Targa Resources (NYSE:TRGP) Stock Price Down 1%

Targa Resources Corp (NYSE:TRGP) shares traded down 1% during trading on Thursday . The company traded as low as $33.05 and last traded at $33.21, 48,951 shares changed hands 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 analysts have commented on the company. ValuEngine upgraded Targa Resources from a “hold” rating to a “buy” rating in a research report on Tuesday. SunTrust Banks set a $45.00 target price on Targa Resources and gave the stock a “buy” rating in a research report on Friday, August 9th. Credit Suisse Group reiterated an “outperform” rating and set a $44.00 target price (down from $49.00) on shares of Targa Resources in a research report on Thursday. Royal Bank of Canada decreased their target price on Targa Resources to $51.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. Finally, Evercore ISI reiterated a “hold” rating on shares of Targa Resources in a research report on Sunday. Six investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $53.53.

The company has a debt-to-equity ratio of 0.97, a current ratio of 0.58 and a quick ratio of 0.48. The company has a 50-day moving average price of $38.73 and a 200-day moving average price of $40.18. The firm has a market capitalization of $7.80 billion, a PE ratio of 165.40 and a beta of 1.76.

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 given a $0.91 dividend. The ex-dividend date of this dividend is Tuesday, July 30th. This represents a $3.64 annualized dividend and a dividend yield of 11.00%. Targa Resources’s dividend payout ratio is currently 1,820.00%.

Several large investors have recently modified their holdings of the company. Miles Capital Inc. lifted its position in shares of Targa Resources by 1.3% in the first quarter. Miles Capital Inc. now owns 22,237 shares of the pipeline company’s stock valued at $924,000 after acquiring an additional 287 shares in the last quarter. World Asset Management Inc increased its stake in Targa Resources by 4.1% in the second quarter. World Asset Management Inc now owns 7,887 shares of the pipeline company’s stock valued at $310,000 after purchasing an additional 312 shares during the last quarter. Commonwealth Equity Services LLC increased its stake in Targa Resources by 2.8% in the second quarter. Commonwealth Equity Services LLC now owns 13,172 shares of the pipeline company’s stock valued at $517,000 after purchasing an additional 357 shares during the last quarter. Squar Milner Financial Services LLC increased its stake in Targa Resources by 26.1% in the first quarter. Squar Milner Financial Services LLC now owns 1,741 shares of the pipeline company’s stock valued at $72,000 after purchasing an additional 360 shares during the last quarter. Finally, Fiduciary Financial Services of The Southwest Inc. TX increased its stake in Targa Resources by 4.2% in the first quarter. Fiduciary Financial Services of The Southwest Inc. TX now owns 9,238 shares of the pipeline company’s stock valued at $384,000 after purchasing an additional 370 shares during the last quarter. 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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