Targa Resources (NYSE:TRGP) PT Raised to $171.00

Targa Resources (NYSE:TRGP) had its price target upped by Barclays from $155.00 to $171.00 in a research report report published on Tuesday, Benzinga reports. They currently have an overweight rating on the pipeline company’s stock.

A number of other research analysts also recently issued reports on the company. JPMorgan Chase & Co. increased their price objective on Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a report on Tuesday, July 2nd. Royal Bank of Canada lifted their price objective on shares of Targa Resources from $147.00 to $153.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. Wells Fargo & Company increased 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. Argus raised shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Finally, Scotiabank boosted their price target on shares of Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 17th. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $148.36.

Targa Resources Price Performance

Shares of TRGP stock opened at $162.75 on Tuesday. The firm’s 50 day moving average is $150.42 and its 200-day moving average is $132.16. The firm has a market capitalization of $35.66 billion, a price-to-earnings ratio of 34.26, a PEG ratio of 1.32 and a beta of 2.25. Targa Resources has a 1 year low of $81.03 and a 1 year high of $167.79. 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 issued its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. The firm had revenue of $3.56 billion during 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 quarter in the previous year, the company earned $1.44 earnings per share. Sell-side analysts forecast that Targa Resources will post 5.9 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be given a $0.75 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.84%. Targa Resources’s payout ratio is 63.16%.

Insider Transactions at Targa Resources

In related news, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total value of $160,140.26. Following the sale, the chief accounting officer now owns 52,257 shares in the company, valued at approximately $6,898,969.14. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Julie H. Boushka sold 1,213 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the transaction, the chief accounting officer now owns 52,257 shares in the company, valued at approximately $6,898,969.14. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul W. Chung sold 916 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $136.35, for a total transaction of $124,896.60. Following the sale, the director now owns 238,591 shares of the company’s stock, valued at $32,531,882.85. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 175,534 shares of company stock worth $26,815,021. 1.44% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL bought a new stake in shares of Targa Resources in the second quarter valued at about $29,000. UMB Bank n.a. increased its position 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 acquiring an additional 222 shares during the period. Whittier Trust Co. acquired a new stake in Targa Resources in the 2nd quarter worth about $44,000. Register Financial Advisors LLC bought a new stake in Targa Resources in the 1st quarter valued at about $45,000. Finally, Rogco LP acquired a new position in shares of Targa Resources during the 1st quarter worth approximately $56,000. 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.