Targa Resources (NYSE:TRGP) Hits New 12-Month High – What’s Next?

Targa Resources, Inc. (NYSE:TRGP)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $305.08 and last traded at $296.72, with a volume of 342608 shares. The stock had previously closed at $277.94.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Targa Resources in a research note on Thursday, July 2nd. The Goldman Sachs Group boosted their price target on shares of Targa Resources from $242.00 to $268.00 and gave the company a “buy” rating in a research report on Monday, April 20th. Raymond James Financial set a $335.00 price objective on shares of Targa Resources in a research report on Friday, August 7th. Citigroup restated a “buy” rating on shares of Targa Resources in a research report on Wednesday, May 27th. Finally, Stifel Nicolaus set a $268.00 price target on shares of Targa Resources in a research note on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $296.59.

Targa Resources Price Performance

The business has a 50-day simple moving average of $269.60 and a 200 day simple moving average of $251.72. The firm has a market cap of $63.72 billion, a P/E ratio of 28.43, a price-to-earnings-growth ratio of 1.43 and a beta of 0.72. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The business had revenue of $4.44 billion for the quarter, compared to analysts’ expectations of $4.90 billion. On average, analysts anticipate that Targa Resources, Inc. will post 11.01 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Friday, July 31st. Targa Resources’s dividend payout ratio (DPR) is presently 47.80%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of TRGP. BlackRock Inc. lifted its holdings in shares of Targa Resources by 1.4% during the second quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company’s stock valued at $5,586,077,000 after purchasing an additional 291,114 shares during the last quarter. State Street Corp boosted its holdings in shares of Targa Resources by 1.3% during the 4th quarter. State Street Corp now owns 12,668,233 shares of the pipeline company’s stock valued at $2,337,289,000 after acquiring an additional 162,878 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Targa Resources by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock worth $1,078,497,000 after purchasing an additional 45,495 shares during the last quarter. Norges Bank purchased a new position in shares of Targa Resources in the 4th quarter worth $735,758,000. Finally, Tortoise Capital Advisors L.L.C. grew its stake in shares of Targa Resources by 20.3% during the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock valued at $625,272,000 after purchasing an additional 572,562 shares during the period. 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.