Targa Resources (NYSE:TRGP) Price Target Raised to $122.00

Targa Resources (NYSE:TRGP) had its price objective upped by Barclays from $116.00 to $122.00 in a research report report published on Tuesday, Benzinga reports. They currently have an overweight rating on the pipeline company’s stock.

TRGP has been the topic of several other reports. The Goldman Sachs Group increased their price objective on shares of Targa Resources from $105.00 to $117.00 and gave the company a buy rating in a report on Thursday, April 4th. Mizuho increased their price objective on shares of Targa Resources from $105.00 to $130.00 and gave the company a buy rating in a report on Wednesday, April 3rd. Citigroup upped their target price on shares of Targa Resources from $104.00 to $112.00 and gave the company a buy rating in a research note on Wednesday, February 21st. Truist Financial upped their target price on shares of Targa Resources from $105.00 to $120.00 and gave the company a buy rating in a research note on Wednesday, March 20th. Finally, Royal Bank of Canada upped their target price on shares of Targa Resources from $106.00 to $109.00 and gave the company an outperform rating in a research note on Monday, February 26th. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Targa Resources presently has a consensus rating of Buy and an average target price of $115.70.

Targa Resources Price Performance

Shares of Targa Resources stock opened at $115.33 on Tuesday. 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 stock has a market capitalization of $25.67 billion, a price-to-earnings ratio of 31.43 and a beta of 2.21. Targa Resources has a 1-year low of $67.36 and a 1-year high of $116.92. The firm’s 50-day moving average price is $102.65 and its two-hundred day moving average price is $91.53.

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

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 15th. Investors of record on Wednesday, January 31st were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date was Tuesday, January 30th. Targa Resources’s dividend payout ratio (DPR) is currently 54.50%.

Insider Activity at Targa Resources

In related news, Director Joe Bob Perkins sold 33,405 shares of the firm’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $97.67, for a total value of $3,262,666.35. Following the completion of the transaction, the director now owns 38,440 shares of the company’s stock, valued at $3,754,434.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Robert Muraro sold 10,000 shares of the firm’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $97.31, for a total value of $973,100.00. Following the completion of the transaction, the insider now owns 219,451 shares of the company’s stock, valued at $21,354,776.81. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Joe Bob Perkins sold 33,405 shares of the stock in a transaction on Thursday, February 22nd. The shares were 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 owns 38,440 shares of the company’s stock, valued at approximately $3,754,434.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 81,966 shares of company stock valued at $7,987,215. Corporate insiders own 1.44% of the company’s stock.

Institutional Trading of Targa Resources

A number of large investors have recently added to or reduced their stakes in TRGP. Cetera Advisor Networks LLC acquired a new stake in Targa Resources in the first quarter valued at $250,000. PNC Financial Services Group Inc. lifted its stake in Targa Resources by 5.3% in the first quarter. PNC Financial Services Group Inc. now owns 14,741 shares of the pipeline company’s stock valued at $1,112,000 after acquiring an additional 737 shares during the last quarter. Sei Investments Co. lifted its stake in Targa Resources by 11.6% in the first quarter. Sei Investments Co. now owns 186,471 shares of the pipeline company’s stock valued at $14,072,000 after acquiring an additional 19,372 shares during the last quarter. Brighton Jones LLC acquired a new stake in Targa Resources in the first quarter valued at $249,000. Finally, Covestor Ltd lifted its stake in Targa Resources by 91.8% in the first quarter. Covestor Ltd now owns 1,429 shares of the pipeline company’s stock valued at $108,000 after acquiring an additional 684 shares during the last quarter. Institutional investors and hedge funds 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.