Targa Resources (NYSE:TRGP) Sets New 52-Week High at $131.32

Targa Resources Corp. (NYSE:TRGP) shares reached a new 52-week high on Monday . The company traded as high as $131.32 and last traded at $131.27, with a volume of 1738553 shares. The stock had previously closed at $128.78.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Truist Financial lifted their price target on Targa Resources from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, June 10th. The Goldman Sachs Group boosted 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. JPMorgan Chase & Co. raised their price objective on shares of Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research report on Tuesday. Argus initiated coverage on shares of Targa Resources in a report on Wednesday, June 26th. They issued a “buy” rating and a $140.00 target price on the stock. Finally, Scotiabank increased their target price on shares of Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a research note on Monday, April 15th. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $131.08.

Targa Resources Trading Up 2.0 %

The firm has a market capitalization of $29.62 billion, a P/E ratio of 27.49, a PEG ratio of 0.76 and a beta of 2.27. The business has a 50-day moving average price of $118.69 and a 200-day moving average price of $104.76. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 2.73.

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

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th were paid a $0.75 dividend. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Monday, April 29th. This represents a $3.00 annualized dividend and a yield of 2.25%. Targa Resources’s payout ratio is currently 61.73%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, Director Charles R. Crisp sold 7,000 shares of Targa Resources stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $112.54, for a total transaction of $787,780.00. Following the completion of the transaction, the director now directly owns 95,471 shares of the company’s stock, valued at $10,744,306.34. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Targa Resources news, insider D. Scott Pryor sold 20,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $113.13, for a total value of $2,262,600.00. Following the completion of the sale, the insider now owns 136,098 shares in the company, valued at approximately $15,396,766.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles R. Crisp sold 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $112.54, for a total transaction of $787,780.00. Following the transaction, the director now owns 95,471 shares in the company, valued at $10,744,306.34. The disclosure for this sale can be found here. Insiders have sold 52,691 shares of company stock worth $6,197,632 over the last three months. Company insiders own 1.44% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of TRGP. Vanguard Group Inc. boosted its position in shares of Targa Resources by 0.8% during the first quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock worth $3,025,521,000 after purchasing an additional 201,817 shares in the last quarter. Blackstone Inc. raised its stake in Targa Resources by 2.7% during the 1st quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock worth $1,085,794,000 after buying an additional 252,729 shares during the period. Wellington Management Group LLP raised its stake in Targa Resources by 5.1% during the 3rd quarter. Wellington Management Group LLP now owns 8,319,024 shares of the pipeline company’s stock worth $713,107,000 after buying an additional 401,144 shares during the period. Deutsche Bank AG lifted its holdings in Targa Resources by 200.4% during the third quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock worth $478,063,000 after acquiring an additional 3,720,270 shares in the last quarter. Finally, Morgan Stanley grew its stake in Targa Resources by 16.1% in the third quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock valued at $325,003,000 after acquiring an additional 524,794 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.