Targa Resources (NYSE:TRGP) Trading Down 1%

Targa Resources Corp (NYSE:TRGP)’s stock price fell 1% during mid-day trading on Thursday . The company traded as low as $33.05 and last traded at $33.21, 48,951 shares were traded during trading. A decline of 98% from the average session volume of 2,418,218 shares. The stock had previously closed at $33.53.

A number of brokerages recently issued reports on TRGP. Barclays reissued a “buy” rating and set a $48.00 price objective on shares of Targa Resources in a research report on Thursday, July 18th. Evercore ISI reissued a “hold” rating on shares of Targa Resources in a research report on Sunday. Zacks Investment Research raised Targa Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 18th. Royal Bank of Canada cut their price objective on Targa Resources to $51.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Finally, Credit Suisse Group restated an “outperform” rating and set a $44.00 target price (down from $49.00) on shares of Targa Resources in a report on Thursday. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $53.53.

The business has a fifty day moving average of $38.73 and a 200 day moving average of $40.18. The company has a market capitalization of $7.80 billion, a PE ratio of 165.40 and a beta of 1.76. The company has a current ratio of 0.58, a quick ratio of 0.48 and a debt-to-equity ratio of 0.97.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st will be paid a $0.91 dividend. This represents a $3.64 annualized dividend and a dividend yield of 11.00%. The ex-dividend date of this dividend is Tuesday, July 30th. Targa Resources’s payout ratio is presently 1,820.00%.

Institutional investors and hedge funds have recently made changes to their positions in the company. Cerebellum GP LLC purchased a new stake in Targa Resources during the first quarter worth approximately $27,000. Arlington Partners LLC purchased a new stake in Targa Resources during the second quarter worth approximately $29,000. Strategy Asset Managers LLC purchased a new stake in Targa Resources during the first quarter worth approximately $36,000. Personal Wealth Partners purchased a new stake in Targa Resources during the second quarter worth approximately $36,000. Finally, Valeo Financial Advisors LLC increased its position in Targa Resources by 105.3% during the second quarter. Valeo Financial Advisors LLC now owns 965 shares of the pipeline company’s stock worth $38,000 after buying an additional 495 shares during the period. Institutional investors and hedge funds own 91.13% of the company’s stock.

About Targa Resources (NYSE:TRGP)

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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