Scotiabank Increases Targa Resources (NYSE:TRGP) Price Target to $142.00

Targa Resources (NYSE:TRGP) had its price objective boosted by Scotiabank from $128.00 to $142.00 in a research note issued to investors on Wednesday, Benzinga reports. Scotiabank currently has a sector outperform rating on the pipeline company’s stock.

Other equities analysts have also issued reports about the company. Barclays lifted their price objective on Targa Resources from $123.00 to $138.00 and gave the stock an overweight rating in a research note on Wednesday, July 3rd. Stifel Nicolaus boosted their price target on shares of Targa Resources from $111.00 to $130.00 and gave the stock a buy rating in a research report on Tuesday, April 16th. The Goldman Sachs Group upped their price objective on shares of Targa Resources from $105.00 to $117.00 and gave the company a buy rating in a research note on Thursday, April 4th. UBS Group lifted their target price on shares of Targa Resources from $116.00 to $147.00 and gave the stock a buy rating in a research note on Tuesday, June 11th. Finally, Morgan Stanley upped their price target on shares of Targa Resources from $134.00 to $140.00 and gave the company an overweight rating in a research report on Monday, June 10th. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $132.15.

Targa Resources Price Performance

TRGP stock opened at $136.37 on Wednesday. The company has a market capitalization of $30.24 billion, a P/E ratio of 28.06, a PEG ratio of 0.77 and a beta of 2.27. The company has a fifty day moving average price of $123.83 and a 200-day moving average price of $108.78. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.62 and a current ratio of 0.70. Targa Resources has a 52-week low of $77.97 and a 52-week high of $136.88.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.35 by ($0.13). The company had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $4.28 billion. Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. As a group, equities analysts expect that Targa Resources will post 5.38 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st will be paid a $0.75 dividend. The ex-dividend date is Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a yield of 2.20%. Targa Resources’s dividend payout ratio (DPR) is presently 61.73%.

Insider Activity

In related news, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction on Monday, May 13th. The stock was sold at an average price of $113.13, for a total value of $2,262,600.00. Following the transaction, the insider now directly owns 136,098 shares in the company, valued at approximately $15,396,766.74. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CAO Julie H. Boushka sold 2,691 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $113.00, for a total value of $304,083.00. Following the completion of the transaction, the chief accounting officer now directly owns 57,228 shares of the company’s stock, valued at $6,466,764. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider D. Scott Pryor sold 20,000 shares of Targa Resources stock in a transaction on Monday, May 13th. The stock was sold at an average price of $113.13, for a total value of $2,262,600.00. Following the sale, the insider now owns 136,098 shares in the company, valued at $15,396,766.74. The disclosure for this sale can be found here. Insiders sold a total of 52,691 shares of company stock worth $6,197,632 over the last quarter. 1.39% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Targa Resources

Large investors have recently made changes to their positions in the business. Blackstone Inc. grew its position in Targa Resources by 60.4% during the fourth quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock valued at $820,290,000 after buying an additional 3,554,989 shares during the period. Norges Bank bought a new stake in shares of Targa Resources in the 4th quarter worth approximately $187,123,000. Price T Rowe Associates Inc. MD lifted its stake in Targa Resources by 231.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock valued at $119,712,000 after purchasing an additional 962,073 shares during the last quarter. abrdn plc grew its holdings in Targa Resources by 802.0% during the fourth quarter. abrdn plc now owns 484,917 shares of the pipeline company’s stock valued at $42,125,000 after purchasing an additional 431,156 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Targa Resources by 71.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,024,713 shares of the pipeline company’s stock valued at $114,758,000 after buying an additional 428,276 shares during the last quarter. 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.