Targa Resources (NYSE:TRGP) Price Target Raised to $224.00

Targa Resources (NYSE:TRGP) had its price target lifted by Stifel Nicolaus from $190.00 to $224.00 in a research note published on Wednesday,Benzinga reports. Stifel Nicolaus currently has a buy rating on the pipeline company’s stock.

A number of other research firms also recently issued reports on TRGP. Royal Bank of Canada lifted their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Morgan Stanley lifted their price target on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. UBS Group increased their price objective on Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Wells Fargo & Company boosted their target price on Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Finally, Truist Financial increased their price target on shares of Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Targa Resources has an average rating of “Buy” and an average target price of $176.50.

Targa Resources Price Performance

Targa Resources stock opened at $207.34 on Wednesday. The business has a 50-day simple moving average of $168.18 and a 200 day simple moving average of $143.27. Targa Resources has a 52 week low of $81.03 and a 52 week high of $209.87. The stock has a market cap of $45.21 billion, a price-to-earnings ratio of 37.49, a PEG ratio of 0.81 and a beta of 2.24. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

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

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s payout ratio is 54.25%.

Insider Transactions at Targa Resources

In other news, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the transaction, the director now owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. This represents a 57.59 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction that occurred on 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 owns 35,143 shares in the company, valued at $6,703,175.82. This represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 185,760 shares of company stock worth $30,026,712. Company insiders own 1.39% of the company’s stock.

Institutional Trading of Targa Resources

Hedge funds have recently modified their holdings of the business. Fulcrum Equity Management boosted its position in shares of Targa Resources by 7.1% in the 3rd quarter. Fulcrum Equity Management now owns 3,135 shares of the pipeline company’s stock worth $464,000 after purchasing an additional 208 shares in the last quarter. Virtu Financial LLC boosted its holdings in Targa Resources by 39.4% in the third quarter. Virtu Financial LLC now owns 8,447 shares of the pipeline company’s stock worth $1,250,000 after acquiring an additional 2,388 shares in the last quarter. Sunbelt Securities Inc. grew its stake in shares of Targa Resources by 24.7% in the third quarter. Sunbelt Securities Inc. now owns 2,058 shares of the pipeline company’s stock worth $305,000 after acquiring an additional 408 shares during the last quarter. Coldstream Capital Management Inc. increased its holdings in shares of Targa Resources by 0.9% during the third quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock valued at $1,153,000 after acquiring an additional 66 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Targa Resources by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 5,717,487 shares of the pipeline company’s stock worth $843,680,000 after purchasing an additional 97,583 shares during the last quarter. 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.