Targa Resources (NYSE:TRGP) Sets New 1-Year High at $145.00

Shares of Targa Resources Corp. (NYSE:TRGP) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $145.00 and last traded at $145.00, with a volume of 405 shares traded. The stock had previously closed at $144.13.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TRGP. Royal Bank of Canada increased their price target on Targa Resources from $147.00 to $153.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 13th. JPMorgan Chase & Co. increased their target price on shares of Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research report on Tuesday, July 2nd. Scotiabank raised their target price on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 17th. Argus started coverage on shares of Targa Resources in a research note on Wednesday, June 26th. They issued a “buy” rating and a $140.00 price target for the company. Finally, UBS Group raised their price objective on shares of Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Targa Resources presently has a consensus rating of “Moderate Buy” and an average price target of $140.54.

Targa Resources Stock Up 1.2 %

The company has a market capitalization of $31.96 billion, a price-to-earnings ratio of 29.66, a price-to-earnings-growth ratio of 1.14 and a beta of 2.27. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. The business has a 50-day moving average price of $133.71 and a 200-day moving average price of $118.25.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The company had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. During the same period in the prior year, the firm earned $1.44 earnings per share. As a group, equities analysts anticipate that Targa Resources Corp. will post 5.81 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were given a $0.75 dividend. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $3.00 annualized dividend and a dividend yield of 2.06%. Targa Resources’s dividend payout ratio (DPR) is presently 61.73%.

Insiders Place Their Bets

In other news, insider Robert Muraro sold 9,900 shares of Targa Resources stock in a transaction on Friday, June 28th. The stock was sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the transaction, the insider now owns 186,951 shares in the company, valued at $24,361,584.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Targa Resources news, insider Robert Muraro sold 9,900 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the completion of the sale, the insider now directly owns 186,951 shares in the company, valued at approximately $24,361,584.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Julie H. Boushka sold 1,213 shares of Targa Resources stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the transaction, the chief accounting officer now directly owns 52,257 shares in the company, valued at approximately $6,898,969.14. The disclosure for this sale can be found here. In the last three months, insiders have sold 43,034 shares of company stock worth $5,623,890. Corporate insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cetera Investment Advisers grew its holdings in shares of Targa Resources by 4.7% during the 2nd quarter. Cetera Investment Advisers now owns 32,519 shares of the pipeline company’s stock valued at $4,188,000 after acquiring an additional 1,467 shares in the last quarter. Advisory Alpha LLC raised its holdings in shares of Targa Resources by 8.4% during the second quarter. Advisory Alpha LLC now owns 2,950 shares of the pipeline company’s stock worth $380,000 after acquiring an additional 228 shares in the last quarter. Truist Financial Corp boosted its position in Targa Resources by 5.9% during the second quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company’s stock valued at $108,010,000 after purchasing an additional 46,864 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its position in Targa Resources by 0.9% during the second quarter. B. Riley Wealth Advisors Inc. now owns 13,192 shares of the pipeline company’s stock valued at $1,699,000 after purchasing an additional 113 shares during the last quarter. Finally, Quarry LP grew its stake in Targa Resources by 77.7% in the second quarter. Quarry LP now owns 1,253 shares of the pipeline company’s stock valued at $161,000 after purchasing an additional 548 shares in the last quarter. 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.