Targa Resources (NYSE:TRGP) Given New $224.00 Price Target at Stifel Nicolaus

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

TRGP has been the topic of a number of other research reports. Barclays boosted 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. Royal Bank of Canada boosted their price target on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Morgan Stanley lifted their price objective on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. UBS Group upped their target price on Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a report on Friday, November 15th. Finally, Bank of America started coverage on shares of Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 price objective on the stock. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $176.50.

Targa Resources Stock Down 0.2 %

TRGP opened at $207.31 on Wednesday. Targa Resources has a 12 month low of $81.03 and a 12 month high of $209.87. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The business’s 50-day moving average price is $169.37 and its 200-day moving average price is $143.93. The company has a market cap of $45.21 billion, a P/E ratio of 37.49, a P/E/G ratio of 0.82 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The business 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 period in the previous year, the firm earned $0.97 EPS. On average, equities analysts expect that Targa Resources will post 6.23 EPS for the current year.

Targa Resources Dividend Announcement

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

Insiders Place Their Bets

In other news, insider D. Scott Pryor sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the transaction, the insider now owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. The trade was a 26.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the transaction, the director now directly owns 110,470 shares of the company’s stock, valued at $17,181,399.10. The trade was a 57.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 185,760 shares of company stock valued at $30,026,712 in the last quarter. 1.39% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of TRGP. Strategic Investment Solutions Inc. IL purchased a new stake in Targa Resources in the second quarter worth $29,000. DT Investment Partners LLC purchased a new position in Targa Resources in the 3rd quarter worth about $29,000. UMB Bank n.a. lifted its holdings in Targa Resources by 2,220.0% during the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after buying an additional 222 shares in the last quarter. Prospera Private Wealth LLC purchased a new stake in Targa Resources in the 3rd quarter valued at about $35,000. Finally, Whittier Trust Co. bought a new position in Targa Resources in the 2nd quarter worth about $44,000. 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.