Targa Resources (NYSE:TRGP) Sets New 1-Year High After Analyst Upgrade

Targa Resources Corp. (NYSE:TRGP) reached a new 52-week high on Monday after Truist Financial raised their price target on the stock from $175.00 to $225.00. Truist Financial currently has a buy rating on the stock. Targa Resources traded as high as $197.90 and last traded at $197.90, with a volume of 1106 shares trading hands. The stock had previously closed at $196.04.

Other research analysts have also issued research reports about the stock. Barclays upped their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Argus raised Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Morgan Stanley upped their target price on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Bank of America began coverage on Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 target price for the company. Finally, UBS Group boosted their target price on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Targa Resources currently has an average rating of “Buy” and a consensus target price of $169.79.

Insider Transactions at Targa Resources

In related news, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. This represents a 1.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,760 shares of company stock valued at $30,026,712 over the last three months. Company insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in TRGP. Buckley Wealth Management LLC increased its position in shares of Targa Resources by 0.7% during the third quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company’s stock worth $1,469,000 after buying an additional 65 shares during the period. Coldstream Capital Management Inc. raised its position in shares of Targa Resources by 0.9% in the 3rd quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock worth $1,153,000 after acquiring an additional 66 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its position in shares of Targa Resources by 9.8% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock valued at $138,000 after purchasing an additional 83 shares in the last quarter. Prime Capital Investment Advisors LLC increased its holdings in Targa Resources by 4.0% in the third quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock worth $321,000 after purchasing an additional 84 shares in the last quarter. Finally, Fifth Third Bancorp lifted its stake in Targa Resources by 1.0% in the second quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock valued at $1,148,000 after buying an additional 89 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Price Performance

The business has a fifty day simple moving average of $163.51 and a 200-day simple moving average of $141.15. The stock has a market capitalization of $43.39 billion, a P/E ratio of 35.45, a PEG ratio of 0.78 and a beta of 2.24. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last announced its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating 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 return on equity of 27.59% and a net margin of 7.65%. During the same quarter in the previous year, the firm earned $0.97 earnings per share. Sell-side analysts expect that Targa Resources Corp. will post 6.23 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.51%. The ex-dividend date was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is presently 54.25%.

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.