Targa Resources (NYSE:TRGP) Given New $285.00 Price Target at Truist Financial

Targa Resources (NYSE:TRGP) had its target price hoisted by Truist Financial from $279.00 to $285.00 in a report released on Monday morning,Benzinga reports. They currently have a buy rating on the pipeline company’s stock.

Several other equities analysts also recently commented on the company. Morgan Stanley upped their target price on Targa Resources from $298.00 to $327.00 and gave the company an “overweight” rating in a research report on Tuesday, April 7th. Mizuho boosted their price target on Targa Resources from $207.00 to $260.00 and gave the company an “outperform” rating in a research note on Thursday, March 19th. Royal Bank Of Canada boosted their price target on Targa Resources from $218.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday, February 27th. Scotiabank reaffirmed an “outperform” rating on shares of Targa Resources in a report on Tuesday, February 24th. Finally, Barclays increased their price objective on Targa Resources from $226.00 to $255.00 and gave the stock an “overweight” rating in a research 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 stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $258.07.

Targa Resources Stock Performance

NYSE TRGP opened at $240.14 on Monday. The stock has a market cap of $51.58 billion, a PE ratio of 27.96, a P/E/G ratio of 1.57 and a beta of 0.81. 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 50-day moving average of $234.53 and a 200-day moving average of $194.86. Targa Resources has a 52-week low of $144.14 and a 52-week high of $253.87.

Targa Resources (NYSE:TRGP) last announced its quarterly 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. The business had revenue of $4.06 billion for the quarter, compared to analyst estimates of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. On average, sell-side analysts anticipate that Targa Resources will post 8.15 EPS for the current 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 issued a dividend of $1.00 per share. The ex-dividend date of this dividend was Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.7%. Targa Resources’s payout ratio is 46.57%.

Insider Buying and Selling at Targa Resources

In related news, insider Patrick J. Mcdonie sold 31,537 shares of the firm’s stock in a transaction dated 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 sale, the insider directly owned 305,163 shares of the company’s stock, valued at $73,043,815.68. This trade represents a 9.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider D. Scott Pryor sold 17,500 shares of Targa Resources stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total value of $4,006,100.00. Following the completion of the transaction, the insider owned 31,938 shares in the company, valued at approximately $7,311,246.96. This represents a 35.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 104,929 shares of company stock worth $24,692,134 over the last quarter. 1.37% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Targa Resources

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Targa Resources by 1.5% in the third quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock valued at $4,755,169,000 after buying an additional 422,075 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Targa Resources by 9.0% during the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock worth $3,291,012,000 after buying an additional 1,620,253 shares in the last quarter. State Street Corp increased its holdings in shares of Targa Resources by 1.3% during the fourth quarter. State Street Corp now owns 12,668,233 shares of the pipeline company’s stock worth $2,337,289,000 after buying an additional 162,878 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Targa Resources by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock valued at $1,078,497,000 after acquiring an additional 45,495 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Targa Resources in the 4th quarter valued at $735,758,000. 92.13% of the stock is owned by institutional investors.

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.