Targa Resources (NYSE:TRGP) Price Target Raised to $338.00

Targa Resources (NYSE:TRGP) had its target price increased by Royal Bank Of Canada from $312.00 to $338.00 in a research report report published on Thursday, MarketBeat.com reports. The brokerage currently has an outperform rating on the pipeline company’s stock.

A number of other equities research analysts have also issued reports on TRGP. TD Cowen increased their price target on Targa Resources from $270.00 to $275.00 and gave the company a “hold” rating in a research report on Friday, August 7th. Raymond James Financial set a $335.00 target price on shares of Targa Resources in a research note on Friday, August 7th. Truist Financial raised their target price on shares of Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Morgan Stanley lifted their price target on shares of Targa Resources from $333.00 to $343.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 18th. Finally, UBS Group reiterated a “buy” rating and set a $318.00 price target on shares of Targa Resources in a report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Targa Resources currently has an average rating of “Buy” and a consensus price target of $298.71.

Targa Resources Stock Performance

NYSE:TRGP opened at $288.38 on Thursday. The company has a fifty day simple moving average of $275.05 and a two-hundred day simple moving average of $257.11. The company has a market cap of $61.84 billion, a price-to-earnings ratio of 27.57, a price-to-earnings-growth ratio of 1.37 and a beta of 0.72. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. Targa Resources has a 52 week low of $144.14 and a 52 week high of $307.94.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The business had revenue of $4.44 billion for the quarter, compared to analysts’ expectations of $4.90 billion. As a group, equities analysts anticipate that Targa Resources will post 11.23 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, July 31st. Targa Resources’s dividend payout ratio is currently 47.80%.

Insider Transactions at Targa Resources

In related news, Director Waters S. Iv Davis sold 2,400 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $299.67, for a total transaction of $719,208.00. Following the completion of the sale, the director owned 1,529 shares in the company, valued at $458,195.43. The trade was a 61.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles R. Crisp sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total value of $870,690.00. Following the completion of the transaction, the director directly owned 62,292 shares of the company’s stock, valued at $18,079,007.16. This trade represents a 4.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.37% of the company’s stock.

Institutional Trading of Targa Resources

Several institutional investors have recently modified their holdings of the stock. First Eagle Investment Management LLC grew its position in shares of Targa Resources by 381.0% in the 2nd quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company’s stock valued at $27,000 after buying an additional 80 shares during the last quarter. Jones Financial Companies Lllp purchased a new stake in Targa Resources in the second quarter valued at $32,000. Compass Financial Management LLC acquired a new position in Targa Resources in the second quarter valued at $33,000. CoreCap Advisors LLC boosted its stake in Targa Resources by 245.9% in the second quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company’s stock valued at $34,000 after acquiring an additional 91 shares in the last quarter. Finally, Virtus Advisers LLC purchased a new position in shares of Targa Resources during the second quarter worth about $35,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.