Targa Resources (NYSE:TRGP) Price Target Raised to $298.00

Targa Resources (NYSE:TRGP) had its target price boosted by Morgan Stanley from $266.00 to $298.00 in a research note published on Tuesday,Benzinga reports. Morgan Stanley currently has an overweight rating on the pipeline company’s stock.

TRGP has been the topic of a number of other reports. TD Cowen raised their price objective on Targa Resources from $192.00 to $220.00 and gave the stock a “hold” rating in a report on Monday, February 23rd. Wall Street Zen downgraded shares of Targa Resources from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $242.00 price target on shares of Targa Resources in a research report on Friday, February 20th. Royal Bank Of Canada boosted their price objective on shares of Targa Resources from $218.00 to $260.00 and gave the stock an “outperform” rating in a research note on Friday, February 27th. Finally, UBS Group restated a “buy” rating on shares of Targa Resources in a report on Friday, January 9th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Targa Resources has a consensus rating of “Moderate Buy” and a consensus target price of $240.79.

Targa Resources Price Performance

TRGP stock opened at $238.99 on Tuesday. The stock has a market capitalization of $51.37 billion, a price-to-earnings ratio of 27.82, a price-to-earnings-growth ratio of 1.04 and a beta of 0.84. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21. Targa Resources has a 52-week low of $144.14 and a 52-week high of $250.00. The stock’s fifty day simple moving average is $204.36 and its 200-day simple moving average is $179.93.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, topping the consensus estimate of $2.35 by $0.16. The firm had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $4.12 billion. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%. Equities research analysts expect that Targa Resources will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Friday, January 30th. Targa Resources’s payout ratio is currently 46.57%.

Insider Buying and Selling

In other Targa Resources news, Director Lindsey Cooksen sold 435 shares of the business’s stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $231.72, for a total transaction of $100,798.20. Following the completion of the sale, the director owned 11,670 shares in the company, valued at $2,704,172.40. The trade was a 3.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Charles R. Crisp sold 1,359 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $229.30, for a total transaction of $311,618.70. Following the completion of the transaction, the director owned 77,094 shares in the company, valued at approximately $17,677,654.20. The trade was a 1.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 80,340 shares of company stock worth $18,757,824. 1.34% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Targa Resources

A number of institutional investors have recently modified their holdings of the business. Woodline Partners LP raised its position in shares of Targa Resources by 40.7% during the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock worth $3,693,000 after purchasing an additional 5,327 shares during the period. Focus Partners Wealth grew its stake in Targa Resources by 157.4% during the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock worth $788,000 after buying an additional 2,404 shares during the last quarter. Arkadios Wealth Advisors increased its position in Targa Resources by 13.1% in the second quarter. Arkadios Wealth Advisors now owns 1,248 shares of the pipeline company’s stock worth $217,000 after buying an additional 145 shares during the period. Assetmark Inc. lifted its stake in Targa Resources by 381.6% in the second quarter. Assetmark Inc. now owns 1,469 shares of the pipeline company’s stock valued at $256,000 after buying an additional 1,164 shares during the last quarter. Finally, Marion Wealth Management lifted its stake in Targa Resources by 10.6% in the second quarter. Marion Wealth Management now owns 1,165 shares of the pipeline company’s stock valued at $203,000 after buying an additional 112 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.