Morgan Stanley Raises Targa Resources (NYSE:TRGP) Price Target to $202.00

Targa Resources (NYSE:TRGP) had its price objective boosted by Morgan Stanley from $173.00 to $202.00 in a research note published on Friday morning, Benzinga reports. They currently have an overweight rating on the pipeline company’s stock.

Other equities analysts also recently issued research reports about the company. Royal Bank of Canada raised their target price on Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. The Goldman Sachs Group raised their price objective on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Barclays upped their target price on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Scotiabank raised their price target on shares of Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 17th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a report on Tuesday, July 2nd. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Targa Resources currently has an average rating of “Buy” and a consensus target price of $152.79.

Targa Resources Price Performance

Targa Resources stock opened at $165.96 on Friday. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. The company’s fifty day moving average price is $152.97 and its 200 day moving average price is $134.04. The stock has a market capitalization of $36.80 billion, a P/E ratio of 34.15, a P/E/G ratio of 1.28 and a beta of 2.25. Targa Resources has a 1 year low of $81.03 and a 1 year high of $169.92.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. The business had revenue of $3.56 billion during the quarter, compared to analysts’ expectations 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 earnings per share. As a group, equities research analysts anticipate that Targa Resources will post 5.92 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 given a $0.75 dividend. The ex-dividend date is Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.81%. Targa Resources’s payout ratio is 61.73%.

Insider Buying and Selling at Targa Resources

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 transaction of $23,329,500.00. Following the completion of the transaction, the director now directly owns 110,470 shares in the company, valued at approximately $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 can be accessed through this hyperlink. In related news, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the sale, the director now directly owns 110,470 shares in the company, valued at approximately $17,181,399.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robert Muraro sold 2,500 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the transaction, the insider now directly owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 175,534 shares of company stock worth $26,815,021 over the last quarter. 1.39% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in TRGP. Vanguard Group Inc. raised its holdings in shares of Targa Resources by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock valued at $3,025,521,000 after buying an additional 201,817 shares during the period. Blackstone Inc. increased its stake in Targa Resources by 2.7% during the first quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock worth $1,085,794,000 after purchasing an additional 252,729 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Targa Resources by 13.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after purchasing an additional 271,444 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Targa Resources by 26.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock valued at $194,720,000 after purchasing an additional 360,675 shares during the period. Finally, Truist Financial Corp grew its holdings in shares of Targa Resources by 5.9% in the second quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company’s stock valued at $108,010,000 after purchasing an additional 46,864 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

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.