Targa Resources (NYSE:TRGP) Reaches New 52-Week High – Here’s Why

Targa Resources, Inc. (NYSE:TRGP)’s share price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $226.00 and last traded at $222.7550, with a volume of 35589 shares. The stock had previously closed at $223.89.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Morgan Stanley reaffirmed an “overweight” rating and set a $266.00 price target on shares of Targa Resources in a research report on Wednesday, January 28th. Royal Bank Of Canada lifted their price target on Targa Resources from $213.00 to $218.00 and gave the company an “outperform” rating in a research report on Wednesday, December 3rd. UBS Group reaffirmed a “buy” rating on shares of Targa Resources in a research note on Friday, January 9th. Wells Fargo & Company boosted their target price on shares of Targa Resources from $205.00 to $207.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. Finally, Wall Street Zen lowered shares of Targa Resources from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Targa Resources currently has an average rating of “Moderate Buy” and a consensus target price of $213.50.

Targa Resources Stock Up 0.2%

The stock has a market cap of $48.14 billion, a PE ratio of 29.83, a price-to-earnings-growth ratio of 0.96 and a beta of 0.88. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 5.91. The business has a 50-day moving average price of $191.05 and a 200-day moving average price of $173.89.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were given a $1.00 dividend. The ex-dividend date was Friday, January 30th. This represents a $4.00 annualized dividend and a dividend yield of 1.8%. Targa Resources’s dividend payout ratio (DPR) is 53.19%.

Insider Buying and Selling at Targa Resources

In related news, insider Gerald R. Shrader sold 2,750 shares of the firm’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $181.21, for a total value of $498,327.50. Following the transaction, the insider directly owned 29,561 shares of the company’s stock, valued at approximately $5,356,748.81. This trade represents a 8.51% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.34% of the stock is currently owned by company insiders.

Institutional Trading of Targa Resources

A number of institutional investors have recently made changes to their positions in the company. Atlantic Union Bankshares Corp acquired a new stake in Targa Resources during the 4th quarter worth $27,000. Olistico Wealth LLC acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $27,000. Leonteq Securities AG purchased a new position in shares of Targa Resources in the fourth quarter worth about $31,000. Peoples Financial Services CORP. acquired a new position in Targa Resources during the third quarter worth about $34,000. Finally, Godfrey Financial Associates Inc. acquired a new position in Targa Resources during the fourth quarter worth about $37,000. 92.13% of the stock is owned by institutional investors and hedge funds.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.