Targa Resources (NYSE:TRGP - Free Report) had its price objective increased by Scotiabank from $201.00 to $204.00 in a research note published on Thursday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the pipeline company's stock.
Several other research analysts have also commented on the company. TD Cowen started coverage on Targa Resources in a report on Monday, July 7th. They set a "hold" rating and a $192.00 price target on the stock. The Goldman Sachs Group reduced their price target on Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Barclays lifted their price target on Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. JPMorgan Chase & Co. lifted their price target on Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Finally, Cfra Research raised Targa Resources to a "hold" rating in a research report on Friday, August 8th. Three investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $209.21.
Check Out Our Latest Research Report on TRGP
Targa Resources Price Performance
Shares of NYSE:TRGP traded down $1.09 during midday trading on Thursday, reaching $162.11. 64,197 shares of the company's stock traded hands, compared to its average volume of 1,868,048. Targa Resources has a 1 year low of $140.90 and a 1 year high of $218.51. The company has a market cap of $34.88 billion, a P/E ratio of 22.92, a PEG ratio of 1.02 and a beta of 1.12. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. The company has a fifty day simple moving average of $168.57 and a two-hundred day simple moving average of $176.58.
Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.95 by $0.92. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. The firm had revenue of $4.26 billion for the quarter, compared to analyst estimates of $4.82 billion. Equities analysts predict that Targa Resources will post 8.15 EPS for the current fiscal year.
Targa Resources Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were paid a $1.00 dividend. This is an increase from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Thursday, July 31st. Targa Resources's dividend payout ratio (DPR) is presently 56.58%.
Institutional Inflows and Outflows
Institutional investors have recently modified their holdings of the stock. Bessemer Group Inc. grew its holdings in Targa Resources by 25.1% during the first quarter. Bessemer Group Inc. now owns 2,466 shares of the pipeline company's stock worth $494,000 after acquiring an additional 495 shares during the period. Oppenheimer & Co. Inc. grew its holdings in Targa Resources by 48.1% in the first quarter. Oppenheimer & Co. Inc. now owns 2,535 shares of the pipeline company's stock valued at $508,000 after purchasing an additional 823 shares during the last quarter. Dynamic Advisor Solutions LLC acquired a new stake in Targa Resources in the first quarter valued at $544,000. Vontobel Holding Ltd. grew its holdings in Targa Resources by 29.9% in the first quarter. Vontobel Holding Ltd. now owns 3,758 shares of the pipeline company's stock valued at $753,000 after purchasing an additional 864 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its holdings in Targa Resources by 5.8% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 2,038 shares of the pipeline company's stock valued at $408,000 after purchasing an additional 111 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.
About Targa Resources
(
Get Free Report)
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.
Further Reading
Before you consider Targa Resources, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Targa Resources wasn't on the list.
While Targa Resources currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Nuclear energy stocks are roaring. It's the hottest energy sector of the year. Cameco Corp, Paladin Energy, and BWX Technologies were all up more than 40% in 2024. The biggest market moves could still be ahead of us, and there are seven nuclear energy stocks that could rise much higher in the next several months. To unlock these tickers, enter your email address below.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
MarketBeat All Access