Targa Resources Corp. (NYSE:TRGP) Receives Consensus Brokerage Recommendation to “Buy”

According to Bloomberg Ratings, the fourteen rating agencies covering Targa Resources Corp. assigned the company’s shares a consensus buy rating. The stock is traded under the symbol “TRGP”. One research analyst suggests the stock should be held, nine suggests it should be bought, and one strongly suggests the stock should be bought. Over the past year, analysts reporting on the stock have set a one-year price target that is, on average, $84.91 higher than the stock’s current price.

The title of TRGP attracts the attention of equity analysts. The price target for Targa Resources was raised by Mizuho in a report published on Tuesday, November 8. The target price was raised from $90.00 to $92.00, and the stock was given a “buy” rating. StockNews.com published a research note on Wednesday (October 12th) announcing the start of coverage of Targa Resources stocks. They recommended that investors “hold” the shares. Morgan Stanley raised its price target on Targa Resources from $105.00 to $108.00 and called the stock “overweight” in a research note published Wednesday, October 19. US Capital Advisors reaffirmed its “buy” rating on Targa Resources’ share in a research note. published online July 25. Finally, in a research note released Thursday, September 8, Goldman Sachs Group reissued a “buy” rating on Targa Resources shares and set a target price of $93.00 for the company’s stock.
In other recent developments regarding Targa Resources, CAO, on November 9, Julie H. Boushka completed a transaction involving the sale of 2,086 shares of the company. At an average price of $70.87 per share, the shares were able to earn a total of $147,834.82 after being sold. After completion of the transaction, the chief accounting officer will directly own 57,839 shares of the company, which have a value of $4,099,049.93. A filing with the Securities and Exchange Commission made the transaction public; this file can be located on the SEC website. Another recent piece of information about Targa Resources concerns CAO. On November 9, Julie H. Boushka completed a transaction involving the sale of 2,086 shares of the company. At an average price of $70.87 per share, the shares were able to earn a total of $147,834.82 after being sold. After completion of the transaction, the chief accounting officer will directly own 57,839 shares of the company, which have a value of $4,099,049.93. A filing with the Securities and Exchange Commission made the transaction public; this file can be located on the SEC website. Additionally, director Joe Bob Perkins sold 62,326 shares of the company on November 2. At the average price of $67.84, the stock was sold for a total of $4,228,195.84, for an average price per share of $67.84. As a result of the sale, the administrator now owns 88,692 shares of the company, which are currently valued at $6,016,865.28. The disclosure of this sale can be found here. There are 1.10% of the shares of the company held by insiders of the company.
There has recently been a shift in strategy by several hedge funds and other institutional investors in the industry. Glenmede Trust Co. NA increased its stake in Targa Resources during the third quarter by 38.2%. Following the acquisition of an additional 12,656 shares during the previous quarter, Glenmede Trust Co., NA, currently owns a total of 45,748 shares in a pipeline company, valued at a total of $2,760,000. During the third quarter, Balyasny Asset Management LLC increased the percentage of Targa Resources in which it was invested by 20.6%. Following the purchase of 26,158 shares in the last quarter, Balyasny Asset Management LLC now owns 153,211 shares of the pipeline company, or $9,245,000. During the third quarter, Baird Financial Group Inc. increased the percentage of Targa Resources in which it was invested by 2.7%. Following the acquisition of 189 additional shares during the last quarter, Baird Financial Group Inc. now owns 7,125 shares of the pipeline company, worth $430,000. During the third quarter, CIBC Private Wealth Group LLC increased the percentage of Targa Resources in which it was invested by 1.1%. CIBC Private Wealth Group LLC now owns 1,393,498 shares of the pipeline company, valued at $84,083,000 after acquiring 14,525 additional shares. Finally, during the third quarter, Fred Alger Management LLC acquired a new stake in Targa Resources valued at approximately $56,000. Currently, institutional investors hold 87.45% of the company’s shares.

TRGP’s stock price was $70.97 when trading began on Friday. The company’s market capitalization is $16.07 billion, the company’s PE ratio is 66.95, and the company’s beta is 2.36. The moving average for the company over the past fifty days is $67.27 and the moving average over the past two hundred days is $67.33. Targa Resources price has been as low as $47.57 and as high as $81.50 for the past 52 weeks. The debt ratio is 2.20, the current ratio is 0.74 and the quick ratio is 0.60. All these figures are in the form of a ratio.

Additionally, the organization had previously announced a quarterly dividend, which was paid on November 15. A dividend of $0.35 was distributed to shareholders of record on October 31. This equates to a dividend payment of $1.40 per year and a dividend yield of 1.97%. . On Friday, October 28, shareholders were required to pay an amount equal to this dividend. Currently, Targa Resources has a dividend payout ratio (DPR) of 132.08%.

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