Targa Resources (NYSE:TRGP) Price Target Raised to $171.00

Targa Resources (NYSE:TRGP) had its price target upped by Barclays from $155.00 to $171.00 in a report released on Tuesday morning, Benzinga reports. The firm currently has an overweight rating on the pipeline company’s stock.

A number of other research analysts have also recently issued reports on TRGP. Truist Financial lifted their target price on shares of Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Scotiabank boosted their price objective on Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 17th. JPMorgan Chase & Co. raised their target price on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, July 2nd. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Finally, Royal Bank of Canada raised their price objective on shares of Targa Resources from $147.00 to $153.00 and gave the company an “outperform” rating in a research report on Tuesday, August 13th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Targa Resources currently has an average rating of “Buy” and a consensus price target of $148.36.

Targa Resources Price Performance

Shares of TRGP stock opened at $161.92 on Tuesday. The stock’s fifty day simple moving average is $149.88 and its 200 day simple moving average is $131.80. Targa Resources has a one year low of $81.03 and a one year high of $167.79. The firm has a market cap of $35.47 billion, a price-to-earnings ratio of 34.09, a P/E/G ratio of 1.32 and a beta of 2.25. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.21 by $0.12. The company had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same quarter in the previous year, the company earned $1.44 EPS. On average, analysts expect that Targa Resources will post 5.9 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued a $0.75 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.85%. Targa Resources’s dividend payout ratio is currently 63.16%.

Insiders Place Their Bets

In other news, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction 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 transaction, the director now owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Robert Muraro sold 2,500 shares of the business’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 transaction of $365,500.00. Following the completion of the transaction, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joe Bob Perkins sold 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the sale, the director now directly owns 110,470 shares of the company’s stock, valued at $17,181,399.10. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 175,534 shares of company stock valued at $26,815,021. Company insiders own 1.44% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

Several institutional investors and hedge funds have recently made changes to their positions in TRGP. American International Group Inc. grew its stake in Targa Resources by 0.4% in the fourth quarter. American International Group Inc. now owns 63,044 shares of the pipeline company’s stock valued at $5,477,000 after acquiring an additional 241 shares during the period. SageView Advisory Group LLC acquired a new stake in Targa Resources during the 4th quarter worth approximately $471,000. B. Riley Wealth Advisors Inc. lifted its stake in Targa Resources by 4.4% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 13,652 shares of the pipeline company’s stock valued at $1,186,000 after buying an additional 573 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Targa Resources by 13.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 17,405 shares of the pipeline company’s stock valued at $1,512,000 after buying an additional 2,090 shares during the period. Finally, Nomura Holdings Inc. bought a new stake in shares of Targa Resources during the fourth quarter worth $621,000. Institutional investors and hedge funds 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.