Targa Resources Corp (NYSE:TRGP) has earned an average rating of “Buy” from the twenty-four analysts that are presently covering the firm, Marketbeat Ratings reports. Ten analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $58.88.

Several analysts have commented on the company. Stifel Nicolaus upped their price objective on Targa Resources from $57.00 to $66.00 and gave the company a “buy” rating in a research note on Thursday. Citigroup upped their price objective on Targa Resources from $55.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, July 31st. Credit Suisse Group assumed coverage on Targa Resources in a research note on Thursday. They set a “neutral” rating and a $60.00 price objective for the company. Royal Bank of Canada upped their price objective on Targa Resources from $60.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, August 10th. Finally, US Capital Advisors reaffirmed a “hold” rating on shares of Targa Resources in a research note on Tuesday, July 17th.

Targa Resources stock opened at $55.42 on Wednesday. Targa Resources has a fifty-two week low of $39.59 and a fifty-two week high of $59.21. The company has a quick ratio of 0.64, a current ratio of 0.73 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $12.70 billion, a PE ratio of -128.88 and a beta of 2.08.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 9th. The pipeline company reported $0.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.40. Targa Resources had a return on equity of 1.62% and a net margin of 2.24%. The business had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.35 billion. On average, equities research analysts expect that Targa Resources will post 0.27 EPS for the current year.

In other Targa Resources news, 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 transaction of $167,803.00. Following the transaction, the director now owns 120,105 shares in the company, valued at approximately $6,501,283.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John Richard Klein sold 984 shares of the business’s stock in a transaction that occurred on Thursday, August 23rd. The stock was sold at an average price of $55.63, for a total value of $54,739.92. Following the transaction, the vice president now owns 23,988 shares in the company, valued at approximately $1,334,452.44. The disclosure for this sale can be found here. Insiders have sold a total of 6,176 shares of company stock worth $334,507 in the last quarter. 1.76% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its position in Targa Resources by 3.2% during the 2nd quarter. BlackRock Inc. now owns 12,607,535 shares of the pipeline company’s stock worth $623,947,000 after purchasing an additional 395,927 shares during the period. PointState Capital LP increased its position in Targa Resources by 92.3% during the 2nd quarter. PointState Capital LP now owns 8,853,306 shares of the pipeline company’s stock worth $438,150,000 after purchasing an additional 4,248,784 shares during the period. Tortoise Capital Advisors L.L.C. increased its position in Targa Resources by 7.0% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 8,414,256 shares of the pipeline company’s stock worth $416,422,000 after purchasing an additional 549,161 shares during the period. Kayne Anderson Capital Advisors LP increased its position in Targa Resources by 4.0% during the 2nd quarter. Kayne Anderson Capital Advisors LP now owns 7,889,261 shares of the pipeline company’s stock worth $390,424,000 after purchasing an additional 301,000 shares during the period. Finally, Brookfield Asset Management Inc. increased its position in Targa Resources by 158.1% during the 1st quarter. Brookfield Asset Management Inc. now owns 6,702,240 shares of the pipeline company’s stock worth $294,899,000 after purchasing an additional 4,105,434 shares during the period. Institutional investors own 92.25% of the company’s stock.

About Targa Resources

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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Analyst Recommendations for Targa Resources (NYSE:TRGP)

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