Targa Resources (NYSE:TRGP) Price Target Increased to $128.00 by Analysts at Scotiabank

Targa Resources (NYSE:TRGP) had its target price raised by Scotiabank from $112.00 to $128.00 in a research note issued to investors on Monday morning, Benzinga reports. They currently have a sector outperform rating on the pipeline company’s stock.

Other equities research analysts have also recently issued reports about the company. UBS Group reduced their price objective on Targa Resources from $109.00 to $108.00 and set a buy rating on the stock in a research note on Thursday, January 18th. The Goldman Sachs Group boosted their target price on Targa Resources from $105.00 to $117.00 and gave the company a buy rating in a research report on Thursday, April 4th. Truist Financial boosted their target price on Targa Resources from $105.00 to $120.00 and gave the company a buy rating in a research report on Wednesday, March 20th. JPMorgan Chase & Co. boosted their target price on Targa Resources from $122.00 to $125.00 and gave the company an overweight rating in a research report on Wednesday, March 6th. Finally, Barclays boosted their target price on Targa Resources from $116.00 to $122.00 and gave the company an overweight rating in a research report on Tuesday, April 9th. One research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Buy and an average price target of $117.92.

Targa Resources Trading Down 0.4 %

Shares of NYSE TRGP opened at $111.78 on Monday. The business’s 50 day moving average is $105.34 and its two-hundred day moving average is $92.49. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.79 and a quick ratio of 0.66. Targa Resources has a 1-year low of $67.36 and a 1-year high of $117.61. The stock has a market capitalization of $24.87 billion, a P/E ratio of 30.46 and a beta of 2.21.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.26). Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. The company had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.50 billion. As a group, research analysts expect that Targa Resources will post 5.77 EPS for the current year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 2.68%. The ex-dividend date is Monday, April 29th. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s dividend payout ratio is currently 81.74%.

Insider Activity

In other news, CAO Julie H. Boushka sold 2,500 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total transaction of $244,150.00. Following the completion of the sale, the chief accounting officer now owns 71,808 shares in the company, valued at approximately $7,012,769.28. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Joe Bob Perkins sold 33,405 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total value of $3,262,666.35. Following the completion of the transaction, the director now owns 38,440 shares in the company, valued at approximately $3,754,434.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Julie H. Boushka sold 2,500 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total value of $244,150.00. Following the completion of the transaction, the chief accounting officer now owns 71,808 shares of the company’s stock, valued at approximately $7,012,769.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 81,966 shares of company stock worth $7,987,215. Insiders own 1.39% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Addison Advisors LLC purchased a new position in shares of Targa Resources during the 4th quarter valued at about $27,000. Harbour Investments Inc. raised its stake in shares of Targa Resources by 51.3% during the 3rd quarter. Harbour Investments Inc. now owns 357 shares of the pipeline company’s stock valued at $31,000 after buying an additional 121 shares during the last quarter. Quarry LP purchased a new position in shares of Targa Resources during the 1st quarter valued at about $33,000. VisionPoint Advisory Group LLC raised its stake in shares of Targa Resources by 111.2% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock valued at $34,000 after buying an additional 209 shares during the last quarter. Finally, EdgeRock Capital LLC purchased a new position in shares of Targa Resources during the 4th quarter valued at about $42,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

About Targa Resources

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. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved 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.