Targa Resources (NYSE:TRGP) Price Target Raised to $325.00

Targa Resources (NYSE:TRGP) had its price objective boosted by Scotiabank from $319.00 to $325.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has a sector outperform rating on the pipeline company’s stock.

Several other research firms have also weighed in on TRGP. Royal Bank Of Canada increased their price objective on shares of Targa Resources from $312.00 to $338.00 and gave the stock an “outperform” rating in a research note on Thursday, August 27th. Mizuho raised their target price on shares of Targa Resources from $300.00 to $320.00 and gave the stock an “outperform” rating in a report on Friday, September 11th. Morgan Stanley lifted their target price on Targa Resources from $343.00 to $359.00 and gave the company an “overweight” rating in a research note on Wednesday, September 16th. TD Cowen raised Targa Resources from a “hold” rating to a “buy” rating and upped their target price for the company from $275.00 to $350.00 in a report on Friday, September 18th. Finally, Raymond James Financial set a $344.00 target price on Targa Resources in a report on Thursday, November 5th. Two equities research analysts have rated the stock with a Strong Buy rating and twenty have issued a Buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $326.37.

Targa Resources Stock Performance

Targa Resources stock opened at $296.27 on Tuesday. The company has a debt-to-equity ratio of 4.87, a current ratio of 0.74 and a quick ratio of 0.66. Targa Resources has a 12 month low of $166.18 and a 12 month high of $316.60. The company has a fifty day moving average price of $288.71 and a two-hundred day moving average price of $263.23. The company has a market cap of $63.56 billion, a PE ratio of 25.82, a P/E/G ratio of 1.19 and a beta of 0.76.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, November 5th. The pipeline company reported $3.04 earnings per share for the quarter, topping analysts’ consensus estimates of $2.74 by $0.30. Targa Resources had a net margin of 13.45% and a return on equity of 68.83%. The company had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $4.77 billion. Research analysts expect that Targa Resources will post 11.55 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 17th. Shareholders of record on Friday, October 30th will be given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Friday, October 30th. Targa Resources’s payout ratio is 44.25%.

Insider Activity at Targa Resources

In other news, Director Waters S. Iv Davis sold 2,400 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $299.67, for a total value of $719,208.00. Following the completion of the sale, the director directly owned 1,529 shares of the company’s stock, valued at approximately $458,195.43. This represents a 61.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Paul W. Chung sold 1,816 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total transaction of $537,735.76. Following the completion of the transaction, the director owned 44,000 shares of the company’s stock, valued at $13,028,840. This trade represents a 3.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 7,216 shares of company stock worth $2,127,634 in the last 90 days. Corporate insiders own 1.37% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Institutional investors have recently added to or reduced their stakes in the company. Compass Financial Management LLC increased its position in shares of Targa Resources by 26.2% during the 3rd quarter. Compass Financial Management LLC now owns 154 shares of the pipeline company’s stock valued at $42,000 after purchasing an additional 32 shares during the period. TIAA CREF Individual & Institutional Services LLC raised its stake in shares of Targa Resources by 12.0% in the 3rd quarter. TIAA CREF Individual & Institutional Services LLC now owns 326 shares of the pipeline company’s stock worth $88,000 after buying an additional 35 shares in the last quarter. Versant Capital Management Inc lifted its holdings in shares of Targa Resources by 4.1% in the second quarter. Versant Capital Management Inc now owns 1,146 shares of the pipeline company’s stock valued at $307,000 after buying an additional 45 shares during the period. Premier Path Wealth Partners LLC lifted its holdings in shares of Targa Resources by 2.3% in the second quarter. Premier Path Wealth Partners LLC now owns 2,003 shares of the pipeline company’s stock valued at $537,000 after buying an additional 45 shares during the period. Finally, River Wealth Advisors LLC boosted its stake in Targa Resources by 0.3% during the second quarter. River Wealth Advisors LLC now owns 19,457 shares of the pipeline company’s stock valued at $5,217,000 after buying an additional 50 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

About Targa Resources

Targa Resources Corp. is a midstream energy company that gathers, processes, transports and stores natural gas and natural gas liquids (NGLs), and provides services for crude oil. Its infrastructure connects oil and gas producers with pipelines, processing facilities, fractionators, storage sites and domestic and international markets. The company’s services include natural gas gathering, compression and processing; NGL transportation and fractionation; and crude oil gathering and terminaling. Targa also operates facilities that support the export of NGLs and liquefied petroleum gas products.