Targa Resources (NYSE:TRGP) PT Raised to $150.00

Targa Resources (NYSE:TRGP) had its price target boosted by Truist Financial from $125.00 to $150.00 in a research note published on Monday, Benzinga reports. The brokerage currently has a buy rating on the pipeline company’s stock.

TRGP has been the topic of a number of other research reports. Argus assumed coverage on Targa Resources in a report on Wednesday, June 26th. They issued a buy rating and a $140.00 target price on the stock. Barclays raised their target price on Targa Resources from $123.00 to $138.00 and gave the company an overweight rating in a report on Wednesday, July 3rd. Morgan Stanley raised their price objective on Targa Resources from $134.00 to $140.00 and gave the company an overweight rating in a report on Monday, June 10th. Scotiabank raised their price objective on Targa Resources from $128.00 to $142.00 and gave the company a sector outperform rating in a report on Wednesday, July 17th. Finally, Royal Bank of Canada raised their price objective on Targa Resources from $123.00 to $128.00 and gave the company an outperform rating in a report on Thursday, May 16th. One analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $138.62.

Targa Resources Stock Up 2.9 %

NYSE TRGP traded up $3.76 during trading hours on Monday, hitting $131.62. 3,002,974 shares of the company traded hands, compared to its average volume of 1,611,839. The business’s 50-day moving average is $127.75 and its 200-day moving average is $112.92. Targa Resources has a twelve month low of $77.97 and a twelve month high of $139.35. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.62 and a current ratio of 0.70. The stock has a market capitalization of $29.18 billion, a price-to-earnings ratio of 27.41, a P/E/G ratio of 0.70 and a beta of 2.27.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a return on equity of 23.75% and a net margin of 6.60%. The company had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same quarter last year, the company earned $1.44 earnings per share. Sell-side analysts anticipate that Targa Resources will post 5.4 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st will be paid a dividend of $0.75 per share. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a yield of 2.28%. Targa Resources’s dividend payout ratio (DPR) is currently 61.73%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 9,900 shares of Targa Resources stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the completion of the transaction, the insider now owns 186,951 shares in the company, valued at approximately $24,361,584.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Robert Muraro sold 9,900 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $130.31, for a total value of $1,290,069.00. Following the transaction, the insider now owns 186,951 shares in the company, valued at approximately $24,361,584.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider D. Scott Pryor sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $113.13, for a total value of $2,262,600.00. Following the completion of the transaction, the insider now owns 136,098 shares in the company, valued at approximately $15,396,766.74. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,000 shares of company stock worth $5,893,549. Insiders own 1.39% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Targa Resources by 0.8% in the first quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock worth $3,025,521,000 after acquiring an additional 201,817 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Targa Resources by 231.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock worth $119,712,000 after acquiring an additional 962,073 shares during the period. New Mexico Educational Retirement Board raised its position in shares of Targa Resources by 287.3% in the first quarter. New Mexico Educational Retirement Board now owns 45,700 shares of the pipeline company’s stock worth $5,118,000 after buying an additional 33,900 shares in the last quarter. Ieq Capital LLC raised its position in shares of Targa Resources by 8.5% in the fourth quarter. Ieq Capital LLC now owns 6,169 shares of the pipeline company’s stock worth $536,000 after buying an additional 482 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its position in shares of Targa Resources by 160.3% in the first quarter. BNP Paribas Financial Markets now owns 290,080 shares of the pipeline company’s stock worth $32,486,000 after buying an additional 178,655 shares in the last quarter. Hedge funds and other 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.