Targa Resources (NYSE:TRGP) Given New $153.00 Price Target at Wells Fargo & Company

Targa Resources (NYSE:TRGP) had its price target hoisted by Wells Fargo & Company from $124.00 to $153.00 in a research report released on Monday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the pipeline company’s stock.

Several other equities research analysts have also recently commented on the stock. UBS Group lifted their price target on shares of Targa Resources from $116.00 to $147.00 and gave the stock a buy rating in a research report on Tuesday, June 11th. Truist Financial lifted their price objective on shares of Targa Resources from $120.00 to $125.00 and gave the stock a buy rating in a research note on Monday, June 10th. Royal Bank of Canada lifted their price target on shares of Targa Resources from $123.00 to $128.00 and gave the company an outperform rating in a research note on Thursday, May 16th. JPMorgan Chase & Co. lifted their price target on shares of Targa Resources from $140.00 to $145.00 and gave the company an overweight rating in a research note on Tuesday, July 2nd. Finally, Barclays lifted their price target on shares of Targa Resources from $123.00 to $138.00 and gave the company an overweight rating in a research note on Wednesday, July 3rd. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $138.62.

Targa Resources Price Performance

TRGP traded up $3.76 during midday trading on Monday, hitting $131.62. The company had a trading volume of 3,002,974 shares, compared to its average volume of 1,611,839. 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 company has a market capitalization of $29.18 billion, a PE ratio of 27.41, a P/E/G ratio of 0.70 and a beta of 2.27. Targa Resources has a twelve month low of $77.97 and a twelve month high of $139.35. The firm’s 50-day simple moving average is $127.75 and its 200-day simple moving average is $112.92.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.75%. The firm had revenue of $3.56 billion during the quarter, compared to analysts’ expectations of $4.33 billion. During the same quarter last year, the company posted $1.44 EPS. Equities research analysts predict that Targa Resources will post 5.4 EPS for the current fiscal year.

Targa Resources Announces Dividend

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

Insider Activity

In related 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 transaction of $787,780.00. Following the completion of the sale, the director now owns 95,471 shares of the company’s stock, valued at $10,744,306.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Charles R. Crisp sold 7,000 shares of the 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 transaction, the director now owns 95,471 shares of the company’s stock, valued at $10,744,306.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robert Muraro sold 10,000 shares of the stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $120.08, for a total transaction of $1,200,800.00. Following the completion of the transaction, the insider now directly owns 196,951 shares of the company’s stock, valued at approximately $23,649,876.08. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 50,000 shares of company stock valued at $5,893,549. 1.39% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake 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 valued at $3,025,521,000 after buying an additional 201,817 shares during the period. Blackstone Inc. increased its stake in shares of Targa Resources by 2.7% in the first quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock valued at $1,085,794,000 after buying an additional 252,729 shares during the period. Norges Bank acquired a new stake in Targa Resources during the 4th quarter valued at approximately $187,123,000. Massachusetts Financial Services Co. MA increased its position in Targa Resources by 5.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,139,543 shares of the pipeline company’s stock valued at $185,862,000 after purchasing an additional 115,288 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Targa Resources by 14.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,858,920 shares of the pipeline company’s stock valued at $161,479,000 after purchasing an additional 234,749 shares during the period. Institutional investors and hedge funds 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.