Targa Resources (NYSE:TRGP) Price Target Raised to $260.00

Targa Resources (NYSE:TRGP) had its target price upped by Royal Bank Of Canada from $218.00 to $260.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has an outperform rating on the pipeline company’s stock.

Other equities analysts have also issued research reports about the stock. Weiss Ratings raised shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 29th. TD Cowen boosted their price target on Targa Resources from $192.00 to $220.00 and gave the company a “hold” rating in a report on Monday, February 23rd. Wells Fargo & Company raised their price objective on Targa Resources from $207.00 to $248.00 and gave the stock an “overweight” rating in a report on Friday, February 20th. Wall Street Zen downgraded Targa Resources from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $242.00 target price on shares of Targa Resources in a research report on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Targa Resources currently has a consensus rating of “Moderate Buy” and an average price target of $238.50.

Targa Resources Stock Performance

Targa Resources stock opened at $235.55 on Friday. 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 has a fifty-two week low of $144.14 and a fifty-two week high of $237.50. The stock has a fifty day moving average of $199.75 and a two-hundred day moving average of $177.98. The company has a market capitalization of $50.63 billion, a price-to-earnings ratio of 27.42, a PEG ratio of 1.01 and a beta of 0.84.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, beating analysts’ consensus estimates of $2.35 by $0.16. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%.The business had revenue of $4.06 billion for the quarter, compared to analyst estimates of $4.12 billion. On average, analysts anticipate that Targa Resources will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Friday, January 30th. Targa Resources’s payout ratio is 46.57%.

Insider Buying and Selling

In related news, Director Lindsey Cooksen sold 435 shares of the stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $231.72, for a total transaction of $100,798.20. Following the completion of the sale, the director owned 11,670 shares of the company’s stock, valued at approximately $2,704,172.40. This represents a 3.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles R. Crisp sold 1,359 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $229.30, for a total transaction of $311,618.70. Following the completion of the transaction, the director owned 77,094 shares in the company, valued at $17,677,654.20. The trade was a 1.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 51,553 shares of company stock worth $11,707,455. Corporate insiders own 1.34% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Several large investors have recently made changes to their positions in TRGP. Atlantic Union Bankshares Corp acquired a new position in shares of Targa Resources during the 4th quarter valued at $27,000. Olistico Wealth LLC acquired a new position in shares of Targa Resources during the fourth quarter worth about $27,000. Miller Capital Partners Inc. purchased a new stake in shares of Targa Resources in the fourth quarter worth about $30,000. Leonteq Securities AG acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $31,000. Finally, Peoples Financial Services CORP. purchased a new stake in shares of Targa Resources during the 3rd quarter valued at about $34,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

About Targa Resources

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.