Targa Resources (NYSE:TRGP) Price Target Raised to $172.00 at Royal Bank of Canada

Targa Resources (NYSE:TRGP) had its price target hoisted by Royal Bank of Canada from $153.00 to $172.00 in a research note published on Wednesday, Benzinga reports. They currently have an outperform rating on the pipeline company’s stock.

Other research analysts have also issued research reports about the company. Wells Fargo & Company lifted their target price on Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Truist Financial lifted their target price on Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Scotiabank boosted their price objective on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 17th. Barclays boosted their price objective on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, Argus upgraded Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Twelve analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $145.77.

Targa Resources Price Performance

Shares of TRGP opened at $162.63 on Wednesday. The firm has a market cap of $35.63 billion, a price-to-earnings ratio of 34.24, a PEG ratio of 1.32 and a beta of 2.25. The stock has a 50 day moving average of $149.38 and a 200-day moving average of $131.59. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. Targa Resources has a 52 week low of $81.03 and a 52 week high of $167.79.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. The company had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same quarter last year, the firm earned $1.44 EPS. As a group, analysts forecast that Targa Resources will post 5.9 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.84%. The ex-dividend date is Thursday, October 31st. Targa Resources’s payout ratio is currently 63.16%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 1,213 shares of Targa Resources stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the sale, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at $6,898,969.14. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Julie H. Boushka sold 12,641 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $134.50, for a total value of $1,700,214.50. Following the sale, the chief accounting officer now owns 38,403 shares of the company’s stock, valued at approximately $5,165,203.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Julie H. Boushka sold 1,213 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the sale, the chief accounting officer now directly owns 52,257 shares in the company, valued at $6,898,969.14. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 175,534 shares of company stock valued at $26,815,021 in the last quarter. Corporate insiders own 1.44% of the company’s stock.

Institutional Trading of Targa Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Massmutual Trust Co. FSB ADV raised its stake in shares of Targa Resources by 9.8% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock worth $138,000 after buying an additional 83 shares in the last quarter. Fifth Third Bancorp raised its position in shares of Targa Resources by 1.0% during the second quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock worth $1,148,000 after purchasing an additional 89 shares during the period. Catalina Capital Group LLC raised its position in shares of Targa Resources by 3.4% during the second quarter. Catalina Capital Group LLC now owns 3,043 shares of the pipeline company’s stock worth $392,000 after purchasing an additional 99 shares during the period. Gulf International Bank UK Ltd raised its position in shares of Targa Resources by 0.6% during the first quarter. Gulf International Bank UK Ltd now owns 17,695 shares of the pipeline company’s stock worth $1,981,000 after purchasing an additional 100 shares during the period. Finally, &PARTNERS raised its position in shares of Targa Resources by 1.1% during the second quarter. &PARTNERS now owns 10,107 shares of the pipeline company’s stock worth $1,302,000 after purchasing an additional 107 shares during the period. 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.