management grew its holdings in Targa Resources by 16.8% during the 4th quarter. Marathon Capital Management now owns 23,315 shares of the pipeline company’s stock worth $839,000 after acquiring an additional 3,350 shares in the last quarter. Lavaca Capital LLC bought a new position in Targa Resources during the 4th quarter worth about $36,000. Finally, Legal & General Group Plc grew its holdings in Targa Resources by 3.6% during the 3rd quarter. Legal & General Group Plc now owns 917,880 shares of the pipeline company’s stock worth $51,687,000 after acquiring an additional 31,496 shares in the last quarter. 93.31% of the stock is owned by institutional investors and hedge funds.

Shares of TRGP opened at $40.46 on Thursday. The stock has a market cap of $9.41 billion, a PE ratio of 202.30 and a beta of 2.01. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.48 and a current ratio of 0.58. Targa Resources has a 1-year low of $33.55 and a 1-year high of $59.21.

Targa Resources (NYSE:TRGP) last announced its earnings results on Wednesday, May 8th. The pipeline company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.16). The company had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.44 billion. Targa Resources had a negative net margin of 0.58% and a positive return on equity of 1.45%. Research analysts expect that Targa Resources will post -0.57 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st were issued a dividend of $0.91 per share. The ex-dividend date was Tuesday, April 30th. This represents a $3.64 annualized dividend and a dividend yield of 9.00%. Targa Resources’s payout ratio is 1,820.00%.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages 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; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.

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Analyst Recommendations for Targa Resources (NYSE:TRGP)

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