Analysts Set Targa Resources Corp. (NYSE:TRGP) PT at $134.46

Shares of Targa Resources Corp. (NYSE:TRGP) have earned an average recommendation of “Buy” from the thirteen analysts that are covering the stock, Marketbeat.com reports. Thirteen research analysts have rated the stock with a buy rating. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $138.62.

Several research firms have issued reports on TRGP. Royal Bank of Canada boosted 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. Truist Financial increased their price objective on Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Barclays upped their price target on shares of Targa Resources from $123.00 to $138.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 3rd. Morgan Stanley raised their price objective on shares of Targa Resources from $134.00 to $140.00 and gave the company an “overweight” rating in a research note on Monday, June 10th. Finally, Argus began coverage on shares of Targa Resources in a research report on Wednesday, June 26th. They set a “buy” rating and a $140.00 target price on the stock.

Insider Buying and Selling

In related news, CAO Julie H. Boushka sold 12,641 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $134.50, for a total transaction of $1,700,214.50. Following the transaction, the chief accounting officer now directly owns 38,403 shares of the company’s stock, valued at approximately $5,165,203.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, 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 sale, the insider now directly owns 136,098 shares in the company, valued at approximately $15,396,766.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Julie H. Boushka sold 12,641 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $134.50, for a total value of $1,700,214.50. Following the completion of the sale, the chief accounting officer now owns 38,403 shares of the company’s stock, valued at $5,165,203.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 54,770 shares of company stock valued at $6,751,720. Corporate insiders own 1.39% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in TRGP. Raymond James Financial Services Advisors Inc. grew its stake in Targa Resources by 14.0% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 50,845 shares of the pipeline company’s stock worth $4,417,000 after buying an additional 6,226 shares during the last quarter. Fifth Third Bancorp grew its stake in Targa Resources by 55.4% during the 4th quarter. Fifth Third Bancorp now owns 4,039 shares of the pipeline company’s stock worth $351,000 after buying an additional 1,440 shares during the last quarter. UMB Bank n.a. grew its stake in Targa Resources by 1,351.4% during the 4th quarter. UMB Bank n.a. now owns 2,003 shares of the pipeline company’s stock worth $174,000 after buying an additional 1,865 shares during the last quarter. Asset Management One Co. Ltd. grew its stake in Targa Resources by 3.3% during the 4th quarter. Asset Management One Co. Ltd. now owns 83,463 shares of the pipeline company’s stock worth $7,207,000 after buying an additional 2,635 shares during the last quarter. Finally, International Assets Investment Management LLC grew its stake in Targa Resources by 15,867.4% during the 4th quarter. International Assets Investment Management LLC now owns 89,737 shares of the pipeline company’s stock worth $7,795,000 after buying an additional 89,175 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Trading Down 0.7 %

Shares of TRGP stock opened at $135.69 on Friday. The company has a market capitalization of $30.08 billion, a P/E ratio of 27.92, a price-to-earnings-growth ratio of 0.69 and a beta of 2.27. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. The business’s 50 day moving average is $129.19 and its two-hundred day moving average is $113.93. Targa Resources has a twelve month low of $77.97 and a twelve month high of $139.35.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.12. The company had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same period in the previous year, the company posted $1.44 EPS. Equities analysts forecast that Targa Resources will post 5.51 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Wednesday, July 31st will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 2.21%. The ex-dividend date is Wednesday, July 31st. Targa Resources’s dividend payout ratio (DPR) is presently 61.73%.

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.