Brokerages Set Targa Resources Corp. (NYSE:TRGP) Target Price at $210.64

Targa Resources Corp. (NYSE:TRGP) has earned an average recommendation of “Buy” from the fifteen analysts that are currently covering the stock, Marketbeat reports. Thirteen equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $210.64.

TRGP has been the subject of a number of recent analyst reports. The Goldman Sachs Group upped their price objective on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Barclays cut their price objective on shares of Targa Resources from $211.00 to $206.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. Mizuho increased their price objective on shares of Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Wells Fargo & Company lifted their target price on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Finally, US Capital Advisors raised Targa Resources from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th.

Insiders Place Their Bets

In related news, insider Jennifer R. Kneale sold 29,887 shares of Targa Resources stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the sale, the insider now owns 227,269 shares in the company, valued at $43,731,100.98. This trade represents a 11.62 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Waters S. Iv Davis sold 2,190 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the transaction, the director now directly owns 2,899 shares in the company, valued at approximately $568,957.74. This trade represents a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock valued at $22,613,288 over the last 90 days. Insiders own 1.34% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Several hedge funds have recently made changes to their positions in the company. Norges Bank purchased a new stake in Targa Resources in the fourth quarter worth about $505,132,000. GQG Partners LLC bought a new stake in Targa Resources during the 4th quarter valued at $393,335,000. Canada Pension Plan Investment Board increased its holdings in shares of Targa Resources by 981.8% in the 4th quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company’s stock valued at $204,223,000 after acquiring an additional 1,038,350 shares during the period. GAMMA Investing LLC increased its holdings in shares of Targa Resources by 22,699.0% in the 1st quarter. GAMMA Investing LLC now owns 928,377 shares of the pipeline company’s stock valued at $186,112,000 after acquiring an additional 924,305 shares during the period. Finally, Raymond James Financial Inc. bought a new position in shares of Targa Resources in the 4th quarter worth $150,372,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Trading Up 2.0 %

Shares of NYSE:TRGP opened at $167.96 on Friday. Targa Resources has a 12-month low of $110.09 and a 12-month high of $218.51. The company has a market cap of $36.55 billion, a PE ratio of 29.26, a price-to-earnings-growth ratio of 0.61 and a beta of 1.75. The stock has a 50 day moving average of $190.61 and a 200 day moving average of $187.10. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.46). The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. As a group, equities research analysts expect that Targa Resources will post 8.15 EPS for the current year.

Targa Resources Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, May 12th. Investors of record on Monday, April 28th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.29%. Targa Resources’s payout ratio is 69.69%.

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.