Targa Resources (NYSE:TRGP) Price Target Raised to $220.00 at TD Cowen

Targa Resources (NYSE:TRGP) had its target price hoisted by TD Cowen from $192.00 to $220.00 in a report issued on Monday morning, Marketbeat Ratings reports. TD Cowen currently has a hold rating on the pipeline company’s stock.

Several other equities research analysts have also recently weighed in on the stock. Scotiabank restated an “outperform” rating and issued a $224.00 price objective on shares of Targa Resources in a research report on Friday, January 16th. Weiss Ratings raised shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 29th. Stifel Nicolaus boosted their price objective on shares of Targa Resources from $213.00 to $243.00 and gave the stock a “buy” rating in a research report on Friday. The Goldman Sachs Group reiterated a “buy” rating and issued a $242.00 price objective on shares of Targa Resources in a research report on Friday. Finally, Wall Street Zen cut Targa Resources from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $229.29.

Targa Resources Price Performance

Targa Resources stock opened at $232.30 on Monday. The business’s fifty day moving average is $195.48 and its two-hundred day moving average is $176.13. 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 $49.93 billion, a P/E ratio of 27.04, a P/E/G ratio of 0.98 and a beta of 0.88. Targa Resources has a 52 week low of $144.14 and a 52 week high of $233.28.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, beating analysts’ consensus estimates of $2.35 by $0.16. The company had revenue of $4.06 billion during the quarter, compared to analyst estimates of $4.12 billion. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%. Equities research analysts forecast that Targa Resources will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were paid a $1.00 dividend. 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 dividend payout ratio is 46.57%.

Insider Activity at Targa Resources

In related news, insider Gerald R. Shrader sold 2,750 shares of Targa Resources stock in a transaction on Friday, December 5th. The stock was sold at an average price of $181.21, for a total transaction of $498,327.50. Following the completion of the sale, the insider directly owned 29,561 shares of the company’s stock, valued at $5,356,748.81. The trade was a 8.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.34% of the stock is currently owned by company insiders.

Institutional Trading of Targa Resources

Large investors have recently made changes to their positions in the company. Mcguire Capital Advisors Inc. bought a new position in Targa Resources during the fourth quarter worth about $52,000. Corient Private Wealth LLC raised its position in shares of Targa Resources by 548.8% during the fourth quarter. Corient Private Wealth LLC now owns 224,984 shares of the pipeline company’s stock worth $41,510,000 after purchasing an additional 190,306 shares during the period. Beacon Pointe Advisors LLC lifted its holdings in shares of Targa Resources by 104.2% during the 4th quarter. Beacon Pointe Advisors LLC now owns 3,022 shares of the pipeline company’s stock valued at $557,000 after purchasing an additional 1,542 shares in the last quarter. CacheTech Inc. bought a new position in shares of Targa Resources during the 4th quarter valued at about $214,000. Finally, Empowered Funds LLC grew its position in shares of Targa Resources by 180.9% in the 4th quarter. Empowered Funds LLC now owns 19,949 shares of the pipeline company’s stock valued at $3,681,000 after purchasing an additional 12,846 shares during the period. Institutional investors own 92.13% of the company’s stock.

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.