Targa Resources (NYSE:TRGP) Given New $270.00 Price Target at Royal Bank Of Canada

Targa Resources (NYSE:TRGP) had its price objective raised by Royal Bank Of Canada from $260.00 to $270.00 in a research note published on Monday,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the pipeline company’s stock.

Several other research firms have also weighed in on TRGP. UBS Group raised their target price on Targa Resources from $228.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, March 24th. Truist Financial raised their target price on Targa Resources from $279.00 to $285.00 and gave the company a “buy” rating in a report on Monday. Citigroup raised their target price on Targa Resources from $200.00 to $262.00 and gave the company a “buy” rating in a report on Tuesday, February 24th. Morgan Stanley raised their target price on Targa Resources from $298.00 to $327.00 and gave the company an “overweight” rating in a report on Tuesday, April 7th. Finally, Barclays raised their target price on Targa Resources from $226.00 to $255.00 and gave the company an “overweight” rating in a report on Tuesday, April 7th. Fourteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Targa Resources currently has a consensus rating of “Moderate Buy” and an average target price of $258.07.

Targa Resources Price Performance

NYSE TRGP opened at $240.14 on Monday. Targa Resources has a fifty-two week low of $144.14 and a fifty-two week high of $253.87. The stock’s 50-day moving average is $234.53 and its two-hundred day moving average is $194.86. The company has a debt-to-equity ratio of 5.21, a current ratio of 0.67 and a quick ratio of 0.55. The firm has a market cap of $51.58 billion, a P/E ratio of 27.96, a price-to-earnings-growth ratio of 1.57 and a beta of 0.81.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.35 by $0.16. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%.The company 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 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, February 13th. Stockholders of record on Friday, January 30th were given a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, January 30th. Targa Resources’s dividend payout ratio (DPR) is currently 46.57%.

Insider Buying and Selling

In other news, insider D. Scott Pryor sold 17,500 shares of the firm’s stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $228.92, for a total value of $4,006,100.00. Following the sale, the insider directly owned 31,938 shares of the company’s stock, valued at approximately $7,311,246.96. This trade represents a 35.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lindsey Cooksen sold 435 shares of the firm’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $231.72, for a total value of $100,798.20. Following the completion of the sale, the director directly owned 11,670 shares in the company, valued at approximately $2,704,172.40. This represents a 3.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 104,929 shares of company stock valued at $24,692,134 in the last quarter. Insiders own 1.37% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Several hedge funds and other institutional investors have recently made changes to their positions in TRGP. Olistico Wealth LLC acquired a new stake in Targa Resources during the fourth quarter worth about $27,000. Atlantic Union Bankshares Corp acquired a new stake in Targa Resources during the fourth quarter worth about $27,000. Miller Capital Partners Inc. acquired a new stake in Targa Resources during the fourth quarter worth about $30,000. Leonteq Securities AG acquired a new stake in Targa Resources during the fourth quarter worth about $31,000. Finally, Peoples Financial Services CORP. acquired a new stake in Targa Resources during the third quarter worth about $34,000. 92.13% of the stock is 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.