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

Key Points

• Seventeen analysts give Targa a consensus rating of "Moderate Buy" (14 buys, 3 holds) with an average 1‑year target of about $259.93, and several brokers recently raised their price targets (e.g., RBC $270, Mizuho $260, Barclays $255).
• Company insiders have been net sellers—disposing of 104,929 shares worth roughly $24.69M over the past three months—while institutional investors own about 92.13% of the stock and insiders hold 1.37%.
• Targa beat quarterly EPS estimates ($2.51 vs. $2.35) but missed revenue estimates slightly, and raised its quarterly dividend to $1.25 (annualized $5.00, ~2.2% yield), payable May 15 with an ex‑dividend date of April 30.

Targa Resources, Inc. (NYSE:TRGP - Get Free Report) has earned an average recommendation of "Moderate Buy" from the seventeen analysts that are currently covering the company, Marketbeat reports. Three analysts have rated the stock with a hold recommendation and fourteen have given a buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $259.9286.

A number of equities analysts recently weighed in on TRGP shares. Mizuho increased their price target on Targa Resources from $207.00 to $260.00 and gave the company an "outperform" rating in a research report on Thursday, March 19th. Scotiabank increased their price target on Targa Resources from $246.00 to $249.00 and gave the company an "outperform" rating in a research report on Monday, April 13th. BMO Capital Markets reiterated an "outperform" rating and issued a $241.00 price target on shares of Targa Resources in a research report on Friday, February 20th. Royal Bank Of Canada increased their price target on Targa Resources from $260.00 to $270.00 and gave the company an "outperform" rating in a research report on Monday, April 13th. Finally, Barclays increased their price target on Targa Resources from $226.00 to $255.00 and gave the company an "overweight" rating in a research report on Tuesday, April 7th.

Insiders Place Their Bets

In other Targa Resources news, President Jennifer R. Kneale sold 29,509 shares of the firm's stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $230.12, for a total transaction of $6,790,611.08. Following the completion of the sale, the president directly owned 235,260 shares in the company, valued at approximately $54,138,031.20. This trade represents a 11.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider D. Scott Pryor sold 17,500 shares of the firm's stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $228.92, for a total value of $4,006,100.00. Following the sale, the insider owned 31,938 shares of the company's stock, valued at $7,311,246.96. The trade was a 35.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 104,929 shares of company stock worth $24,692,134 over the last three months. Company insiders own 1.37% of the company's stock.

Institutional Investors Weigh In On Targa Resources

Institutional investors have recently bought and sold shares of the business. Olistico Wealth LLC acquired a new stake in Targa Resources during the 4th quarter worth about $27,000. Atlantic Union Bankshares Corp acquired a new stake in Targa Resources during the 4th quarter worth about $27,000. Miller Capital Partners Inc. acquired a new stake in Targa Resources during the 4th quarter worth about $30,000. Leonteq Securities AG acquired a new stake in Targa Resources during the 4th quarter worth about $31,000. Finally, Peoples Financial Services CORP. acquired a new stake in Targa Resources during the 3rd quarter worth about $34,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Price Performance

NYSE:TRGP opened at $231.32 on Tuesday. The business's 50-day moving average price is $237.37 and its 200 day moving average price is $197.28. The firm has a market cap of $49.69 billion, a P/E ratio of 26.93, a PEG ratio of 1.52 and a beta of 0.81. Targa Resources has a 52-week low of $144.14 and a 52-week high of $253.87. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, beating analysts' consensus estimates of $2.35 by $0.16. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%.The business had revenue of $4.06 billion during the quarter, compared to analyst estimates of $4.12 billion. As a group, sell-side analysts predict that Targa Resources will post 10.33 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Thursday, April 30th will be given a $1.25 dividend. This is a positive change from Targa Resources's previous quarterly dividend of $1.00. The ex-dividend date is Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.2%. Targa Resources's dividend payout ratio is 46.57%.

Targa Resources Company Profile

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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