Targa Resources Corp. (NYSE:TRGP) Receives $198.79 Consensus Price Target from Brokerages

Shares of Targa Resources Corp. (NYSE:TRGP - Get Free Report) have been assigned a consensus rating of "Buy" from the fifteen research firms that are presently covering the company, Marketbeat.com reports. Thirteen equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $198.79.

TRGP has been the topic of a number of analyst reports. Scotiabank reiterated an "outperform" rating on shares of Targa Resources in a research note on Tuesday, May 20th. Morgan Stanley lifted their target price on shares of Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a report on Monday, March 17th. Truist Financial increased their price target on shares of Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a report on Tuesday, March 18th. Royal Bank of Canada reduced their price target on shares of Targa Resources from $199.00 to $191.00 and set an "outperform" rating for the company in a research report on Thursday, May 8th. Finally, Citigroup lowered their price objective on Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research report on Friday, May 9th.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of TRGP. Vanguard Group Inc. increased its position in shares of Targa Resources by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 27,584,275 shares of the pipeline company's stock valued at $5,529,820,000 after purchasing an additional 423,667 shares during the last quarter. Wellington Management Group LLP raised its position in Targa Resources by 7.5% in the first quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company's stock worth $2,764,673,000 after acquiring an additional 962,631 shares during the period. Geode Capital Management LLC boosted its stake in shares of Targa Resources by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company's stock worth $1,056,187,000 after acquiring an additional 212,986 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Targa Resources by 3.2% during the 1st quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company's stock worth $915,338,000 after acquiring an additional 139,780 shares during the last quarter. Finally, GQG Partners LLC grew its position in shares of Targa Resources by 64.0% during the 1st quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company's stock valued at $724,560,000 after acquiring an additional 1,410,747 shares during the period. Institutional investors own 92.13% of the company's stock.

Targa Resources Stock Down 2.6%

Shares of TRGP stock traded down $4.23 during trading hours on Friday, hitting $160.70. 2,487,480 shares of the company's stock traded hands, compared to its average volume of 1,818,499. The stock's fifty day simple moving average is $168.76 and its two-hundred day simple moving average is $186.21. Targa Resources has a 12-month low of $115.82 and a 12-month high of $218.51. The stock has a market cap of $34.86 billion, a price-to-earnings ratio of 28.00, a PEG ratio of 0.61 and a beta of 1.22. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The business had revenue of $4.56 billion for the quarter, compared to analysts' expectations of $5.01 billion. On average, analysts expect that Targa Resources will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a dividend, which was paid on Thursday, May 15th. Investors of record on Thursday, May 1st were issued a $1.00 dividend. This represents a dividend yield of 2.34%. The ex-dividend date of this dividend was Wednesday, April 30th. Targa Resources's payout ratio is currently 73.66%.

About Targa Resources

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.