Wells Fargo & Company Increases Targa Resources (NYSE:TRGP) Price Target to $204.00

Targa Resources (NYSE:TRGP) had its price target upped by Wells Fargo & Company from $190.00 to $204.00 in a report published on Wednesday,Benzinga reports. The firm currently has an overweight rating on the pipeline company’s stock.

A number of other equities analysts have also weighed in on TRGP. Royal Bank of Canada lifted their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Bank of America initiated coverage on Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 target price on the stock. Morgan Stanley raised their price target on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Truist Financial dropped their price objective on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, December 13th. Finally, UBS Group raised their target price on Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a report on Friday, November 15th. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Targa Resources has a consensus rating of “Buy” and an average price target of $177.14.

Targa Resources Stock Up 2.7 %

Shares of NYSE:TRGP traded up $4.65 on Wednesday, hitting $176.59. 120,657 shares of the company’s stock were exchanged, compared to its average volume of 1,656,021. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources has a 1-year low of $81.03 and a 1-year high of $209.87. The firm’s 50-day moving average is $183.18 and its 200 day moving average is $153.82. The company has a market capitalization of $38.51 billion, a PE ratio of 31.93, a P/E/G ratio of 0.73 and a beta of 2.28.

Targa Resources (NYSE:TRGP) last announced its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. The firm had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same period in the prior year, the firm earned $0.97 EPS. Sell-side analysts predict that Targa Resources will post 6.26 EPS for the current year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a $0.75 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.70%. Targa Resources’s dividend payout ratio (DPR) is 54.25%.

Insider Transactions at Targa Resources

In related news, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the transaction, the insider now directly owns 82,979 shares in the company, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 183,260 shares of company stock worth $29,661,212 over the last ninety days. 1.39% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Strategic Investment Solutions Inc. IL acquired a new position in shares of Targa Resources during the second quarter worth about $29,000. DT Investment Partners LLC purchased a new stake in shares of Targa Resources during the third quarter valued at approximately $29,000. UMB Bank n.a. lifted its position in shares of Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 222 shares in the last quarter. Prospera Private Wealth LLC acquired a new stake in Targa Resources during the 3rd quarter valued at $35,000. Finally, Whittier Trust Co. purchased a new stake in Targa Resources during the 2nd quarter worth $44,000. 92.13% of the stock is owned by institutional investors and hedge funds.

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.