Targa Resources (NYSE:TRGP) Price Target Raised to $249.00 at Scotiabank

Targa Resources (NYSE:TRGP) had its price target boosted by Scotiabank from $246.00 to $249.00 in a research note released on Monday morning, Marketbeat reports. Scotiabank currently has a sector outperform rating on the pipeline company’s stock.

A number of other research analysts also recently issued reports on TRGP. Wells Fargo & Company raised their price target on shares of Targa Resources from $248.00 to $264.00 and gave the stock an “overweight” rating in a research report on Friday, March 13th. Truist Financial raised their price target on shares of Targa Resources from $279.00 to $285.00 and gave the stock a “buy” rating in a research report on Monday. Barclays increased their price objective on shares of Targa Resources from $226.00 to $255.00 and gave the stock an “overweight” rating in a report on Tuesday, April 7th. TD Cowen increased their price objective on shares of Targa Resources from $192.00 to $220.00 and gave the stock a “hold” rating in a report on Monday, February 23rd. Finally, Weiss Ratings raised shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 29th. Fourteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $258.07.

Targa Resources Trading Down 1.2%

Targa Resources stock opened at $240.14 on Monday. The firm’s 50-day moving average is $234.53 and its 200-day moving average is $194.86. 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 1 year low of $144.14 and a 1 year high of $253.87. The company has a market cap of $51.58 billion, a P/E ratio of 27.96, a PEG ratio of 1.57 and a beta of 0.81.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $4.12 billion. On average, equities analysts expect that Targa Resources will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis 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 46.57%.

Insiders Place Their Bets

In related news, insider Patrick J. Mcdonie sold 31,537 shares of the stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $239.36, for a total value of $7,548,696.32. Following the sale, the insider owned 305,163 shares of the company’s stock, valued at $73,043,815.68. This trade represents a 9.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider D. Scott Pryor sold 17,500 shares of the firm’s stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total transaction of $4,006,100.00. Following the transaction, the insider directly owned 31,938 shares in the company, valued at approximately $7,311,246.96. The trade was a 35.40% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 104,929 shares of company stock worth $24,692,134. 1.37% of the stock is owned by company insiders.

Hedge Funds Weigh In On Targa Resources

Several large investors have recently bought and sold shares of TRGP. Norges Bank acquired a new position in Targa Resources during the 4th quarter valued at about $735,758,000. Wellington Management Group LLP increased its stake in Targa Resources by 9.0% during the 3rd quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock valued at $3,291,012,000 after buying an additional 1,620,253 shares during the period. Goldman Sachs Group Inc. increased its stake in Targa Resources by 48.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock valued at $607,023,000 after buying an additional 1,075,246 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Targa Resources during the 3rd quarter valued at about $121,426,000. Finally, Tortoise Capital Advisors L.L.C. increased its stake in Targa Resources by 20.3% during the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock valued at $625,272,000 after buying an additional 572,562 shares during the period. 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.