Targa Resources (NYSE:TRGP) Now Covered by Analysts at Argus

Argus started coverage on shares of Targa Resources (NYSE:TRGP) in a report released on Wednesday, Benzinga reports. The firm issued a buy rating and a $140.00 price target on the pipeline company’s stock.

A number of other research analysts also recently commented on TRGP. Truist Financial increased their price objective on shares of Targa Resources from $120.00 to $125.00 and gave the company a buy rating in a research note on Monday, June 10th. The Goldman Sachs Group raised their price target on shares of Targa Resources from $105.00 to $117.00 and gave the stock a buy rating in a research report on Thursday, April 4th. Stifel Nicolaus boosted their price objective on shares of Targa Resources from $111.00 to $130.00 and gave the company a buy rating in a research report on Tuesday, April 16th. Scotiabank raised their target price 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, Mizuho upped their target price on Targa Resources from $105.00 to $130.00 and gave the company a buy rating in a report on Wednesday, April 3rd. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Targa Resources has a consensus rating of Moderate Buy and a consensus target price of $129.46.

Targa Resources Stock Up 0.2 %

Shares of Targa Resources stock opened at $128.78 on Wednesday. Targa Resources has a one year low of $74.20 and a one year high of $130.53. The company has a market cap of $28.55 billion, a P/E ratio of 26.50, a PEG ratio of 0.76 and a beta of 2.21. 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 fifty day moving average of $118.04 and a two-hundred day moving average of $103.99.

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

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th were given a dividend of $0.75 per share. 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 2.33%. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s dividend payout ratio is currently 61.73%.

Insider Activity

In other Targa Resources 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 transaction of $304,083.00. Following the sale, the chief accounting officer now directly owns 57,228 shares of the company’s stock, valued at $6,466,764. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Robert Muraro sold 10,000 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $120.08, for a total value of $1,200,800.00. Following the completion of the sale, the insider now owns 196,951 shares in the company, valued at approximately $23,649,876.08. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Julie H. Boushka sold 2,691 shares of the business’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 completion of the transaction, the chief accounting officer now directly owns 57,228 shares of the company’s stock, valued at $6,466,764. The disclosure for this sale can be found here. In the last 90 days, insiders sold 42,791 shares of company stock worth $4,907,563. 1.39% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Massmutual Trust Co. FSB ADV increased its holdings in shares of Targa Resources by 17.2% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 633 shares of the pipeline company’s stock worth $71,000 after acquiring an additional 93 shares during the last quarter. Gulf International Bank UK Ltd boosted its position in 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. Global Retirement Partners LLC increased its holdings in shares of Targa Resources by 0.5% in the first quarter. Global Retirement Partners LLC now owns 24,515 shares of the pipeline company’s stock valued at $2,745,000 after purchasing an additional 116 shares during the last quarter. Greenleaf Trust raised its position in shares of Targa Resources by 2.2% in the first quarter. Greenleaf Trust now owns 6,013 shares of the pipeline company’s stock valued at $673,000 after purchasing an additional 128 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Targa Resources by 15.1% during the 1st quarter. EverSource Wealth Advisors LLC now owns 977 shares of the pipeline company’s stock worth $111,000 after buying an additional 128 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

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.