Targa Resources (NYSE:TRGP) Sets New 1-Year High – Time to Buy?

Targa Resources, Inc. (NYSE:TRGP) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $286.42 and last traded at $284.8860, with a volume of 1964 shares traded. The stock had previously closed at $282.91.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Erste Group Bank initiated coverage on Targa Resources in a report on Thursday, June 25th. They issued a “buy” rating for the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Targa Resources in a research note on Thursday, July 2nd. Citigroup reiterated a “buy” rating on shares of Targa Resources in a research note on Wednesday, May 27th. The Goldman Sachs Group boosted their price objective on shares of Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a report on Monday, April 20th. Finally, Mizuho upped their target price on shares of Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Seventeen analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $288.00.

Targa Resources Price Performance

The company has a market cap of $60.17 billion, a price-to-earnings ratio of 28.34, a price-to-earnings-growth ratio of 1.44 and a beta of 0.71. The company has a fifty day simple moving average of $268.90 and a two-hundred day simple moving average of $240.32. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The firm had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. On average, equities research analysts anticipate that Targa Resources, Inc. will post 10.75 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.8%. The ex-dividend date is Friday, July 31st. Targa Resources’s dividend payout ratio (DPR) is 50.56%.

Insider Transactions at Targa Resources

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the transaction, the director owned 66,492 shares in the company, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.37% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of TRGP. Olistico Wealth LLC acquired a new position in shares of Targa Resources during the 4th quarter worth approximately $27,000. Atlantic Union Bankshares Corp purchased a new stake in Targa Resources in the 4th quarter valued at approximately $27,000. Miller Capital Partners Inc. acquired a new stake in Targa Resources during the 4th quarter valued at $30,000. Leonteq Securities AG acquired a new position in shares of Targa Resources in the fourth quarter worth $31,000. Finally, CoreCap Advisors LLC raised its holdings in shares of Targa Resources by 245.9% in the second quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company’s stock worth $34,000 after acquiring an additional 91 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

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.