Barclays Issues Positive Forecast for Targa Resources (NYSE:TRGP) Stock Price

Targa Resources (NYSE:TRGP) had its price target upped by Barclays from $226.00 to $255.00 in a report released on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the pipeline company’s stock.

A number of other analysts also recently commented on the company. Truist Financial initiated coverage on Targa Resources in a report on Tuesday, March 24th. They set a “buy” rating and a $279.00 price objective for the company. Wells Fargo & Company upped their price objective on Targa Resources from $248.00 to $264.00 and gave the stock an “overweight” rating in a report on Friday, March 13th. The Goldman Sachs Group restated a “buy” rating and set a $242.00 price objective on shares of Targa Resources in a report on Friday, February 20th. Weiss Ratings raised shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 29th. Finally, Citigroup increased their target price on shares of Targa Resources from $200.00 to $262.00 and gave the stock a “buy” rating in a research report on Tuesday, February 24th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Targa Resources has an average rating of “Moderate Buy” and an average target price of $256.71.

Targa Resources Trading Up 2.1%

NYSE TRGP opened at $250.85 on Tuesday. Targa Resources has a 12 month low of $144.14 and a 12 month high of $253.87. The company has a 50-day moving average of $231.12 and a 200-day moving average of $192.80. 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 company has a market cap of $53.88 billion, a P/E ratio of 29.20, a P/E/G ratio of 1.60 and a beta of 0.81.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, topping analysts’ consensus estimates of $2.35 by $0.16. The business had revenue of $4.06 billion during the quarter, compared to the consensus estimate of $4.12 billion. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%. As a group, equities analysts predict that Targa Resources will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently declared 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 annualized dividend and a yield of 1.6%. The ex-dividend date was Friday, January 30th. Targa Resources’s dividend payout ratio is currently 46.57%.

Insider Transactions at Targa Resources

In related news, insider Patrick J. Mcdonie sold 31,537 shares of the stock in a transaction on 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 completion of the sale, the insider directly owned 305,163 shares in the company, valued at approximately $73,043,815.68. This represents a 9.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert Muraro sold 24,589 shares of the stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $241.34, for a total transaction of $5,934,309.26. Following the completion of the sale, the insider directly owned 197,401 shares of the company’s stock, valued at $47,640,757.34. This trade represents a 11.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 104,929 shares of company stock worth $24,692,134 in the last quarter. 1.34% of the stock is owned by corporate insiders.

Institutional Trading of Targa Resources

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew 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 acquiring an additional 422,075 shares in the last quarter. Wellington Management Group LLP grew its position in Targa Resources by 9.0% in the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock valued at $3,291,012,000 after acquiring an additional 1,620,253 shares in the last quarter. State Street Corp grew its position in Targa Resources by 1.3% in the fourth quarter. State Street Corp now owns 12,668,233 shares of the pipeline company’s stock valued at $2,337,289,000 after acquiring an additional 162,878 shares in the last quarter. Geode Capital Management LLC grew its position in Targa Resources by 0.8% in the fourth 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 in the last quarter. Finally, Norges Bank acquired a new stake in Targa Resources in the fourth quarter valued at approximately $735,758,000. Institutional investors and hedge funds 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.