Targa Resources (NYSE:TRGP) Hits New 52-Week High – Here’s What Happened

Targa Resources Corp. (NYSE:TRGP) shares hit a new 52-week high during trading on Thursday . The stock traded as high as $210.00 and last traded at $208.33, with a volume of 108708 shares. The stock had previously closed at $205.50.

Wall Street Analysts Forecast Growth

A number of research firms have commented on TRGP. Wells Fargo & Company lifted their price objective on shares of Targa Resources from $190.00 to $204.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. The Goldman Sachs Group increased their price objective on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Scotiabank started coverage on shares of Targa Resources in a research note on Friday, January 10th. They set a “sector outperform” rating and a $218.00 target price on the stock. Stifel Nicolaus boosted their price objective on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Finally, Truist Financial dropped their target price on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, December 13th. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $189.21.

Targa Resources Stock Performance

The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The firm has a 50 day moving average of $190.21 and a 200-day moving average of $162.26. The stock has a market capitalization of $45.59 billion, a PE ratio of 37.81, a P/E/G ratio of 0.59 and a beta of 2.30.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The business had revenue of $3.85 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same period in the prior year, the firm earned $0.97 earnings per share. Research analysts forecast that Targa Resources Corp. will post 6.4 earnings per share for the current year.

Insider Activity

In other Targa Resources news, insider D. Scott Pryor sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the sale, the insider now directly owns 82,979 shares of the company’s stock, valued at $15,793,393.07. The trade was a 26.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. 1.44% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Targa Resources

A number of large investors have recently bought and sold shares of the business. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Targa Resources in the second quarter worth about $29,000. DT Investment Partners LLC bought a new position in shares of Targa Resources in the 3rd quarter valued at approximately $29,000. Prospera Private Wealth LLC acquired a new stake in Targa Resources in the 3rd quarter worth approximately $35,000. Rosenberg Matthew Hamilton boosted its position in Targa Resources by 49.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after purchasing an additional 89 shares during the period. Finally, Huntington National Bank grew its holdings in Targa Resources by 22.9% during the third quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock valued at $71,000 after purchasing an additional 89 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

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.