Targa Resources Corp (TRGP) Receives $55.71 Average Price Target from Analysts
Shares of Targa Resources Corp (NYSE:TRGP) have been assigned a consensus recommendation of “Hold” from the twenty-four brokerages that are currently covering the stock, Marketbeat.com reports. Twelve investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $55.71.
A number of analysts recently issued reports on TRGP shares. ValuEngine raised Targa Resources from a “sell” rating to a “hold” rating in a research report on Thursday, April 26th. Stifel Nicolaus set a $53.00 target price on Targa Resources and gave the company a “buy” rating in a research report on Friday, May 4th. Barclays downgraded Targa Resources from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $57.00 to $52.00 in a research report on Tuesday, June 12th. SunTrust Banks started coverage on Targa Resources in a research report on Thursday, July 12th. They issued a “hold” rating and a $53.00 target price on the stock. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $54.00 target price on shares of Targa Resources in a research report on Friday, July 13th.
In other Targa Resources news, CAO John Richard Klein sold 2,092 shares of the business’s stock in a transaction that occurred on Tuesday, August 14th. The stock was sold at an average price of $53.52, for a total transaction of $111,963.84. Following the transaction, the chief accounting officer now owns 24,972 shares of the company’s stock, valued at $1,336,501.44. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Charles R. Crisp sold 3,100 shares of the business’s stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $54.13, for a total value of $167,803.00. Following the transaction, the director now directly owns 120,105 shares in the company, valued at approximately $6,501,283.65. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,176 shares of company stock worth $334,507. Company insiders own 1.76% of the company’s stock.
NYSE:TRGP opened at $55.38 on Tuesday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.64 and a current ratio of 0.73. The stock has a market capitalization of $12.25 billion, a P/E ratio of 542.90 and a beta of 2.02. Targa Resources has a 52-week low of $39.59 and a 52-week high of $55.80.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 15th. Shareholders of record on Wednesday, August 1st were given a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a yield of 6.57%. The ex-dividend date was Tuesday, July 31st. Targa Resources’s dividend payout ratio (DPR) is presently -846.51%.
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, 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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