Evercore ISI restated their hold rating on shares of Targa Resources (NYSE:TRGP) in a research note published on Sunday morning, AnalystRatings.com reports.
“We are not surprised by today’s outperformance given the strong quarterly print (downstream), progress at the asset level (Grand Prix fully in service), and a well-handled call. We believe eliminating multi-year guidance was the right decision (more questions than answers absent regular updates given asset sales, project announcements, etc). After underperforming the group (AMZ) by 10% since we launched in February and with confidence in the outlook reiterated, TRGP continues to look ‘attractive’ on a multiples basis (9.2x/7.9x 2020e/2021e EBITDA on our numbers, 10.7% NTM div yld). The market clearly remains skeptical given leverage (little margin for error) and commodity exposure (ex-hedges).”,” Evercore ISI’s analyst commented.
Several other analysts also recently weighed in on TRGP. SunTrust Banks raised Targa Resources from a hold rating to a buy rating and set a $48.00 target price for the company in a report on Monday, June 3rd. ValuEngine downgraded Targa Resources from a buy rating to a hold rating in a report on Monday, June 3rd. Raymond James downgraded Targa Resources from a strong-buy rating to an outperform rating in a report on Tuesday, April 16th. Zacks Investment Research raised Targa Resources from a strong sell rating to a hold rating in a report on Thursday, July 18th. Finally, Barclays reissued a buy rating and issued a $48.00 target price on shares of Targa Resources in a report on Thursday, July 18th. Six analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $53.84.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st will be paid a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 10.86%. The ex-dividend date of this dividend is Tuesday, July 30th. Targa Resources’s dividend payout ratio is presently 1,820.00%.
Institutional investors and hedge funds have recently bought and sold shares of the business. Samson Capital Management LLC raised its position in shares of Targa Resources by 4.3% in the 1st quarter. Samson Capital Management LLC now owns 127,528 shares of the pipeline company’s stock worth $5,299,000 after buying an additional 5,283 shares during the period. Stephens Inc. AR raised its position in 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 purchasing an additional 2,002 shares during the period. Payden & Rygel raised its position in Targa Resources by 30.6% in the first quarter. Payden & Rygel now owns 506,800 shares of the pipeline company’s stock valued at $21,058,000 after purchasing an additional 118,600 shares during the period. IFM Investors Pty Ltd raised its position in Targa Resources by 10.2% in the first quarter. IFM Investors Pty Ltd now owns 14,173 shares of the pipeline company’s stock valued at $589,000 after purchasing an additional 1,312 shares during the period. Finally, Penserra Capital Management LLC raised its position in Targa Resources by 45.0% in the first quarter. Penserra Capital Management LLC now owns 8,430 shares of the pipeline company’s stock valued at $348,000 after purchasing an additional 2,618 shares during the period. 91.13% of the stock is owned by hedge funds and other institutional investors.
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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