Targa Resources (NYSE:TRGP) Given New $221.00 Price Target at Royal Bank of Canada

Targa Resources (NYSE:TRGP) had its price target upped by Royal Bank of Canada from $220.00 to $221.00 in a research report sent to investors on Monday,Benzinga reports. They currently have an outperform rating on the pipeline company’s stock.

A number of other research analysts also recently issued reports on TRGP. Wells Fargo & Company boosted their price target on Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. US Capital Advisors cut Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Truist Financial decreased their target price on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a report on Friday, December 13th. The Goldman Sachs Group lifted their price target on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Finally, Mizuho upped their price objective on shares of Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $207.00.

Targa Resources Stock Performance

Shares of TRGP stock opened at $195.49 on Monday. The company has a market capitalization of $42.64 billion, a P/E ratio of 34.06, a PEG ratio of 0.61 and a beta of 2.29. Targa Resources has a fifty-two week low of $99.04 and a fifty-two week high of $218.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The stock has a 50 day moving average price of $198.29 and a two-hundred day moving average price of $179.02.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. Analysts expect that Targa Resources will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s dividend payout ratio is presently 52.26%.

Insider Buying and Selling

In other Targa Resources news, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the sale, the insider now directly owns 227,269 shares in the company, valued at approximately $43,731,100.98. This trade represents a 11.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of the business’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the transaction, the insider now owns 82,139 shares of the company’s stock, valued at $16,206,024.70. This represents a 29.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock worth $22,613,288 in the last quarter. Corporate insiders own 1.39% of the company’s stock.

Institutional Trading of Targa Resources

A number of institutional investors have recently made changes to their positions in TRGP. Snowden Capital Advisors LLC lifted its position in Targa Resources by 2.0% during the fourth quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company’s stock valued at $473,000 after purchasing an additional 53 shares during the period. Coldstream Capital Management Inc. lifted its holdings in shares of Targa Resources by 0.9% during the 3rd quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock valued at $1,153,000 after buying an additional 66 shares during the period. Fisher Asset Management LLC boosted its stake in shares of Targa Resources by 3.1% in the 4th quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company’s stock worth $396,000 after buying an additional 67 shares during the last quarter. Mather Group LLC. grew its holdings in shares of Targa Resources by 2.3% in the fourth quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company’s stock worth $540,000 after acquiring an additional 68 shares during the period. Finally, Keybank National Association OH increased its position in Targa Resources by 0.4% during the fourth quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company’s stock valued at $3,470,000 after acquiring an additional 70 shares during the last quarter. Hedge funds and other institutional investors 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.