In yesterday’s Wall Street session, Targa Resources Corp. (NYSE:TRGP) shares traded at $77.30, up 1.70% from the previous session.
As of this writing, 19 analysts cover Targa Resources Corp. (NYSE:TRGP). The consensus rating among analysts is ‘Buy’. As we calculate the median target price by taking the range between a high of $119.00 and a low of $90.00, we find $98.50. Given the previous closing price of $76.01, this indicates a potential upside of 29.59 percent. TRGP stock price is now 7.76% away from the 50-day moving average and 7.93% away from the 200-day moving average. The market capitalization of the company currently stands at $17.18B.
There are 0 analysts who have given it a hold rating, whereas 17 have given it a buy rating. Brokers who have rated the stock have averaged $100.17 as their price target over the next twelve months.
With the price target of $115, Scotiabank recently initiated with Sector Outperform rating for Targa Resources Corp. (NYSE: TRGP).
In other news, Pryor D. Scott, insider sold 20,000 shares of the company’s stock on Mar 02. The stock was sold for $1,522,276 at an average price of $76.11. Upon completion of the transaction, the insider now directly owns 116,533 shares in the company, valued at $9.01 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Mar 01, Director Chung Paul W sold 18,246 shares of the business’s stock. A total of $1,376,372 was realized by selling the stock at an average price of $75.43. This leaves the insider owning 61,900 shares of the company worth $4.78 million. Insiders disposed of 995,715 shares of company stock worth roughly $76.97 million over the past 1 year. A total of 0.70% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in TRGP stock. A new stake in Targa Resources Corp. shares was purchased by OFI INVEST ASSET MANAGEMENT during the first quarter worth $1,794,110,000. TWINBEECH CAPITAL LP invested $20,103,000 in shares of TRGP during the first quarter. In the first quarter, KBC GROUP NV acquired a new stake in Targa Resources Corp. valued at approximately $13,042,000. WEXFORD CAPITAL LP acquired a new stake in TRGP for approximately $12,304,000. BAHL & GAYNOR INC purchased a new stake in TRGP valued at around $6,382,000 in the second quarter. In total, there are 811 active investors with 90.80% ownership of the company’s stock.
Friday morning saw Targa Resources Corp. (NYSE: TRGP) opened at $75.84. During the past 12 months, Targa Resources Corp. has had a low of $55.56 and a high of $79.70. As of last week, the company has a debt-to-equity ratio of 4.77, a current ratio of 0.70, and a quick ratio of 0.60. According to the stock market information, the enterprise value for the company is $29.47B, which is based on a 20.04 price-to-earnings ratio, a 0.62 price-to-earnings-growth ratio, and a beta of 2.27. The fifty day moving average price for TRGP is $71.77 and a two-hundred day moving average price translates $71.66 for the stock.
The latest earnings results from Targa Resources Corp. (NYSE: TRGP) was released for Mar, 2023. According to the Oil & Gas Midstream Company, earnings per share came in at $0.03, missing analysts’ expectations of $1.4 by -1.37. This compares to $0.06 EPS in the same period last year. The net profit margin was 4.30% and return on equity was 36.80% for TRGP. The company reported revenue of $4.52 billion for the quarter, compared to $4.96 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -8.84 percent. For the current quarter, analysts expect TRGP to generate $4.81B in revenue.
Moreover, the firm recently paid out its quarterly dividend on 05/15/2023. Investors who held shares on 04/28/2023 were paid a $0.50 dividend. On an annualized basis, this represents a $2.00 dividend and a 2.59% percent yield. There was an ex-dividend date of 04/27/2023 for this dividend. In terms of dividend payout ratio, TRGP is presently at 35.70%.
Targa Resources Corp.(TRGP) Company Profile
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. The company operates in two segments, Gathering and Processing, and Logistics and Transportation. It 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; and gathering, storing, terminaling, purchasing, and selling crude oil. The company is also involved in the purchase and resale of NGL products; and wholesale of propane, as well as provision of related logistics services to multi-state retailers, independent retailers, and other end-users. In addition, it offers NGL balancing services; and transportation services to refineries and petrochemical companies in the Gulf Coast area, as well as purchases, markets, and resells natural gas. As of December 31, 2022, it leased and managed approximately 606 railcars; 122 tractors; and 6 vacuum trucks and 2 pressurized NGL barges. The company was incorporated in 2005 and is headquartered in Houston, Texas.
