Targa Resources (NYSE:TRGP) Price Target Raised to $223.00

Targa Resources (NYSE:TRGP) had its price objective increased by The Goldman Sachs Group from $185.00 to $223.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a buy rating on the pipeline company’s stock.

Several other analysts have also issued reports on the stock. Royal Bank of Canada boosted their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Bank of America assumed coverage on shares of Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 price objective for the company. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Truist Financial cut their price objective on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, December 13th. Finally, Morgan Stanley increased their target price on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $181.43.

Targa Resources Stock Up 2.5 %

TRGP opened at $176.79 on Thursday. The company has a market capitalization of $38.55 billion, a PE ratio of 31.97, a price-to-earnings-growth ratio of 0.73 and a beta of 2.28. The firm has a 50-day simple moving average of $183.60 and a two-hundred day simple moving average of $154.63. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources has a 52 week low of $81.03 and a 52 week high of $209.87.

Targa Resources (NYSE:TRGP) last announced its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.17. The company had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period last year, the firm earned $0.97 earnings per share. Analysts forecast that Targa Resources will post 6.26 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is 54.25%.

Insider Activity at Targa Resources

In related news, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the transaction, the chief accounting officer now directly owns 35,143 shares in the company, valued at $6,703,175.82. The trade was a 8.49 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Joe Bob Perkins sold 150,000 shares of the company’s stock in a transaction on 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 sale, the director now directly owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. This represents a 57.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 183,260 shares of company stock worth $29,661,212 in the last 90 days. Corporate insiders own 1.39% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in TRGP. Wellington Management Group LLP grew its stake in Targa Resources by 4.4% in the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock valued at $2,235,927,000 after purchasing an additional 633,589 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Targa Resources by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 5,717,487 shares of the pipeline company’s stock valued at $843,680,000 after buying an additional 97,583 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Targa Resources by 13.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after buying an additional 271,444 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Targa Resources by 1.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,331,503 shares of the pipeline company’s stock valued at $197,076,000 after acquiring an additional 14,287 shares in the last quarter. Finally, Barclays PLC raised its position in Targa Resources by 19.5% during the third quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company’s stock valued at $153,124,000 after acquiring an additional 168,602 shares in the last quarter. 92.13% of the stock is currently 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.