Targa Resources (NYSE:TRGP) Sets New 52-Week High – Here’s Why

Targa Resources Corp. (NYSE:TRGP)’s stock price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $167.80 and last traded at $167.30, with a volume of 21887 shares. The stock had previously closed at $165.84.

Wall Street Analyst Weigh In

TRGP has been the topic of a number of recent research reports. JPMorgan Chase & Co. lifted their price objective on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a report on Tuesday, July 2nd. Barclays boosted their price target on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Scotiabank lifted their price objective on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 17th. Wells Fargo & Company upped their target price on shares of Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Finally, Argus raised shares of Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $148.36.

Targa Resources Stock Performance

The stock has a market cap of $36.62 billion, a price-to-earnings ratio of 34.91, a P/E/G ratio of 1.28 and a beta of 2.25. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. The firm has a fifty day simple moving average of $151.99 and a 200-day simple moving average of $133.31.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.12. The business had revenue of $3.56 billion for 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 in the prior year, the firm posted $1.44 earnings per share. Analysts forecast that Targa Resources Corp. will post 5.92 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.79%. The ex-dividend date is Thursday, October 31st. Targa Resources’s dividend payout ratio is 63.16%.

Insider Buying and Selling

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the transaction, the insider now directly owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Joe Bob Perkins sold 150,000 shares of the company’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the sale, the director now directly owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Robert Muraro sold 2,500 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 175,534 shares of company stock valued at $26,815,021 over the last ninety days. Insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Several large investors have recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL bought a new position in shares of Targa Resources during the second quarter worth $29,000. DT Investment Partners LLC bought a new position in Targa Resources during the third quarter worth about $29,000. UMB Bank n.a. grew its stake in Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after acquiring an additional 222 shares during the period. Whittier Trust Co. bought a new stake in shares of Targa Resources in the second quarter worth about $44,000. Finally, Register Financial Advisors LLC acquired a new stake in shares of Targa Resources during the first quarter worth about $45,000. 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.