Targa Resources (NYSE:TRGP) Hits New 52-Week High After Analyst Upgrade

Targa Resources Corp. (NYSE:TRGP)’s share price reached a new 52-week high on Monday after Truist Financial raised their price target on the stock from $175.00 to $225.00. Truist Financial currently has a buy rating on the stock. Targa Resources traded as high as $197.90 and last traded at $197.90, with a volume of 1106 shares changing hands. The stock had previously closed at $196.04.

Several other research firms also recently issued reports on TRGP. 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 research note on Tuesday, October 15th. The Goldman Sachs Group lifted their price objective on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Morgan Stanley upped their price objective on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Bank of America assumed coverage on Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price on the stock. Finally, Argus upgraded Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $169.79.

Insider Transactions at Targa Resources

In other news, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the sale, the insider now directly owns 82,979 shares in the company, valued at approximately $15,793,393.07. This trade represents a 26.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the sale, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,760 shares of company stock valued at $30,026,712 over the last 90 days. Corporate insiders own 1.44% of the company’s stock.

Institutional Trading of Targa Resources

Large investors have recently bought and sold shares of the company. Sunbelt Securities Inc. grew its stake in shares of Targa Resources by 24.7% during the 3rd quarter. Sunbelt Securities Inc. now owns 2,058 shares of the pipeline company’s stock valued at $305,000 after buying an additional 408 shares during the period. Coldstream Capital Management Inc. grew its stake in Targa Resources by 0.9% during the 3rd quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock valued at $1,153,000 after purchasing an additional 66 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Targa Resources by 1.7% during the third quarter. Geode Capital Management LLC now owns 5,717,487 shares of the pipeline company’s stock worth $843,680,000 after purchasing an additional 97,583 shares during the last quarter. MidWestOne Financial Group Inc. increased its holdings in shares of Targa Resources by 9.1% in the 3rd quarter. MidWestOne Financial Group Inc. now owns 3,167 shares of the pipeline company’s stock valued at $469,000 after acquiring an additional 263 shares during the last quarter. Finally, M&T Bank Corp lifted its position in shares of Targa Resources by 9.5% in the 3rd quarter. M&T Bank Corp now owns 35,597 shares of the pipeline company’s stock worth $5,269,000 after buying an additional 3,094 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Price Performance

The business has a 50 day simple moving average of $164.61 and a 200-day simple moving average of $141.76. The company has a market capitalization of $44.40 billion, a P/E ratio of 36.82, a PEG ratio of 0.78 and a beta of 2.24. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. The company had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter in the prior year, the firm earned $0.97 EPS. Analysts predict that Targa Resources Corp. will post 6.23 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date was Thursday, October 31st. Targa Resources’s payout ratio is 54.25%.

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.