Truist Financial Forecasts Strong Price Appreciation for Targa Resources (NYSE:TRGP) Stock

Targa Resources (NYSE:TRGP) had its target price boosted by Truist Financial from $175.00 to $225.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a buy rating on the pipeline company’s stock.

TRGP has been the topic of several other reports. Wells Fargo & Company increased their target price on Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Royal Bank of Canada lifted their price objective on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Argus upgraded Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Morgan Stanley raised their price target on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Finally, Barclays boosted their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 15th. Thirteen investment 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, the stock has a consensus rating of “Buy” and a consensus target price of $169.79.

Targa Resources Trading Up 1.5 %

NYSE TRGP opened at $199.00 on Friday. The company has a market cap of $43.39 billion, a P/E ratio of 35.45, a P/E/G ratio of 0.78 and a beta of 2.24. Targa Resources has a 12 month low of $81.03 and a 12 month high of $199.76. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The company has a 50-day moving average of $163.51 and a 200-day moving average of $141.15.

Targa Resources (NYSE:TRGP) last released its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. The firm had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period in the previous year, the firm earned $0.97 earnings per share. As a group, equities analysts predict that Targa Resources will post 6.23 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a dividend of $0.75 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.51%. Targa Resources’s dividend payout ratio is presently 54.25%.

Insider Buying and Selling at Targa Resources

In other news, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the transaction, the chief accounting officer now directly 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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 sale, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. This trade represents a 1.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 185,760 shares of company stock worth $30,026,712 in the last ninety days. 1.39% of the stock is owned by insiders.

Hedge Funds Weigh In On Targa Resources

Several institutional investors have recently made changes to their positions in TRGP. US Bancorp DE boosted its position in Targa Resources by 5.6% during the 1st quarter. US Bancorp DE now owns 20,923 shares of the pipeline company’s stock valued at $2,343,000 after purchasing an additional 1,113 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in shares of Targa Resources by 5.5% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 20,618 shares of the pipeline company’s stock valued at $2,309,000 after acquiring an additional 1,066 shares during the period. Kingsview Wealth Management LLC bought a new position in shares of Targa Resources during the first quarter worth about $315,000. Orion Portfolio Solutions LLC increased its holdings in shares of Targa Resources by 40.5% in the 1st quarter. Orion Portfolio Solutions LLC now owns 7,798 shares of the pipeline company’s stock worth $873,000 after acquiring an additional 2,247 shares during the period. Finally, Nwam LLC bought a new stake in Targa Resources in the 1st quarter valued at about $235,000. 92.13% of the stock is owned by institutional investors.

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.