Targa Resources (NYSE:TRGP) Given New $105.00 Price Target at Truist Financial

Targa Resources (NYSE:TRGP) had its target price lifted by Truist Financial from $95.00 to $105.00 in a report issued on Monday morning, Benzinga reports. The brokerage currently has a buy rating on the pipeline company’s stock.

A number of other analysts have also recently issued reports on TRGP. Mizuho increased their price objective on Targa Resources from $99.00 to $105.00 and gave the stock a buy rating in a report on Wednesday, September 20th. Citigroup raised their price target on Targa Resources from $95.00 to $100.00 and gave the company a buy rating in a report on Wednesday, August 9th. StockNews.com initiated coverage on Targa Resources in a report on Thursday, October 5th. They issued a hold rating on the stock. TheStreet raised Targa Resources from a c+ rating to a b rating in a report on Tuesday, September 5th. Finally, Barclays raised their price target on Targa Resources from $89.00 to $94.00 and gave the company an overweight rating in a report on Wednesday, October 18th. One research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Buy and a consensus target price of $104.00.

Targa Resources Stock Performance

Shares of TRGP opened at $87.53 on Monday. The stock’s 50-day simple moving average is $85.33 and its 200 day simple moving average is $79.20. The stock has a market capitalization of $19.58 billion, a price-to-earnings ratio of 22.91 and a beta of 2.27. The company has a debt-to-equity ratio of 2.60, a quick ratio of 0.61 and a current ratio of 0.74. Targa Resources has a 52-week low of $64.85 and a 52-week high of $90.64.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Tuesday, October 31st will be paid a $0.50 dividend. The ex-dividend date is Monday, October 30th. This represents a $2.00 dividend on an annualized basis and a yield of 2.28%. Targa Resources’s dividend payout ratio (DPR) is currently 52.36%.

Insiders Place Their Bets

In other Targa Resources news, insider Regina Gregory sold 1,819 shares of Targa Resources stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $84.58, for a total value of $153,851.02. Following the transaction, the insider now directly owns 47,304 shares of the company’s stock, valued at approximately $4,000,972.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Targa Resources news, insider Regina Gregory sold 1,819 shares of Targa Resources stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $84.58, for a total value of $153,851.02. Following the transaction, the insider now directly owns 47,304 shares of the company’s stock, valued at approximately $4,000,972.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert Muraro sold 10,000 shares of Targa Resources stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $90.03, for a total value of $900,300.00. Following the completion of the transaction, the insider now directly owns 187,021 shares in the company, valued at $16,837,500.63. The disclosure for this sale can be found here. Insiders have sold 16,396 shares of company stock valued at $1,452,474 in the last ninety days. Company insiders own 1.39% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

Hedge funds have recently made changes to their positions in the business. Bessemer Group Inc. increased its stake in shares of Targa Resources by 75.1% during the second quarter. Bessemer Group Inc. now owns 338 shares of the pipeline company’s stock valued at $26,000 after buying an additional 145 shares during the period. Quarry LP purchased a new position in shares of Targa Resources during the first quarter valued at approximately $33,000. Headlands Technologies LLC purchased a new position in shares of Targa Resources during the first quarter valued at approximately $36,000. Massmutual Trust Co. FSB ADV increased its stake in shares of Targa Resources by 231.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 470 shares of the pipeline company’s stock valued at $36,000 after buying an additional 328 shares during the period. Finally, BOKF NA bought a new stake in shares of Targa Resources during the first quarter valued at approximately $42,000. 90.21% of the stock is owned by hedge funds and other institutional investors.

About Targa Resources

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. The company operates in two segments, Gathering and Processing, and Logistics and Transportation.