Several brokerages have updated their recommendations and price targets on shares of Targa Resources (NYSE: TRGP) in the last few weeks:

  • 8/16/2019 – Targa Resources was given a new $54.00 price target on by analysts at UBS Group AG. They now have a “buy” rating on the stock.
  • 8/15/2019 – Targa Resources had its price target lowered by analysts at Credit Suisse Group AG from $49.00 to $44.00. They now have an “outperform” rating on the stock.
  • 8/13/2019 – Targa Resources was upgraded by analysts at ValuEngine from a “hold” rating to a “buy” rating.
  • 8/11/2019 – Targa Resources had its “hold” rating reaffirmed by analysts at Evercore ISI. They wrote, “We are not surprised by today’s outperformance given the strong quarterly print (downstream), progress at the asset level (Grand Prix fully in service), and a well-handled call. We believe eliminating multi-year guidance was the right decision (more questions than answers absent regular updates given asset sales, project announcements, etc). After underperforming the group (AMZ) by 10% since we launched in February and with confidence in the outlook reiterated, TRGP continues to look ‘attractive’ on a multiples basis (9.2x/7.9x 2020e/2021e EBITDA on our numbers, 10.7% NTM div yld). The market clearly remains skeptical given leverage (little margin for error) and commodity exposure (ex-hedges).””
  • 8/9/2019 – Targa Resources had its price target lowered by analysts at Royal Bank of Canada to $51.00. They now have an “outperform” rating on the stock.
  • 8/9/2019 – Targa Resources was given a new $45.00 price target on by analysts at SunTrust Banks, Inc.. They now have a “buy” rating on the stock.
  • 7/18/2019 – Targa Resources was upgraded by analysts at Zacks Investment Research from a “strong sell” rating to a “hold” rating. According to Zacks, “Targa Resources Corp owns general and limited partner interests in Targa Resources Partners LP, engaged in providing midstream natural gas and natural gas liquid services in the United States. The Company operates its business through two business segments: Natural Gas Gathering and Processing and NGL Logistics and Marketing. The Natural Gas Gathering and Processing segment includes assets used in the gathering of natural gas produced from oil and gas wells and processing this raw natural gas into merchantable natural gas by extracting natural gas liquids and removing impurities. NGL Logistics and Marketing segment is engaged in gathering and storing; fractionating, storing, and transporting of finished NGLs. Targa also markets the natural gas liquids produced and purchased in selected United States markets. The Company also offers refinery services and wholesale propane marketing operations. Targa Resources Corp is headquartered in Houston, Texas. “
  • 7/18/2019 – Targa Resources had its “buy” rating reaffirmed by analysts at Barclays PLC. They now have a $48.00 price target on the stock.
  • 7/12/2019 – Targa Resources was given a new $45.00 price target on by analysts at Mizuho. They now have a “hold” rating on the stock.

NYSE:TRGP opened at $35.95 on Thursday. Targa Resources Corp has a 1 year low of $32.79 and a 1 year high of $59.21. The firm’s fifty day simple moving average is $38.20 and its 200 day simple moving average is $39.99. The company has a current ratio of 0.73, a quick ratio of 0.61 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $8.35 billion, a PE ratio of 179.75 and a beta of 1.76.

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were paid a $0.91 dividend. The ex-dividend date of this dividend was Tuesday, July 30th. This represents a $3.64 dividend on an annualized basis and a yield of 10.13%. Targa Resources’s payout ratio is presently 1,820.00%.

A number of institutional investors have recently modified their holdings of TRGP. Cerebellum GP LLC bought a new stake in Targa Resources in the 1st quarter valued at $27,000. HM Payson & Co. bought a new stake in Targa Resources in the 2nd quarter valued at $28,000. Arlington Partners LLC bought a new stake in Targa Resources in the 2nd quarter valued at $29,000. Strategy Asset Managers LLC bought a new stake in Targa Resources in the 1st quarter valued at $36,000. Finally, Personal Wealth Partners bought a new stake in Targa Resources in the 2nd quarter valued at $36,000. 90.91% of the stock is owned by hedge funds and other institutional investors.

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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