Targa Resources (NYSE:TRGP) Price Target Raised to $312.00

Targa Resources (NYSE:TRGP) had its target price increased by Truist Financial from $289.00 to $312.00 in a report released on Wednesday morning,Benzinga reports. Truist Financial currently has a buy rating on the pipeline company’s stock.

A number of other research firms have also weighed in on TRGP. Seaport Research Partners reiterated a “neutral” rating on shares of Targa Resources in a research note on Monday, May 4th. Scotiabank boosted their target price on shares of Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a research report on Tuesday, May 12th. The Goldman Sachs Group upped their price target on shares of Targa Resources from $242.00 to $268.00 and gave the company a “buy” rating in a report on Monday, April 20th. Stifel Nicolaus set a $268.00 price target on Targa Resources in a research report on Friday, May 8th. Finally, Wells Fargo & Company lifted their price objective on Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a research note on Friday, May 8th. Seventeen investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $285.93.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $283.39 on Wednesday. Targa Resources has a 52 week low of $144.14 and a 52 week high of $285.56. The business’s 50 day moving average price is $267.82 and its 200 day moving average price is $238.58. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. The firm has a market cap of $60.83 billion, a P/E ratio of 28.65, a P/E/G ratio of 1.44 and a beta of 0.71.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.68 billion. On average, sell-side analysts expect that Targa Resources will post 10.74 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, July 31st. Targa Resources’s payout ratio is 50.56%.

Insider Activity

In related news, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the transaction, the director directly owned 66,492 shares in the company, valued at $17,019,292.32. The trade was a 13.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.37% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Targa Resources during the fourth quarter worth about $735,758,000. Goldman Sachs Group Inc. raised its position in shares of Targa Resources by 48.5% in the fourth 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 last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Targa Resources in the third quarter valued at about $121,426,000. Bank of America Corp DE lifted its stake in shares of Targa Resources by 28.0% in the first quarter. Bank of America Corp DE now owns 3,151,993 shares of the pipeline company’s stock worth $790,299,000 after buying an additional 688,598 shares in the last quarter. Finally, Tortoise Capital Advisors L.L.C. lifted its stake in shares of Targa Resources by 20.3% in the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock worth $625,272,000 after buying an additional 572,562 shares in the last quarter. Hedge funds and other institutional investors 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.