Targa Resources (NYSE:TRGP) PT Raised to $130.00

Targa Resources (NYSE:TRGP) had its target price raised by Stifel Nicolaus from $111.00 to $130.00 in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a buy rating on the pipeline company’s stock.

Several other research analysts have also commented on the company. JPMorgan Chase & Co. boosted their price target on Targa Resources from $122.00 to $125.00 and gave the stock an overweight rating in a research report on Wednesday, March 6th. Mizuho raised their price target on shares of Targa Resources from $105.00 to $130.00 and gave the company a buy rating in a report on Wednesday, April 3rd. Royal Bank of Canada boosted their price objective on shares of Targa Resources from $106.00 to $109.00 and gave the stock an outperform rating in a research note on Monday, February 26th. Barclays raised their target price on shares of Targa Resources from $116.00 to $122.00 and gave the company an overweight rating in a research note on Tuesday, April 9th. Finally, Truist Financial upped their price target on Targa Resources from $105.00 to $120.00 and gave the stock a buy rating in a research report on Wednesday, March 20th. One analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Targa Resources has an average rating of Buy and an average target price of $117.92.

Targa Resources Price Performance

Shares of Targa Resources stock opened at $112.91 on Tuesday. The stock has a market cap of $25.13 billion, a price-to-earnings ratio of 30.77 and a beta of 2.21. The company has a debt-to-equity ratio of 2.68, a quick ratio of 0.66 and a current ratio of 0.79. The stock has a 50 day moving average price of $105.85 and a 200-day moving average price of $92.69. Targa Resources has a one year low of $67.36 and a one year high of $117.61.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. The firm had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $4.50 billion. Equities analysts expect that Targa Resources will post 5.77 EPS for the current year.

Targa Resources Increases Dividend

The business 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 $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.66%. The ex-dividend date of this dividend is Monday, April 29th. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s payout ratio is 54.50%.

Insider Activity at Targa Resources

In other news, CAO Julie H. Boushka sold 2,500 shares of Targa Resources stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total transaction of $244,150.00. Following the completion of the transaction, the chief accounting officer now directly owns 71,808 shares of the company’s stock, valued at approximately $7,012,769.28. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CFO Jennifer R. Kneale sold 26,061 shares of Targa Resources stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $97.36, for a total value of $2,537,298.96. Following the completion of the transaction, the chief financial officer now owns 227,663 shares in the company, valued at approximately $22,165,269.68. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Julie H. Boushka sold 2,500 shares of the stock in a transaction that occurred 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 transaction, the chief accounting officer now owns 71,808 shares in the company, valued at approximately $7,012,769.28. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 81,966 shares of company stock worth $7,987,215. 1.39% of the stock is owned by corporate insiders.

Institutional Trading of Targa Resources

Several institutional investors have recently modified their holdings of the stock. Addison Advisors LLC acquired a new stake in shares of Targa Resources in the fourth quarter worth approximately $27,000. Harbour Investments Inc. lifted its holdings in Targa Resources by 51.3% in the 3rd quarter. Harbour Investments Inc. now owns 357 shares of the pipeline company’s stock valued at $31,000 after purchasing an additional 121 shares in the last quarter. Quarry LP acquired a new stake in Targa Resources during the 1st quarter worth $33,000. VisionPoint Advisory Group LLC grew its holdings in shares of Targa Resources by 111.2% during the third quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock worth $34,000 after buying an additional 209 shares in the last quarter. Finally, EdgeRock Capital LLC acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $42,000. Institutional investors and hedge funds 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.