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

Targa Resources (NYSE:TRGP) had its price target lifted by Mizuho from $207.00 to $260.00 in a report released on Thursday,Benzinga reports. Mizuho currently has an outperform rating on the pipeline company’s stock.

A number of other brokerages have also weighed in on TRGP. Citigroup boosted their price target on Targa Resources from $200.00 to $262.00 and gave the stock a “buy” rating in a research note on Tuesday, February 24th. Scotiabank restated an “outperform” rating on shares of Targa Resources in a research note on Tuesday, February 24th. Stifel Nicolaus increased their price objective on Targa Resources from $213.00 to $243.00 and gave the company a “buy” rating in a report on Friday, February 20th. Morgan Stanley increased their price objective on Targa Resources from $266.00 to $298.00 and gave the company an “overweight” rating in a report on Tuesday, March 3rd. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $241.00 price target on shares of Targa Resources in a report on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Targa Resources presently has an average rating of “Moderate Buy” and an average price target of $246.54.

Targa Resources Stock Performance

TRGP stock opened at $239.89 on Thursday. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67. The firm has a market cap of $51.56 billion, a price-to-earnings ratio of 27.93, a PEG ratio of 1.53 and a beta of 0.84. The firm has a 50-day simple moving average of $215.42 and a two-hundred day simple moving average of $185.07. Targa Resources has a one year low of $144.14 and a one year high of $250.00.

Targa Resources (NYSE:TRGP) last posted its earnings results 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 net margin of 10.88% and a return on equity of 65.48%. The company had revenue of $4.06 billion during the quarter, compared to analysts’ expectations of $4.12 billion. On average, equities analysts forecast that Targa Resources will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm 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. The ex-dividend date was Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a yield of 1.7%. Targa Resources’s dividend payout ratio is currently 46.57%.

Insider Buying and Selling

In other news, insider Patrick J. Mcdonie sold 31,537 shares of the business’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $239.36, for a total value of $7,548,696.32. Following the completion of the sale, the insider directly owned 305,163 shares in the company, valued at $73,043,815.68. The trade was a 9.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Robert Muraro sold 24,589 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $241.34, for a total value of $5,934,309.26. Following the transaction, the insider directly owned 197,401 shares of the company’s stock, valued at approximately $47,640,757.34. The trade was a 11.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 104,929 shares of company stock valued at $24,692,134 in the last 90 days. Corporate insiders own 1.34% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

A number of large investors have recently added to or reduced their stakes in the stock. Hantz Financial Services Inc. increased its stake in shares of Targa Resources by 10.5% during the fourth quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company’s stock worth $97,000 after purchasing an additional 50 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its stake in Targa Resources by 0.7% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,455 shares of the pipeline company’s stock valued at $1,376,000 after buying an additional 51 shares in the last quarter. First Horizon Corp raised its holdings in shares of Targa Resources by 20.1% during the fourth quarter. First Horizon Corp now owns 340 shares of the pipeline company’s stock valued at $63,000 after acquiring an additional 57 shares during the last quarter. Larson Financial Group LLC lifted its position in shares of Targa Resources by 4.1% in the third quarter. Larson Financial Group LLC now owns 1,508 shares of the pipeline company’s stock valued at $253,000 after acquiring an additional 60 shares in the last quarter. Finally, Equitable Holdings Inc. increased its position in shares of Targa Resources by 3.6% during the third quarter. Equitable Holdings Inc. now owns 1,714 shares of the pipeline company’s stock worth $287,000 after purchasing an additional 60 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

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.