Targa Resources (NYSE:TRGP) Sets New 52-Week High After Analyst Upgrade

Targa Resources, Inc. (NYSE:TRGP)’s stock price reached a new 52-week high during trading on Monday after TD Cowen raised their price target on the stock from $192.00 to $220.00. TD Cowen currently has a hold rating on the stock. Targa Resources traded as high as $233.28 and last traded at $231.9830, with a volume of 111145 shares traded. The stock had previously closed at $231.35.

Other equities analysts also recently issued research reports about the stock. Stifel Nicolaus raised their price target on shares of Targa Resources from $213.00 to $243.00 and gave the company a “buy” rating in a research note on Friday. Scotiabank restated an “outperform” rating and issued a $224.00 price objective on shares of Targa Resources in a report on Friday, January 16th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $242.00 target price on shares of Targa Resources in a report on Friday. Barclays reissued an “overweight” rating and issued a $226.00 price target on shares of Targa Resources in a research note on Friday. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $241.00 price objective on shares of Targa Resources in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Targa Resources presently has a consensus rating of “Moderate Buy” and an average price target of $229.29.

Insider Buying and Selling

In related news, insider Gerald R. Shrader sold 2,750 shares of the firm’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $181.21, for a total transaction of $498,327.50. Following the completion of the sale, the insider owned 29,561 shares of the company’s stock, valued at $5,356,748.81. This trade represents a 8.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.34% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Targa Resources

Hedge funds and other institutional investors have recently modified their holdings of the company. Olistico Wealth LLC bought a new position in shares of Targa Resources in the 4th quarter worth $27,000. Atlantic Union Bankshares Corp purchased a new stake in Targa Resources in the 4th quarter valued at $27,000. Miller Capital Partners Inc. bought a new position in Targa Resources during the 4th quarter valued at $30,000. Leonteq Securities AG purchased a new position in Targa Resources during the 4th quarter worth $31,000. Finally, Peoples Financial Services CORP. bought a new stake in shares of Targa Resources in the 3rd quarter worth $34,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

The company’s 50 day moving average price is $195.48 and its 200-day moving average price is $176.13. The stock has a market cap of $49.93 billion, a P/E ratio of 27.04, a price-to-earnings-growth ratio of 0.98 and a beta of 0.88. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, topping the consensus estimate of $2.35 by $0.16. The business had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. Equities analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were issued a $1.00 dividend. The ex-dividend date of this dividend was Friday, January 30th. This represents a $4.00 annualized dividend and a dividend yield of 1.7%. Targa Resources’s dividend payout ratio is currently 46.57%.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.