Targa Resources (NYSE:TRGP) Hits New 52-Week High on Analyst Upgrade

Shares of Targa Resources Corp. (NYSE:TRGP) hit a new 52-week high during mid-day trading on Tuesday after Truist Financial raised their price target on the stock from $150.00 to $175.00. Truist Financial currently has a buy rating on the stock. Targa Resources traded as high as $174.57 and last traded at $171.96, with a volume of 143459 shares traded. The stock had previously closed at $169.20.

Several other analysts also recently issued reports on the company. Royal Bank of Canada boosted their price target on Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Morgan Stanley upped their price target on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Wells Fargo & Company lifted their price objective on shares of Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Finally, The Goldman Sachs Group lifted their price target on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $154.57.

Insider Buying and Selling at Targa Resources

In related news, 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 transaction, the director now directly owns 110,470 shares in the company, 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 Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Robert Muraro sold 2,500 shares of the business’s 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 sale, the insider now directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Joe Bob Perkins sold 150,000 shares of the firm’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 transaction, the director now owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 173,405 shares of company stock worth $26,529,984 over the last 90 days. Insiders own 1.44% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

A number of institutional investors have recently added to or reduced their stakes in the business. Zurich Insurance Group Ltd FI bought a new stake in shares of Targa Resources in the 2nd quarter valued at about $72,345,000. American Century Companies Inc. increased its position in Targa Resources by 239.1% during the 2nd quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock valued at $101,877,000 after purchasing an additional 557,832 shares during the period. Price T Rowe Associates Inc. MD increased its position in Targa Resources by 26.2% during the 1st 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. Dimensional Fund Advisors LP raised its holdings in Targa Resources by 13.4% during the 2nd 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 during the last quarter. Finally, Blackstone Inc. lifted its position in shares of Targa Resources by 2.7% in the 1st 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. 92.13% of the stock is owned by institutional investors.

Targa Resources Stock Performance

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 stock’s 50 day moving average price is $156.35 and its 200 day moving average price is $136.85. The company has a market capitalization of $38.86 billion, a P/E ratio of 37.35, a price-to-earnings-growth ratio of 1.28 and a beta of 2.24.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be issued a dividend of $0.75 per share. The ex-dividend date is Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.69%. Targa Resources’s payout ratio is currently 63.16%.

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.