Shares of Targa Resources Corp (NYSE:TRGP) have been assigned a consensus rating of “Hold” from the twenty-one brokerages that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $24.06.
TRGP has been the subject of several recent analyst reports. US Capital Advisors raised shares of Targa Resources from a “hold” rating to a “buy” rating in a report on Friday, August 14th. Wolfe Research raised shares of Targa Resources from an “underperform” rating to a “peer perform” rating and set a $20.00 price objective for the company in a report on Friday, August 14th. UBS Group increased their price target on shares of Targa Resources from $19.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, May 28th. Citigroup reduced their price target on shares of Targa Resources from $35.00 to $19.00 and set a “neutral” rating for the company in a report on Tuesday, May 19th. Finally, Bank of America assumed coverage on shares of Targa Resources in a report on Wednesday. They issued a “buy” rating for the company.
Shares of TRGP traded up $0.27 during mid-day trading on Friday, hitting $18.63. 117,497 shares of the company’s stock were exchanged, compared to its average volume of 2,265,830. The company has a quick ratio of 0.76, a current ratio of 0.93 and a debt-to-equity ratio of 1.21. The firm has a fifty day moving average of $18.90 and a two-hundred day moving average of $19.27. The stock has a market cap of $4.30 billion, a price-to-earnings ratio of -2.21 and a beta of 3.15. Targa Resources has a twelve month low of $3.66 and a twelve month high of $43.47.
Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 6th. The pipeline company reported $0.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.14) by $0.35. The business had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.63 billion. Targa Resources had a negative net margin of 22.86% and a positive return on equity of 3.89%. On average, equities analysts predict that Targa Resources will post 0.97 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Friday, July 31st were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date was Thursday, July 30th. Targa Resources’s payout ratio is -49.38%.
In related news, Director Rene R. Joyce sold 40,364 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $20.46, for a total transaction of $825,847.44. Following the completion of the sale, the director now owns 241,456 shares in the company, valued at approximately $4,940,189.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.54% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. Creative Planning increased its position in shares of Targa Resources by 5.3% during the 2nd quarter. Creative Planning now owns 14,329 shares of the pipeline company’s stock worth $288,000 after purchasing an additional 723 shares in the last quarter. Oppenheimer Asset Management Inc. increased its position in Targa Resources by 24.8% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,743 shares of the pipeline company’s stock valued at $33,000 after acquiring an additional 944 shares in the last quarter. First Horizon Advisors Inc. increased its position in Targa Resources by 211.4% in the 2nd quarter. First Horizon Advisors Inc. now owns 1,557 shares of the pipeline company’s stock valued at $31,000 after acquiring an additional 1,057 shares in the last quarter. Comerica Bank increased its position in Targa Resources by 9.2% in the 1st quarter. Comerica Bank now owns 13,255 shares of the pipeline company’s stock valued at $129,000 after acquiring an additional 1,120 shares in the last quarter. Finally, Stratos Wealth Partners LTD. increased its position in Targa Resources by 6.2% in the 1st quarter. Stratos Wealth Partners LTD. now owns 23,624 shares of the pipeline company’s stock valued at $163,000 after acquiring an additional 1,372 shares in the last quarter. Institutional investors and hedge funds own 84.04% of the company’s stock.
Targa Resources Company Profile
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages 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; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.
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