Targa Resources, Inc. (NYSE:TRGP) Given Average Rating of "Moderate Buy" by Analysts

Key Points

• Targa Resources received a “Moderate Buy” consensus rating from 19 analysts, with 17 buys and two holds. The average 12-month price target is $288, implying potential upside from the reported $264.71 share price.
• The company reported quarterly EPS of $2.21, below the $2.48 analyst consensus, while revenue of $4.09 billion also missed expectations of $4.68 billion. Analysts expect full-year EPS of approximately $10.79.
• Targa declared a quarterly dividend of $1.25, equivalent to $5.00 annually and a 1.9% yield. Institutional investors own 92.13% of the stock, while an insider recently sold 10,602 shares.

Targa Resources, Inc. (NYSE:TRGP - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the nineteen brokerages that are presently covering the company, MarketBeat reports. Two analysts have rated the stock with a hold recommendation and seventeen have assigned a buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $288.00.

Several equities analysts have recently commented on the stock. Royal Bank Of Canada reissued an "outperform" rating and issued a $310.00 target price on shares of Targa Resources in a report on Tuesday, July 21st. Barclays raised their target price on shares of Targa Resources from $270.00 to $282.00 and gave the company an "overweight" rating in a research note on Monday, July 13th. Wells Fargo & Company lifted their price target on shares of Targa Resources from $264.00 to $270.00 and gave the company an "overweight" rating in a report on Friday, May 8th. Truist Financial boosted their price target on shares of Targa Resources from $289.00 to $312.00 and gave the stock a "buy" rating in a research note on Wednesday, July 15th. Finally, Jefferies Financial Group initiated coverage on shares of Targa Resources in a report on Thursday, June 18th. They set a "buy" rating and a $314.00 price objective for the company.

Insider Activity at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of the business's stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the sale, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.37% of the company's stock.

Institutional Trading of Targa Resources

A number of large investors have recently added to or reduced their stakes in TRGP. Hardy Reed LLC boosted its position in shares of Targa Resources by 1.0% during the 1st quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company's stock valued at $1,083,000 after acquiring an additional 41 shares during the last quarter. Versant Capital Management Inc increased its position in Targa Resources by 4.1% in the second quarter. Versant Capital Management Inc now owns 1,146 shares of the pipeline company's stock worth $307,000 after purchasing an additional 45 shares during the last quarter. Hantz Financial Services Inc. raised its stake in Targa Resources by 10.5% during the fourth quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company's stock valued at $97,000 after purchasing an additional 50 shares in the last quarter. Steward Partners Investment Advisory LLC raised its stake in Targa Resources by 0.7% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,455 shares of the pipeline company's stock valued at $1,376,000 after purchasing an additional 51 shares in the last quarter. Finally, First Horizon Corp lifted its position in Targa Resources by 20.1% during the fourth quarter. First Horizon Corp now owns 340 shares of the pipeline company's stock valued at $63,000 after purchasing an additional 57 shares during the last quarter. Institutional investors own 92.13% of the company's stock.

Targa Resources Price Performance

Shares of Targa Resources stock opened at $264.71 on Thursday. The stock's 50-day simple moving average is $269.31 and its 200-day simple moving average is $244.26. The company has a market capitalization of $56.82 billion, a price-to-earnings ratio of 26.77, a PEG ratio of 1.33 and a beta of 0.71. Targa Resources has a 52 week low of $144.14 and a 52 week high of $291.04. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts' consensus estimates of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The business had revenue of $4.09 billion during the quarter, compared to analysts' expectations of $4.68 billion. As a group, analysts expect that Targa Resources will post 10.79 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be issued a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, July 31st. Targa Resources's payout ratio is 50.56%.

About Targa Resources

Targa Resources Corporation NYSE: TRGP is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

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