Targa Resources, Inc. (NYSE:TRGP) Given Consensus Recommendation of "Buy" by Brokerages

Targa Resources, Inc. (NYSE:TRGP - Get Free Report) has received an average rating of "Buy" from the fifteen research firms that are currently covering the stock, MarketBeat.com reports. Thirteen equities research analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $204.69.

TRGP has been the topic of several recent analyst reports. Barclays reduced their target price on Targa Resources from $206.00 to $178.00 and set an "overweight" rating on the stock in a report on Tuesday, May 20th. The Goldman Sachs Group dropped their price target on Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $205.00 price objective (up from $191.00) on shares of Targa Resources in a research report on Thursday. Morgan Stanley upped their target price on shares of Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a research note on Monday, March 17th. Finally, Citigroup dropped their price target on Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research note on Friday, May 9th.

Targa Resources Trading Down 0.8%

Shares of TRGP stock traded down $1.39 on Wednesday, reaching $174.45. The company had a trading volume of 2,891,996 shares, compared to its average volume of 1,835,106. The stock has a market cap of $37.84 billion, a PE ratio of 32.13, a PEG ratio of 0.61 and a beta of 1.07. The company has a 50-day moving average of $166.29 and a 200-day moving average of $182.51. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 6.04. Targa Resources has a 12 month low of $122.56 and a 12 month high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing the consensus estimate of $2.04 by ($1.13). The firm had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. On average, equities analysts forecast that Targa Resources will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

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

Hedge Funds Weigh In On Targa Resources

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Targa Resources by 1.6% in 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 acquiring an additional 423,667 shares during the period. Wellington Management Group LLP increased its position in Targa Resources by 7.5% during 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 buying an additional 962,631 shares during the last quarter. Geode Capital Management LLC raised its stake in Targa Resources by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company's stock valued at $1,056,187,000 after buying an additional 212,986 shares during the period. Invesco Ltd. lifted its position in shares of Targa Resources by 3.2% in the first quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company's stock valued at $915,338,000 after buying an additional 139,780 shares during the last quarter. Finally, GQG Partners LLC boosted its stake 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 worth $724,560,000 after acquiring an additional 1,410,747 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

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.