Targa Resources (NYSE:TRGP) Stock Price Expected to Rise, Truist Financial Analyst Says

Targa Resources (NYSE:TRGP) had its price objective raised by Truist Financial from $150.00 to $175.00 in a report released on Tuesday, Benzinga reports. Truist Financial currently has a buy rating on the pipeline company’s stock.

Several other research firms also recently issued reports on TRGP. Royal Bank of Canada lifted their price target on Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Barclays lifted their price target on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Bank of America initiated coverage on Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target on the stock. Wells Fargo & Company lifted their target price on Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. Finally, Argus raised Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Targa Resources has a consensus rating of “Buy” and a consensus target price of $154.57.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $177.40 on Tuesday. The company has a fifty day moving average price of $156.35 and a 200 day moving average price of $136.85. Targa Resources has a 1-year low of $81.03 and a 1-year high of $178.59. The firm has a market cap of $38.86 billion, a PE ratio of 37.35, a PEG ratio of 1.28 and a beta of 2.24. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s payout ratio is currently 63.16%.

Insider Buying and Selling

In related news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the transaction, the director now owns 110,470 shares in the company, valued at approximately $17,181,399.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Robert Muraro sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the sale, the director now owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 173,405 shares of company stock worth $26,529,984. Company insiders own 1.44% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Hedge funds and other institutional investors have recently made changes to their positions in the business. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Targa Resources in the second quarter valued at approximately $29,000. DT Investment Partners LLC acquired a new stake in shares of Targa Resources in the third quarter valued at approximately $29,000. UMB Bank n.a. raised its position in shares of Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after buying an additional 222 shares in the last quarter. Whittier Trust Co. acquired a new stake in shares of Targa Resources in the second quarter valued at approximately $44,000. Finally, Rogco LP acquired a new stake in shares of Targa Resources in the first quarter valued at approximately $56,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

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.