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 issued to investors on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the pipeline company’s stock.

A number of other analysts have also commented on the company. The Goldman Sachs Group increased their price objective on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Wells Fargo & Company increased their price objective on Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Scotiabank increased their price objective on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 17th. JPMorgan Chase & Co. increased their price objective on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, July 2nd. Finally, Truist Financial increased their price objective on Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Twelve investment 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, the company has a consensus rating of “Buy” and an average price target of $145.77.

Targa Resources Stock Up 0.5 %

Targa Resources stock opened at $162.63 on Wednesday. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. The firm has a market capitalization of $35.63 billion, a price-to-earnings ratio of 34.24, a price-to-earnings-growth ratio of 1.32 and a beta of 2.25. Targa Resources has a fifty-two week low of $81.03 and a fifty-two week high of $167.79. The stock’s fifty day moving average is $149.38 and its two-hundred day moving average is $131.59.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.12. The company 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 company earned $1.44 earnings per share. Analysts predict that Targa Resources will post 5.9 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be issued a $0.75 dividend. The ex-dividend date is Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.84%. Targa Resources’s dividend payout ratio (DPR) is 63.16%.

Insider Transactions at Targa Resources

In other news, insider Gerald R. Shrader sold 3,000 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $136.06, for a total value of $408,180.00. Following the transaction, the insider now directly owns 29,603 shares in the company, valued at $4,027,784.18. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Gerald R. Shrader sold 3,000 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $136.06, for a total value of $408,180.00. Following the transaction, the insider now directly owns 29,603 shares in the company, valued at $4,027,784.18. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Joe Bob Perkins sold 150,000 shares of the firm’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 transaction, the director now owns 110,470 shares in the company, valued at approximately $17,181,399.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 175,534 shares of company stock worth $26,815,021 in the last three months. 1.44% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Targa Resources

Several hedge funds have recently modified their holdings of TRGP. American International Group Inc. raised its holdings in shares of Targa Resources by 0.4% during the 4th quarter. American International Group Inc. now owns 63,044 shares of the pipeline company’s stock valued at $5,477,000 after buying an additional 241 shares during the period. SageView Advisory Group LLC purchased a new stake in shares of Targa Resources during the 4th quarter valued at about $471,000. B. Riley Wealth Advisors Inc. raised its holdings in shares of Targa Resources by 4.4% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 13,652 shares of the pipeline company’s stock valued at $1,186,000 after buying an additional 573 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of Targa Resources by 13.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 17,405 shares of the pipeline company’s stock valued at $1,512,000 after buying an additional 2,090 shares during the period. Finally, Nomura Holdings Inc. purchased a new stake in shares of Targa Resources during the 4th quarter valued at about $621,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

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.