Targa Resources (NYSE:TRGP) Price Target Increased to $145.00 by Analysts at JPMorgan Chase & Co.

Targa Resources (NYSE:TRGP) had its price target lifted by JPMorgan Chase & Co. from $140.00 to $145.00 in a report published on Tuesday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the pipeline company’s stock.

Other research analysts have also recently issued research reports about the stock. Argus assumed coverage on shares of Targa Resources in a report on Wednesday, June 26th. They set a buy rating and a $140.00 price target for the company. Wells Fargo & Company boosted their target price on shares of Targa Resources from $109.00 to $124.00 and gave the stock an overweight rating in a research note on Friday, May 3rd. The Goldman Sachs Group raised their price target on Targa Resources from $105.00 to $117.00 and gave the company a buy rating in a research note on Thursday, April 4th. Mizuho upped their price objective on Targa Resources from $105.00 to $130.00 and gave the stock a buy rating in a research report on Wednesday, April 3rd. Finally, Royal Bank of Canada raised their target price on Targa Resources from $123.00 to $128.00 and gave the stock an outperform rating in a research report on Thursday, May 16th. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Targa Resources currently has a consensus rating of Moderate Buy and an average target price of $131.08.

Targa Resources Stock Down 0.8 %

Targa Resources stock opened at $132.49 on Tuesday. The firm has a market capitalization of $29.38 billion, a P/E ratio of 27.26, a P/E/G ratio of 0.79 and a beta of 2.27. The stock’s fifty day simple moving average is $119.66 and its 200-day simple moving average is $105.49. Targa Resources has a twelve month low of $74.95 and a twelve month high of $133.78. The company has a current ratio of 0.70, a quick ratio of 0.62 and a debt-to-equity ratio of 2.73.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.13). Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. The company had revenue of $4.56 billion during the quarter, compared to analyst estimates of $4.28 billion. As a group, equities analysts expect that Targa Resources will post 5.27 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th were given a dividend of $0.75 per share. The ex-dividend date was Monday, April 29th. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.26%. Targa Resources’s dividend payout ratio (DPR) is 61.73%.

Insider Activity

In other news, Director Charles R. Crisp sold 7,000 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $112.54, for a total value of $787,780.00. Following the completion of the sale, the director now directly owns 95,471 shares of the company’s stock, valued at $10,744,306.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Charles R. Crisp sold 7,000 shares of the business’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $112.54, for a total value of $787,780.00. Following the transaction, the director now owns 95,471 shares in the company, valued at approximately $10,744,306.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robert Muraro sold 9,900 shares of the 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 sale, the insider now directly owns 186,951 shares of the company’s stock, valued at $24,361,584.81. The disclosure for this sale can be found here. Insiders have sold 52,691 shares of company stock valued at $6,197,632 in the last ninety days. 1.44% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Targa Resources

Institutional investors have recently bought and sold shares of the company. Spire Wealth Management boosted its holdings in shares of Targa Resources by 2,400.0% in the first quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock valued at $31,000 after acquiring an additional 264 shares in the last quarter. Addison Advisors LLC acquired a new position in Targa Resources during the 4th quarter worth approximately $27,000. VisionPoint Advisory Group LLC increased its position in Targa Resources by 111.2% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock worth $34,000 after purchasing an additional 209 shares during the period. Register Financial Advisors LLC purchased a new position in shares of Targa Resources during the 1st quarter worth approximately $45,000. Finally, EdgeRock Capital LLC acquired a new stake in shares of Targa Resources in the 4th quarter valued at approximately $42,000. 92.13% of the stock is 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.