Targa Resources (NYSE:TRGP) Price Target Raised to $190.00

Targa Resources (NYSE:TRGPFree Report) had its price target increased by Wells Fargo & Company from $153.00 to $190.00 in a report released on Wednesday,Benzinga reports. They currently have an overweight rating on the pipeline company’s stock.

Other equities analysts have also recently issued research reports about the stock. Argus raised shares of Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Truist Financial upped their target price on shares of Targa Resources from $150.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday. Scotiabank raised their price target on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 17th. The Goldman Sachs Group upped their price objective on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Finally, Morgan Stanley raised their price objective on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $157.21.

View Our Latest Analysis on Targa Resources

Targa Resources Price Performance

Shares of TRGP traded up $0.95 during mid-day trading on Wednesday, reaching $186.99. 243,261 shares of the stock traded hands, compared to its average volume of 1,647,919. The company has a market cap of $40.97 billion, a price-to-earnings ratio of 39.17, a price-to-earnings-growth ratio of 1.31 and a beta of 2.24. Targa Resources has a 1 year low of $81.03 and a 1 year high of $189.62. The firm has a fifty day moving average price of $157.18 and a 200 day moving average price of $137.19. 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:TRGPGet Free Report) last posted its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The business had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the previous year, the business earned $0.97 earnings per share. As a group, equities research analysts predict that Targa Resources will post 5.96 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is 63.16%.

Insider Buying and Selling

In related news, Director Joe Bob Perkins sold 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the transaction, the director now owns 110,470 shares in the company, valued at $17,181,399.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the sale, the director now directly owns 110,470 shares in the company, valued at $17,181,399.10. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Gerald R. Shrader sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $136.06, for a total value of $408,180.00. Following the transaction, the insider now owns 29,603 shares in the company, valued at $4,027,784.18. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 160,764 shares of company stock valued at $24,829,770 over the last ninety days. 1.44% of the stock is owned by insiders.

Institutional Trading of Targa Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Strategic Investment Solutions Inc. IL purchased a new stake in Targa Resources in the second quarter worth about $29,000. DT Investment Partners LLC bought a new position in Targa Resources during the 3rd quarter valued at approximately $29,000. UMB Bank n.a. raised its stake 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 valued at $30,000 after buying an additional 222 shares during the last quarter. Whittier Trust Co. bought a new stake in Targa Resources in the second quarter worth $44,000. Finally, Rogco LP purchased a new stake in shares of Targa Resources in the first quarter worth $56,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

About Targa Resources

(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.

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