Truist Financial Increases Targa Resources (NYSE:TRGP) Price Target to $225.00

Targa Resources (NYSE:TRGP) had its price objective boosted by Truist Financial from $175.00 to $225.00 in a research report sent to investors on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the pipeline company’s stock.

Several other equities research analysts also recently commented on TRGP. Morgan Stanley boosted their target price on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Royal Bank of Canada raised their price target on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. The Goldman Sachs Group boosted their target price on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Barclays upped their price objective on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Finally, UBS Group lifted their target price on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research note on Friday. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Targa Resources presently has an average rating of “Buy” and a consensus target price of $169.79.

Targa Resources Trading Up 2.3 %

TRGP stock traded up $4.47 during midday trading on Friday, hitting $196.04. The stock had a trading volume of 1,376,500 shares, compared to its average volume of 1,648,823. The business has a fifty day moving average price of $163.51 and a two-hundred day moving average price of $140.77. Targa Resources has a 1-year low of $81.03 and a 1-year high of $197.14. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The firm has a market cap of $42.75 billion, a P/E ratio of 35.45, a price-to-earnings-growth ratio of 0.77 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.17. The firm had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter in the prior year, the business earned $0.97 earnings per share. On average, sell-side analysts predict that Targa Resources will post 6.19 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s dividend payout ratio is currently 54.25%.

Insider Activity at Targa Resources

In other news, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the sale, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. This represents a 8.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider D. Scott Pryor sold 30,000 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the sale, the insider now owns 82,979 shares of the company’s stock, valued at $15,793,393.07. This represents a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 185,760 shares of company stock valued at $30,026,712 over the last 90 days. 1.39% of the stock is owned by insiders.

Institutional Trading of Targa Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TRGP. Vanguard Group Inc. boosted its holdings in Targa Resources by 0.8% in the first quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock worth $3,025,521,000 after acquiring an additional 201,817 shares in the last quarter. Caxton Associates LP bought a new position in Targa Resources during the 2nd quarter valued at about $2,323,000. Cetera Investment Advisers grew its stake in shares of Targa Resources by 215.2% in the first quarter. Cetera Investment Advisers now owns 31,052 shares of the pipeline company’s stock worth $3,478,000 after acquiring an additional 21,200 shares during the period. California State Teachers Retirement System lifted its position in Targa Resources by 6.5% during the first quarter. California State Teachers Retirement System now owns 444,530 shares of the pipeline company’s stock valued at $49,783,000 after purchasing an additional 27,164 shares during the period. Finally, Virtu Financial LLC bought a new stake in Targa Resources in the 1st quarter worth approximately $1,151,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Company Profile

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.