Targa Resources (NYSE:TRGP) Given New $220.00 Price Target at Truist Financial

Targa Resources (NYSE:TRGP) had its price target cut by Truist Financial from $225.00 to $220.00 in a report issued on Friday,Benzinga reports. They currently have a buy rating on the pipeline company’s stock.

TRGP has been the subject of several other reports. The Goldman Sachs Group lifted their price target on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Bank of America started coverage on shares of Targa Resources in a research report on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price for the company. Barclays raised their price target on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Finally, Morgan Stanley raised their target price on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $176.14.

Targa Resources Trading Down 0.5 %

Shares of TRGP stock opened at $184.62 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The stock has a 50-day simple moving average of $182.05 and a 200 day simple moving average of $152.77. Targa Resources has a fifty-two week low of $81.03 and a fifty-two week high of $209.87. The stock has a market capitalization of $40.26 billion, a P/E ratio of 33.39, a P/E/G ratio of 0.73 and a beta of 2.28.

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

Targa Resources Announces Dividend

The firm 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. This represents a $3.00 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is currently 54.25%.

Insider Transactions at Targa Resources

In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the director now owns 110,470 shares in the company, valued at approximately $17,181,399.10. This trade represents a 57.59 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the transaction, the chief accounting officer now directly owns 35,143 shares of the company’s stock, 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 three months. 1.39% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Targa Resources

Several large investors have recently bought and sold shares of TRGP. MML Investors Services LLC grew its stake in shares of Targa Resources by 65.1% during the 3rd quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock worth $3,791,000 after acquiring an additional 10,100 shares in the last quarter. Caxton Associates LP bought a new position in Targa Resources in the second quarter valued at approximately $2,323,000. Braun Stacey Associates Inc. acquired a new position in shares of Targa Resources during the 3rd quarter worth approximately $11,042,000. Metis Global Partners LLC grew its stake in shares of Targa Resources by 12.7% in the third quarter. Metis Global Partners LLC now owns 25,569 shares of the pipeline company’s stock valued at $3,784,000 after buying an additional 2,890 shares in the last quarter. Finally, Prospera Financial Services Inc raised its position in Targa Resources by 73.3% during the third quarter. Prospera Financial Services Inc now owns 11,984 shares of the pipeline company’s stock worth $1,774,000 after acquiring an additional 5,067 shares in the last quarter. 92.13% of the stock is currently 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.