Targa Resources (NYSE:TRGP) Sets New 52-Week High at $156.05

Targa Resources Corp. (NYSE:TRGP)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $156.05 and last traded at $156.05, with a volume of 245 shares changing hands. The stock had previously closed at $155.53.

Analysts Set New Price Targets

TRGP has been the topic of several research reports. Morgan Stanley upped their price target on shares of Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a research report on Monday, June 10th. Royal Bank of Canada increased their price target on shares of Targa Resources from $147.00 to $153.00 and gave the company an “outperform” rating in a research note on Tuesday, August 13th. Scotiabank upped their price objective on Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a report on Wednesday, July 17th. UBS Group lifted their target price on Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. Finally, JPMorgan Chase & Co. boosted their target price on Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 2nd. One equities research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Targa Resources presently has a consensus rating of “Buy” and a consensus target price of $141.77.

Targa Resources Trading Up 0.8 %

The company has a market capitalization of $34.75 billion, a P/E ratio of 32.00, a PEG ratio of 1.19 and a beta of 2.26. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. The business’s 50-day moving average price is $141.42 and its two-hundred day moving average price is $125.95.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The firm had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same period in the previous year, the company posted $1.44 earnings per share. As a group, analysts forecast that Targa Resources Corp. will post 5.89 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.91%. Targa Resources’s payout ratio is 61.73%.

Insider Buying and Selling

In other news, Director Paul W. Chung sold 916 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $136.35, for a total transaction of $124,896.60. Following the completion of the transaction, the director now directly owns 238,591 shares of the company’s stock, valued at $32,531,882.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Paul W. Chung sold 916 shares of the stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total transaction of $124,896.60. Following the completion of the transaction, the director now owns 238,591 shares in the company, valued at $32,531,882.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert Muraro sold 2,500 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the transaction, the insider now directly owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. The disclosure for this sale can be found here. Insiders have sold a total of 35,534 shares of company stock worth $4,788,590 over the last ninety days. Company insiders own 1.39% of the company’s stock.

Institutional Trading of Targa Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. Strategic Investment Solutions Inc. IL acquired a new position in shares of Targa Resources during the 2nd quarter worth approximately $29,000. UMB Bank n.a. lifted its stake in Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after acquiring an additional 222 shares during the last quarter. Whittier Trust Co. bought a new position in shares of Targa Resources in the 2nd quarter valued at about $44,000. Register Financial Advisors LLC bought a new position in shares of Targa Resources in the 1st quarter valued at about $45,000. Finally, Quarry LP acquired a new position in shares of Targa Resources during the 4th quarter worth about $50,000. 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.