Targa Resources (NYSE:TRGP) Hits New 52-Week Low - Here's Why

Key Points

• Targa Resources hit a new 52-week low of $144.14, indicating a significant drop in share price, with the most recent trading at $150.92.
• Analysts maintain a generally positive outlook, with an average rating of "Moderate Buy" and a target price around $209.50 despite recent volatility.
• The company recently declared a quarterly dividend of $1.00, with an annual yield of 2.7%, demonstrating commitment to returning value to shareholders.

Targa Resources, Inc. (NYSE:TRGP - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $144.14 and last traded at $150.92, with a volume of 1787167 shares. The stock had previously closed at $146.30.

Analyst Ratings Changes

TRGP has been the subject of several analyst reports. BMO Capital Markets initiated coverage on shares of Targa Resources in a report on Friday, September 19th. They issued an "outperform" rating and a $185.00 target price for the company. Royal Bank Of Canada increased their target price on shares of Targa Resources from $205.00 to $208.00 and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Cfra Research raised shares of Targa Resources to a "hold" rating in a report on Friday, August 8th. Scotiabank reaffirmed an "outperform" rating on shares of Targa Resources in a report on Thursday, August 14th. Finally, TD Securities assumed coverage on shares of Targa Resources in a report on Monday, July 7th. They set a "hold" rating for the company. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $209.50.

Targa Resources Stock Up 1.2%

The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93. The stock has a market capitalization of $32.37 billion, a P/E ratio of 21.27, a P/E/G ratio of 0.89 and a beta of 1.12. The business has a 50-day moving average price of $163.54 and a 200 day moving average price of $165.86.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.95 by $0.92. The company had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. On average, equities analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Friday, October 31st will be given a $1.00 dividend. The ex-dividend date is Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.7%. Targa Resources's dividend payout ratio (DPR) is currently 56.58%.

Institutional Trading of Targa Resources

Institutional investors and hedge funds have recently made changes to their positions in the business. Cornerstone Planning Group LLC increased its stake in shares of Targa Resources by 578.9% during the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock valued at $26,000 after buying an additional 110 shares during the period. Disciplina Capital Management LLC purchased a new position in shares of Targa Resources during the first quarter valued at $46,000. Olde Wealth Management LLC purchased a new position in shares of Targa Resources during the first quarter valued at $52,000. Elevation Point Wealth Partners LLC purchased a new position in shares of Targa Resources during the second quarter valued at $53,000. Finally, Carolina Wealth Advisors LLC purchased a new position in shares of Targa Resources during the third quarter valued at $58,000. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Company Profile

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.

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