Targa Resources (NYSE:TRGP) Reaches New 12-Month High at $116.78

Shares of Targa Resources Corp. (NYSE:TRGP) reached a new 52-week high during trading on Monday . The stock traded as high as $116.78 and last traded at $116.68, with a volume of 462673 shares changing hands. The stock had previously closed at $115.97.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on TRGP. Citigroup increased their price target on shares of Targa Resources from $104.00 to $112.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Barclays increased their price target on shares of Targa Resources from $105.00 to $116.00 and gave the company an “overweight” rating in a research report on Tuesday, March 19th. JPMorgan Chase & Co. lifted their target price on shares of Targa Resources from $122.00 to $125.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 6th. Truist Financial lifted their target price on shares of Targa Resources from $105.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. Finally, UBS Group lowered their price objective on shares of Targa Resources from $109.00 to $108.00 and set a “buy” rating for the company in a research note on Thursday, January 18th. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Targa Resources presently has a consensus rating of “Buy” and a consensus target price of $115.10.

Targa Resources Trading Up 0.7 %

The company has a current ratio of 0.79, a quick ratio of 0.66 and a debt-to-equity ratio of 2.68. The business’s 50-day moving average is $100.33 and its two-hundred day moving average is $90.76. The firm has a market cap of $25.99 billion, a P/E ratio of 31.60 and a beta of 2.21.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). Targa Resources had a net margin of 5.20% and a return on equity of 18.64%. The business had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.50 billion. As a group, analysts expect that Targa Resources Corp. will post 5.75 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 15th. Shareholders of record on Wednesday, January 31st were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.71%. The ex-dividend date of this dividend was Tuesday, January 30th. Targa Resources’s dividend payout ratio (DPR) is 54.50%.

Insider Transactions at Targa Resources

In other news, insider D. Scott Pryor sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the completion of the sale, the insider now directly owns 156,098 shares of the company’s stock, valued at approximately $15,141,506. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider D. Scott Pryor sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the completion of the sale, the insider now directly owns 156,098 shares of the company’s stock, valued at approximately $15,141,506. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Joe Bob Perkins sold 33,405 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the completion of the sale, the director now directly owns 38,440 shares of the company’s stock, valued at $3,754,434.80. The disclosure for this sale can be found here. In the last three months, insiders sold 81,966 shares of company stock valued at $7,987,215. Company insiders own 1.44% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Hedge funds have recently made changes to their positions in the company. Addison Advisors LLC purchased a new stake in shares of Targa Resources in the 4th quarter valued at approximately $27,000. Harbour Investments Inc. lifted its position in shares of Targa Resources by 51.3% in the 3rd quarter. Harbour Investments Inc. now owns 357 shares of the pipeline company’s stock valued at $31,000 after acquiring an additional 121 shares in the last quarter. VisionPoint Advisory Group LLC lifted its position in shares of Targa Resources by 111.2% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock valued at $34,000 after acquiring an additional 209 shares in the last quarter. Quarry LP purchased a new stake in shares of Targa Resources in the 1st quarter valued at approximately $33,000. Finally, EdgeRock Capital LLC purchased a new stake in shares of Targa Resources in the 4th quarter valued at approximately $42,000. 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.