Targa Resources (NYSE:TRGP) Given New $215.00 Price Target at JPMorgan Chase & Co.

Targa Resources (NYSE:TRGP) had its price objective upped by JPMorgan Chase & Co. from $214.00 to $215.00 in a report issued on Tuesday morning,Benzinga reports. They currently have an overweight rating on the pipeline company’s stock.

Other research analysts also recently issued research reports about the stock. Wall Street Zen raised shares of Targa Resources from a “hold” rating to a “buy” rating in a research note on Sunday, September 21st. TD Cowen started coverage on Targa Resources in a report on Monday, July 7th. They issued a “hold” rating and a $192.00 price target for the company. BMO Capital Markets started coverage on Targa Resources in a report on Friday, September 19th. They issued an “outperform” rating and a $185.00 price target for the company. Barclays lifted their price target on Targa Resources from $178.00 to $195.00 and gave the company an “overweight” rating in a report on Thursday, July 10th. Finally, Royal Bank Of Canada lifted their price target on Targa Resources from $205.00 to $208.00 and gave the company an “outperform” rating in a report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $207.67.

Targa Resources Trading Up 2.4%

NYSE:TRGP opened at $166.44 on Tuesday. The company has a market capitalization of $35.82 billion, a PE ratio of 23.54, a price-to-earnings-growth ratio of 0.96 and a beta of 1.12. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. Targa Resources has a 52-week low of $150.00 and a 52-week high of $218.51. The stock has a fifty day simple moving average of $165.34 and a 200-day simple moving average of $168.65.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $0.92. The business had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. On average, equities research analysts expect that Targa Resources will post 8.15 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Thursday, July 31st. This is an increase from Targa Resources’s previous quarterly dividend of $0.12. Targa Resources’s dividend payout ratio (DPR) is presently 56.58%.

Institutional Trading of Targa Resources

A number of institutional investors have recently modified their holdings of the company. Ritholtz Wealth Management grew its holdings in shares of Targa Resources by 1.3% during the 1st quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company’s stock worth $991,000 after purchasing an additional 62 shares during the period. Stratos Wealth Advisors LLC grew its holdings in shares of Targa Resources by 3.6% during the 1st quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company’s stock worth $356,000 after purchasing an additional 62 shares during the period. State of Wyoming boosted its holdings in Targa Resources by 3.2% in the 2nd quarter. State of Wyoming now owns 2,076 shares of the pipeline company’s stock worth $361,000 after acquiring an additional 64 shares during the period. UMB Bank n.a. boosted its holdings in Targa Resources by 11.9% in the 2nd quarter. UMB Bank n.a. now owns 658 shares of the pipeline company’s stock worth $115,000 after acquiring an additional 70 shares during the period. Finally, QRG Capital Management Inc. boosted its holdings in Targa Resources by 0.8% in the 2nd quarter. QRG Capital Management Inc. now owns 9,296 shares of the pipeline company’s stock worth $1,618,000 after acquiring an additional 72 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

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.