Targa Resources (NYSE:TRGP) Price Target Raised to $145.00 at JPMorgan Chase & Co.

Targa Resources (NYSE:TRGP) had its price objective raised by JPMorgan Chase & Co. from $140.00 to $145.00 in a research note released on Tuesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the pipeline company’s stock.

Other equities research analysts have also issued research reports about the company. Argus assumed coverage on Targa Resources in a research note on Wednesday, June 26th. They set a buy rating and a $140.00 price target on the stock. Truist Financial raised their price target on shares of Targa Resources from $120.00 to $125.00 and gave the stock a buy rating in a report on Monday, June 10th. The Goldman Sachs Group upped 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. Scotiabank lifted their price target on Targa Resources from $112.00 to $128.00 and gave the stock a sector outperform rating in a research report on Monday, April 15th. Finally, UBS Group increased their price objective on Targa Resources from $116.00 to $147.00 and gave the company a buy rating in a report on Tuesday, June 11th. One equities research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $129.85.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $131.00 on Tuesday. Targa Resources has a one year low of $74.95 and a one year high of $132.08. The company has a market capitalization of $29.05 billion, a PE ratio of 26.95, a P/E/G ratio of 0.76 and a beta of 2.27. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.62 and a current ratio of 0.70. The company has a 50-day simple moving average of $118.69 and a two-hundred day simple moving average of $104.76.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share for the quarter, missing the consensus estimate of $1.35 by ($0.13). The firm had revenue of $4.56 billion during the quarter, compared to analyst estimates of $4.28 billion. Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. Research analysts expect that Targa Resources will post 5.27 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 2.29%. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date was Monday, April 29th. Targa Resources’s dividend payout ratio is presently 61.73%.

Insider Activity at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 10,000 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $120.08, for a total transaction of $1,200,800.00. Following the completion of the transaction, the insider now directly owns 196,951 shares in the company, valued at $23,649,876.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Targa Resources news, insider Robert Muraro sold 10,000 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $120.08, for a total transaction of $1,200,800.00. Following the completion of the transaction, the insider now owns 196,951 shares of the company’s stock, valued at $23,649,876.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider D. Scott Pryor sold 20,000 shares of Targa Resources stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $113.13, for a total value of $2,262,600.00. Following the completion of the sale, the insider now directly owns 136,098 shares in the company, valued at $15,396,766.74. The disclosure for this sale can be found here. In the last quarter, insiders have sold 52,691 shares of company stock valued at $6,197,632. 1.44% of the stock is owned by company insiders.

Institutional Investors Weigh In On Targa Resources

A number of hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD increased its stake in shares of Targa Resources by 231.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock worth $119,712,000 after acquiring an additional 962,073 shares during the last quarter. Morgan Stanley raised its stake in Targa Resources by 16.1% during the third quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock worth $325,003,000 after purchasing an additional 524,794 shares during the period. Ieq Capital LLC boosted its holdings in Targa Resources by 8.5% in the 4th quarter. Ieq Capital LLC now owns 6,169 shares of the pipeline company’s stock valued at $536,000 after purchasing an additional 482 shares during the last quarter. New Mexico Educational Retirement Board grew its stake in shares of Targa Resources by 287.3% in the 1st quarter. New Mexico Educational Retirement Board now owns 45,700 shares of the pipeline company’s stock valued at $5,118,000 after buying an additional 33,900 shares during the period. Finally, Natixis Advisors L.P. acquired a new stake in shares of Targa Resources during the 4th quarter worth approximately $1,117,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

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.