Research Analysts’ Weekly Ratings Changes for Targa Resources (TRGP)

Several analysts have recently updated their ratings and price targets for Targa Resources (NYSE: TRGP):

• 8/13/2024 – Targa Resources had its price target raised by analysts at Royal Bank of Canada from $147.00 to $153.00. They now have an “outperform” rating on the stock.
• 8/5/2024 – Targa Resources had its price target raised by analysts at Wells Fargo & Company from $124.00 to $153.00. They now have an “overweight” rating on the stock.
• 8/5/2024 – Targa Resources had its price target raised by analysts at Truist Financial Co. from $125.00 to $150.00. They now have a “buy” rating on the stock.
• 8/2/2024 – Targa Resources had its price target raised by analysts at The Goldman Sachs Group, Inc. from $132.00 to $147.00. They now have a “buy” rating on the stock.
• 7/17/2024 – Targa Resources had its price target raised by analysts at Scotiabank from $128.00 to $142.00. They now have a “sector outperform” rating on the stock.
• 7/3/2024 – Targa Resources had its price target raised by analysts at Barclays PLC from $123.00 to $138.00. They now have an “overweight” rating on the stock.
• 7/2/2024 – Targa Resources had its price target raised by analysts at JPMorgan Chase & Co. from $140.00 to $145.00. They now have an “overweight” rating on the stock.
• 6/26/2024 – Targa Resources is now covered by analysts at Argus. They set a “buy” rating and a $140.00 price target on the stock.

Targa Resources Stock Up 0.4 %

NYSE:TRGP traded up $0.60 during mid-day trading on Friday, reaching $143.45. The stock had a trading volume of 41,826 shares, compared to its average volume of 1,619,775. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. The company has a market capitalization of $31.43 billion, a price-to-earnings ratio of 29.52, a price-to-earnings-growth ratio of 1.14 and a beta of 2.27. Targa Resources Corp. has a 1-year low of $77.97 and a 1-year high of $144.84. The stock’s 50 day simple moving average is $133.21 and its two-hundred day simple moving average is $117.41.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The business had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same period in the previous year, the business earned $1.44 EPS. Equities analysts anticipate that Targa Resources Corp. will post 5.8 EPS 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 issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.09%. The ex-dividend date of this dividend was Wednesday, July 31st. Targa Resources’s dividend payout ratio (DPR) is presently 61.73%.

Insider Activity at Targa Resources

In other Targa Resources news, Director Paul W. Chung sold 916 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $136.35, for a total value of $124,896.60. Following the sale, the director now directly owns 238,591 shares in the company, valued at $32,531,882.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Targa Resources news, Director Paul W. Chung sold 916 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total value of $124,896.60. Following the sale, the director now owns 238,591 shares in the company, valued at $32,531,882.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Julie H. Boushka sold 12,641 shares of the firm’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 in the company, valued at $5,165,203.50. The disclosure for this sale can be found here. Insiders sold a total of 43,034 shares of company stock valued at $5,623,890 in the last quarter. Insiders own 1.39% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. UMB Bank n.a. boosted its holdings in Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after buying 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 1st quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock worth $31,000 after acquiring an additional 264 shares during the last quarter. Addison Advisors LLC acquired a new stake in shares of Targa Resources during the fourth quarter worth $27,000. Whittier Trust Co. purchased a new position in Targa Resources in the 2nd quarter worth about $44,000. Finally, Register Financial Advisors LLC purchased a new stake in Targa Resources during the first quarter valued at about $45,000. 92.13% of the stock is currently owned by institutional investors.

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.