Targa Resources (NYSE:TRGP) Given New $130.00 Price Target at Stifel Nicolaus

Targa Resources (NYSE:TRGP) had its price target hoisted by Stifel Nicolaus from $111.00 to $130.00 in a research note issued to investors on Tuesday, Benzinga reports. Stifel Nicolaus currently has a buy rating on the pipeline company’s stock.

A number of other equities research analysts have also commented on TRGP. JPMorgan Chase & Co. upped their price target on shares of Targa Resources from $122.00 to $125.00 and gave the company an overweight rating in a report on Wednesday, March 6th. Royal Bank of Canada raised their target price on Targa Resources from $106.00 to $109.00 and gave the stock an outperform rating in a research note on Monday, February 26th. Truist Financial upped their price target on Targa Resources from $105.00 to $120.00 and gave the company a buy rating in a research report on Wednesday, March 20th. The Goldman Sachs Group increased their price objective on Targa Resources from $105.00 to $117.00 and gave the stock a buy rating in a report on Thursday, April 4th. Finally, Mizuho boosted their target price on Targa Resources from $105.00 to $130.00 and gave the company a buy rating in a research note on Wednesday, April 3rd. One equities research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Targa Resources currently has a consensus rating of Buy and an average target price of $117.92.

Targa Resources Stock Performance

NYSE TRGP opened at $112.91 on Tuesday. The company has a 50-day simple moving average of $105.85 and a two-hundred day simple moving average of $92.69. Targa Resources has a 12-month low of $67.36 and a 12-month high of $117.61. The firm has a market cap of $25.13 billion, a price-to-earnings ratio of 30.77 and a beta of 2.21. The company has a quick ratio of 0.66, a current ratio of 0.79 and a debt-to-equity ratio of 2.68.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.49 by ($0.26). The company had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.50 billion. Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. On average, equities analysts forecast that Targa Resources will post 5.77 EPS for the current year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.66%. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Monday, April 29th. Targa Resources’s dividend payout ratio (DPR) is presently 54.50%.

Insider Buying and Selling

In other news, Director Joe Bob Perkins sold 33,405 shares of the business’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 value of $3,262,666.35. Following the sale, the director now directly owns 38,440 shares of the company’s stock, valued at approximately $3,754,434.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Joe Bob Perkins sold 33,405 shares of Targa Resources stock in a transaction dated Thursday, February 22nd. The stock was 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 approximately $3,754,434.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider D. Scott Pryor sold 10,000 shares of the company’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $97.00, for a total transaction of $970,000.00. Following the completion of the transaction, the insider now owns 156,098 shares in the company, valued at approximately $15,141,506. The disclosure for this sale can be found here. Insiders have sold 81,966 shares of company stock valued at $7,987,215 over the last quarter. Corporate insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

A number of institutional investors have recently made changes to their positions in the company. Moneta Group Investment Advisors LLC increased its holdings in Targa Resources by 104,219.5% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 25,241,143 shares of the pipeline company’s stock worth $1,855,224,000 after buying an additional 25,216,947 shares in the last quarter. Deutsche Bank AG grew its stake in shares of Targa Resources by 200.4% in the third quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock worth $478,063,000 after acquiring an additional 3,720,270 shares during the period. Blackstone Inc. raised its holdings in shares of Targa Resources by 60.4% during the fourth quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock valued at $820,290,000 after purchasing an additional 3,554,989 shares during the last quarter. Wellington Management Group LLP lifted its position in Targa Resources by 424.5% during the first quarter. Wellington Management Group LLP now owns 3,777,797 shares of the pipeline company’s stock valued at $285,110,000 after purchasing an additional 3,057,486 shares during the period. Finally, Norges Bank bought a new position in Targa Resources during the fourth quarter valued at approximately $187,123,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

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.