Targa Resources (NYSE:TRGP) Price Target Raised to $225.00

Targa Resources (NYSE:TRGP) had its target price increased by Truist Financial from $175.00 to $225.00 in a report issued on Friday,Benzinga reports. The firm currently has a buy rating on the pipeline company’s stock.

Other equities research analysts have also recently issued research reports about the company. Wells Fargo & Company upped their price target on Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Bank of America assumed coverage on shares of Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price for the company. UBS Group boosted their price target on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research note on Friday. Barclays raised their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Finally, Argus raised Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $169.79.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $196.04 on Friday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources has a one year low of $81.03 and a one year high of $197.14. The company has a 50-day simple moving average of $163.51 and a 200-day simple moving average of $140.95. The stock has a market capitalization of $42.75 billion, a price-to-earnings ratio of 35.45, a PEG ratio of 0.78 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The firm had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the prior year, the business earned $0.97 EPS. On average, analysts predict that Targa Resources will post 6.23 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s payout ratio is currently 54.25%.

Insider Buying and Selling

In related news, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the sale, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. This represents a 8.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the transaction, the insider now owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. The trade was a 1.41 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 185,760 shares of company stock valued at $30,026,712. 1.39% of the stock is owned by insiders.

Institutional Investors Weigh In On Targa Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. Strategic Investment Solutions Inc. IL acquired a new position in shares of Targa Resources in the second quarter worth $29,000. DT Investment Partners LLC acquired a new position in Targa Resources in the 3rd quarter valued at about $29,000. UMB Bank n.a. lifted its holdings in Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 222 shares in the last quarter. Prospera Private Wealth LLC acquired a new stake in shares of Targa Resources during the 3rd quarter worth about $35,000. Finally, Whittier Trust Co. acquired a new stake in shares of Targa Resources during the 2nd quarter worth about $44,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources 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. 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.