Targa Resources (NYSE:TRGP) Now Covered by Analysts at Bank of America

Bank of America started coverage on shares of Targa Resources (NYSE:TRGP) in a research report report published on Thursday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $182.00 target price on the pipeline company’s stock.

A number of other research firms have also commented on TRGP. Royal Bank of Canada boosted their price objective on shares of Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Wells Fargo & Company boosted their price target on shares of Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. The Goldman Sachs Group upped their price target on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Scotiabank lifted their price objective on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 17th. Finally, Barclays upped their target price on Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 15th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $148.36.

Targa Resources Stock Up 0.5 %

Targa Resources stock opened at $162.75 on Thursday. The firm has a market capitalization of $35.66 billion, a price-to-earnings ratio of 34.26, a P/E/G ratio of 1.27 and a beta of 2.25. The firm has a 50 day simple moving average of $150.42 and a 200 day simple moving average of $132.40. Targa Resources has a 1-year low of $81.03 and a 1-year high of $167.79. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. The business had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same quarter in the prior year, the firm posted $1.44 EPS. On average, analysts predict that Targa Resources will post 6 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.84%. The ex-dividend date is Thursday, October 31st. Targa Resources’s dividend payout ratio is currently 63.16%.

Insiders Place Their Bets

In other news, insider Robert Muraro sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the transaction, the insider now directly owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Robert Muraro sold 2,500 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Julie H. Boushka sold 1,213 shares of Targa Resources stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the completion of the transaction, the chief accounting officer now directly owns 52,257 shares in the company, valued at approximately $6,898,969.14. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 175,534 shares of company stock valued at $26,815,021 over the last three months. Insiders own 1.39% of the company’s stock.

Institutional Trading of Targa Resources

A number of institutional investors have recently modified their holdings of TRGP. Vanguard Group Inc. raised its position in Targa Resources by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock valued at $3,025,521,000 after purchasing an additional 201,817 shares during the last quarter. Blackstone Inc. increased its stake in shares of Targa Resources by 2.7% during the first quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock valued at $1,085,794,000 after buying an additional 252,729 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Targa Resources by 13.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after buying an additional 271,444 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Targa Resources by 26.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock valued at $194,720,000 after acquiring an additional 360,675 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in Targa Resources by 71.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,024,713 shares of the pipeline company’s stock worth $114,758,000 after acquiring an additional 428,276 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

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.