UBS Group Increases Targa Resources (NYSE:TRGP) Price Target to $246.00

Targa Resources (NYSE:TRGP) had its price target hoisted by UBS Group from $182.00 to $246.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a buy rating on the pipeline company’s stock.

TRGP has been the topic of several other research reports. Royal Bank of Canada lifted their price target on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Truist Financial lifted their target price on Targa Resources from $150.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. The Goldman Sachs Group increased their target price on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Barclays lifted their price target on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Finally, Wells Fargo & Company upped their price objective on shares of Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Targa Resources currently has a consensus rating of “Buy” and an average target price of $169.79.

Targa Resources Stock Up 1.5 %

TRGP stock opened at $199.00 on Friday. The company has a market cap of $43.39 billion, a PE ratio of 35.45, a price-to-earnings-growth ratio of 0.78 and a beta of 2.24. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources has a 52 week low of $81.03 and a 52 week high of $199.76. The business has a 50-day simple moving average of $163.51 and a 200 day simple moving average of $141.15.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.17. The business had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter last year, the business posted $0.97 EPS. Sell-side analysts anticipate that Targa Resources will post 6.23 EPS for the current fiscal year.

Targa Resources Dividend Announcement

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

Insider Transactions at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction 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 sale, the insider now owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. This represents a 1.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the sale, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,760 shares of company stock worth $30,026,712 over the last ninety days. 1.39% of the stock is owned by insiders.

Institutional Investors Weigh In On Targa Resources

Several institutional investors and hedge funds have recently made changes to their positions in TRGP. Sunbelt Securities Inc. increased its holdings in Targa Resources by 24.7% in the third quarter. Sunbelt Securities Inc. now owns 2,058 shares of the pipeline company’s stock worth $305,000 after purchasing an additional 408 shares in the last quarter. Coldstream Capital Management Inc. grew its position in shares of Targa Resources by 0.9% during the 3rd quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock worth $1,153,000 after buying an additional 66 shares during the period. Geode Capital Management LLC increased its stake in shares of Targa Resources by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 5,717,487 shares of the pipeline company’s stock valued at $843,680,000 after acquiring an additional 97,583 shares in the last quarter. MidWestOne Financial Group Inc. lifted its position in shares of Targa Resources by 9.1% during the 3rd quarter. MidWestOne Financial Group Inc. now owns 3,167 shares of the pipeline company’s stock valued at $469,000 after acquiring an additional 263 shares during the period. Finally, M&T Bank Corp boosted its stake in Targa Resources by 9.5% during the third quarter. M&T Bank Corp now owns 35,597 shares of the pipeline company’s stock worth $5,269,000 after acquiring an additional 3,094 shares in the last quarter. 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.