Targa Resources (NYSE:TRGP) Hits New 1-Year High – Should You Buy?

Targa Resources, Inc. (NYSE:TRGP) shares reached a new 52-week high on Monday . The company traded as high as $212.39 and last traded at $212.0410, with a volume of 14966 shares changing hands. The stock had previously closed at $205.55.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of research analyst reports. Weiss Ratings upgraded shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 29th. Wall Street Zen downgraded shares of Targa Resources from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Morgan Stanley reiterated an “overweight” rating and issued a $266.00 price target on shares of Targa Resources in a research note on Wednesday, January 28th. Wells Fargo & Company raised their price objective on Targa Resources from $205.00 to $207.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. Finally, Stifel Nicolaus set a $213.00 target price on Targa Resources in a report on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Targa Resources has an average rating of “Moderate Buy” and a consensus target price of $213.50.

Targa Resources Trading Down 0.3%

The company has a debt-to-equity ratio of 5.91, a current ratio of 0.77 and a quick ratio of 0.61. The company has a market cap of $46.58 billion, a price-to-earnings ratio of 28.86, a price-to-earnings-growth ratio of 0.93 and a beta of 0.88. The business’s fifty day moving average price is $187.60 and its 200 day moving average price is $172.36.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, January 30th will be given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Friday, January 30th. Targa Resources’s dividend payout ratio (DPR) is 53.19%.

Insider Activity at Targa Resources

In other news, insider D. Scott Pryor sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $172.21, for a total value of $3,444,200.00. Following the transaction, the insider owned 22,139 shares in the company, valued at approximately $3,812,557.19. The trade was a 47.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Gerald R. Shrader sold 2,750 shares of the stock in a transaction on Friday, December 5th. The stock was sold at an average price of $181.21, for a total transaction of $498,327.50. Following the sale, the insider owned 29,561 shares of the company’s stock, valued at approximately $5,356,748.81. This trade represents a 8.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.34% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new stake in Targa Resources during the 2nd quarter worth about $708,366,000. Wellington Management Group LLP boosted its position in shares of Targa Resources by 9.0% during the 3rd quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock valued at $3,291,012,000 after purchasing an additional 1,620,253 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Targa Resources by 48.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock worth $607,023,000 after purchasing an additional 1,075,246 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Targa Resources in the third quarter worth approximately $121,426,000. Finally, Mitsubishi UFJ Trust & Banking Corp increased its holdings in Targa Resources by 441.3% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 675,352 shares of the pipeline company’s stock worth $117,565,000 after purchasing an additional 550,591 shares in the last quarter. Institutional investors and hedge funds 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.