Targa Resources (NYSE:TRGP) PT Raised to $153.00

Targa Resources (NYSE:TRGP) had its price objective hoisted by Royal Bank of Canada from $147.00 to $153.00 in a research note released on Tuesday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the pipeline company’s stock.

Several other research analysts have also recently issued reports on the stock. Wells Fargo & Company raised their target price on shares of Targa Resources from $124.00 to $153.00 and gave the stock an overweight rating in a report on Monday, August 5th. The Goldman Sachs Group raised their target price on shares of Targa Resources from $132.00 to $147.00 and gave the stock a buy rating in a report on Friday, August 2nd. JPMorgan Chase & Co. raised their target price on shares of Targa Resources from $140.00 to $145.00 and gave the stock an overweight rating in a report on Tuesday, July 2nd. Morgan Stanley raised their target price on shares of Targa Resources from $134.00 to $140.00 and gave the stock an overweight rating in a report on Monday, June 10th. Finally, Truist Financial raised their price target on shares of Targa Resources from $125.00 to $150.00 and gave the company a buy rating in a research report on Monday, August 5th. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $140.54.

Targa Resources Trading Down 0.3 %

NYSE TRGP opened at $142.46 on Tuesday. The company has a fifty day simple moving average of $131.44 and a two-hundred day simple moving average of $115.83. The stock has a market cap of $31.21 billion, a P/E ratio of 29.31, a P/E/G ratio of 1.13 and a beta of 2.27. Targa Resources has a 12-month low of $77.97 and a 12-month high of $142.96. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The business 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 earnings per share. On average, analysts forecast that Targa Resources will post 5.8 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.11%. The ex-dividend date was Wednesday, July 31st. Targa Resources’s dividend payout ratio is currently 61.73%.

Insider Transactions at Targa Resources

In other news, Director Paul W. Chung sold 5,264 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $138.03, for a total value of $726,589.92. Following the transaction, the director now directly owns 232,827 shares of the company’s stock, valued at $32,137,110.81. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Targa Resources news, Director Paul W. Chung sold 5,264 shares of Targa Resources stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $138.03, for a total transaction of $726,589.92. Following the transaction, the director now directly owns 232,827 shares of the company’s stock, valued at $32,137,110.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul W. Chung sold 916 shares of Targa Resources stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $136.35, for a total transaction of $124,896.60. Following the transaction, the director now directly owns 238,591 shares in the company, valued at $32,531,882.85. The disclosure for this sale can be found here. Over the last three months, insiders have sold 43,034 shares of company stock valued at $5,623,890. Corporate insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

A number of institutional investors and hedge funds have recently made changes to their positions in TRGP. Addison Advisors LLC purchased a new stake in shares of Targa Resources in the 4th quarter valued at approximately $27,000. UMB Bank n.a. grew its holdings in shares of Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 222 shares in the last quarter. Spire Wealth Management grew 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 purchasing an additional 264 shares in the last quarter. EdgeRock Capital LLC acquired a new position in shares of Targa Resources in the fourth quarter valued at approximately $42,000. Finally, Delos Wealth Advisors LLC acquired a new position in shares of Targa Resources in the fourth quarter valued at approximately $43,000. 92.13% of the stock is owned by hedge funds and other 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.