Seaport Global Securities Reiterates $52.00 Price Target for Targa Resources (TRGP)

Seaport Global Securities set a $52.00 target price on Targa Resources (NYSE:TRGP) in a research note released on Wednesday. The firm currently has a buy rating on the pipeline company’s stock. Seaport Global Securities also issued estimates for Targa Resources’ Q4 2017 earnings at ($0.28) EPS, FY2017 earnings at ($1.80) EPS, Q1 2018 earnings at $0.09 EPS, Q2 2018 earnings at $0.01 EPS, Q3 2018 earnings at $0.10 EPS, Q4 2018 earnings at $0.17 EPS, FY2018 earnings at $0.37 EPS, FY2019 earnings at $0.47 EPS, FY2020 earnings at $1.02 EPS and FY2021 earnings at $1.52 EPS.

Other analysts also recently issued research reports about the company. Goldman Sachs Group upgraded Targa Resources from a neutral rating to a buy rating and set a $68.00 price objective on the stock in a report on Thursday, February 1st. Credit Suisse Group began coverage on Targa Resources in a report on Thursday, January 4th. They set a neutral rating and a $46.00 price objective on the stock. Stifel Nicolaus cut their price objective on Targa Resources from $53.00 to $51.00 and set a buy rating on the stock in a report on Monday, November 20th. Citigroup upgraded Targa Resources from a neutral rating to a buy rating and set a $52.00 price objective on the stock in a report on Thursday, November 2nd. Finally, Royal Bank of Canada restated a buy rating and set a $60.00 price objective on shares of Targa Resources in a report on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. Targa Resources has an average rating of Buy and a consensus target price of $54.94.

Shares of Targa Resources (NYSE TRGP) opened at $47.91 on Wednesday. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.74 and a quick ratio of 0.57. The company has a market cap of $10,330.00, a PE ratio of -29.57 and a beta of 2.07. Targa Resources has a 1 year low of $39.59 and a 1 year high of $60.62.

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 15th. Stockholders of record on Thursday, February 1st were issued a $0.91 dividend. The ex-dividend date was Wednesday, January 31st. This represents a $3.64 dividend on an annualized basis and a dividend yield of 7.60%. Targa Resources’s dividend payout ratio is -224.69%.

Several institutional investors and hedge funds have recently modified their holdings of the company. William Blair Investment Management LLC acquired a new position in shares of Targa Resources in the 4th quarter valued at about $650,000. Yorkville Capital Management LLC increased its holdings in shares of Targa Resources by 8.5% in the 4th quarter. Yorkville Capital Management LLC now owns 29,261 shares of the pipeline company’s stock valued at $1,417,000 after purchasing an additional 2,295 shares during the period. Brookfield Asset Management Inc. increased its holdings in shares of Targa Resources by 17.0% in the 4th quarter. Brookfield Asset Management Inc. now owns 2,596,806 shares of the pipeline company’s stock valued at $125,737,000 after purchasing an additional 376,574 shares during the period. Lake Street Advisors Group LLC acquired a new position in shares of Targa Resources in the 4th quarter valued at about $502,000. Finally, Westwood Holdings Group Inc. increased its holdings in shares of Targa Resources by 11.8% in the 4th quarter. Westwood Holdings Group Inc. now owns 450,316 shares of the pipeline company’s stock valued at $21,804,000 after purchasing an additional 47,441 shares during the period. Institutional investors own 87.34% of the company’s stock.

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About Targa Resources

Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.

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