Targa Resources (NYSE:TRGP) Hits New 1-Year High at $131.32

Targa Resources Corp. (NYSE:TRGP) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $131.32 and last traded at $131.27, with a volume of 1738553 shares. The stock had previously closed at $128.78.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. The Goldman Sachs Group boosted their price target on shares of Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a research report on Thursday, April 4th. Royal Bank of Canada raised their target price on shares of Targa Resources from $123.00 to $128.00 and gave the company an “outperform” rating in a research note on Thursday, May 16th. UBS Group increased their price target on shares of Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. Scotiabank lifted their price objective on shares of Targa Resources from $112.00 to $128.00 and gave the stock a “sector outperform” rating in a report on Monday, April 15th. Finally, Truist Financial increased their target price on Targa Resources from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, June 10th. One analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $131.08.

Targa Resources Stock Performance

The company has a 50-day simple moving average of $118.69 and a two-hundred day simple moving average of $104.76. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.62 and a current ratio of 0.70. The firm has a market capitalization of $29.62 billion, a P/E ratio of 27.49, a PEG ratio of 0.76 and a beta of 2.27.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share for the quarter, missing the consensus estimate of $1.35 by ($0.13). The firm had revenue of $4.56 billion during the quarter, compared to analysts’ expectations of $4.28 billion. Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. As a group, equities analysts forecast that Targa Resources Corp. will post 5.27 EPS for the current year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th were paid a dividend of $0.75 per share. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.25%. Targa Resources’s dividend payout ratio (DPR) is currently 61.73%.

Insider Buying and Selling at Targa Resources

In related news, CAO Julie H. Boushka sold 2,691 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total value of $304,083.00. Following the transaction, the chief accounting officer now owns 57,228 shares in the company, valued at approximately $6,466,764. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CAO Julie H. Boushka sold 2,691 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total value of $304,083.00. Following the completion of the transaction, the chief accounting officer now directly owns 57,228 shares in the company, valued at approximately $6,466,764. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Robert Muraro sold 9,900 shares of the stock in a transaction on Friday, June 28th. The shares were sold at an average price of $130.31, for a total value of $1,290,069.00. Following the sale, the insider now directly owns 186,951 shares in the company, valued at $24,361,584.81. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 52,691 shares of company stock worth $6,197,632. 1.44% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Addison Advisors LLC bought a new stake in Targa Resources in the 4th quarter worth approximately $27,000. Spire Wealth Management boosted its stake in shares of Targa Resources by 2,400.0% in the 1st quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock worth $31,000 after buying an additional 264 shares during the last quarter. VisionPoint Advisory Group LLC grew its holdings in shares of Targa Resources by 111.2% in the third quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock worth $34,000 after acquiring an additional 209 shares during the period. EdgeRock Capital LLC bought a new stake in shares of Targa Resources in the fourth quarter worth $42,000. Finally, Delos Wealth Advisors LLC purchased a new stake in Targa Resources during the fourth quarter valued at $43,000. Institutional investors own 92.13% of the company’s stock.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.