Targa Resources (NYSE:TRGP) Price Target Increased to $120.00 by Analysts at Truist Financial

Targa Resources (NYSE:TRGPFree Report) had its price objective hoisted by Truist Financial from $105.00 to $120.00 in a research note published on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the pipeline company’s stock.

A number of other analysts also recently issued reports on TRGP. JPMorgan Chase & Co. increased their price target on shares of Targa Resources from $122.00 to $125.00 and gave the stock an overweight rating in a report on Wednesday, March 6th. Barclays upped their price objective on shares of Targa Resources from $105.00 to $116.00 and gave the stock an overweight rating in a research report on Tuesday, March 19th. Citigroup upped their price objective on shares of Targa Resources from $104.00 to $112.00 and gave the stock a buy rating in a research report on Wednesday, February 21st. Royal Bank of Canada upped their price objective on shares of Targa Resources from $106.00 to $109.00 and gave the stock an outperform rating in a research report on Monday, February 26th. Finally, UBS Group reduced their price objective on shares of Targa Resources from $109.00 to $108.00 and set a buy rating for the company in a research report on Thursday, January 18th. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of Buy and an average price target of $111.00.

View Our Latest Stock Analysis on TRGP

Targa Resources Stock Down 0.1 %

TRGP stock opened at $110.90 on Wednesday. The firm’s fifty day simple moving average is $94.48 and its 200-day simple moving average is $88.78. Targa Resources has a 12 month low of $64.85 and a 12 month high of $111.75. The company has a market capitalization of $24.75 billion, a P/E ratio of 30.22 and a beta of 2.20. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.79 and a quick ratio of 0.66.

Targa Resources (NYSE:TRGPGet Free Report) last announced its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. The firm had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $4.50 billion. As a group, equities research analysts forecast that Targa Resources will post 5.69 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 15th. Stockholders of record on Wednesday, January 31st were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date was Tuesday, January 30th. Targa Resources’s dividend payout ratio (DPR) is 54.50%.

Insider Activity

In related news, CAO Julie H. Boushka sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total transaction of $244,150.00. Following the completion of the sale, the chief accounting officer now directly owns 71,808 shares in the company, valued at $7,012,769.28. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CAO Julie H. Boushka sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total transaction of $244,150.00. Following the completion of the sale, the chief accounting officer now directly owns 71,808 shares in the company, valued at $7,012,769.28. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider D. Scott Pryor sold 10,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $97.00, for a total transaction of $970,000.00. Following the sale, the insider now owns 156,098 shares of the company’s stock, valued at $15,141,506. The disclosure for this sale can be found here. Insiders sold 81,966 shares of company stock worth $7,987,215 over the last three months. Insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Several hedge funds and other institutional investors have recently bought and sold shares of TRGP. Moneta Group Investment Advisors LLC boosted its stake in Targa Resources by 104,219.5% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 25,241,143 shares of the pipeline company’s stock worth $1,855,224,000 after buying an additional 25,216,947 shares during the period. Deutsche Bank AG boosted its stake in Targa Resources by 200.4% during the third quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock worth $478,063,000 after buying an additional 3,720,270 shares during the period. Blackstone Inc. boosted its stake in Targa Resources by 60.4% during the fourth quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock worth $820,290,000 after buying an additional 3,554,989 shares during the period. Wellington Management Group LLP boosted its stake in Targa Resources by 424.5% during the first quarter. Wellington Management Group LLP now owns 3,777,797 shares of the pipeline company’s stock worth $285,110,000 after buying an additional 3,057,486 shares during the period. Finally, Norges Bank purchased a new position in Targa Resources during the fourth quarter worth about $187,123,000. 90.21% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Targa Resources (NYSE:TRGP)

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