Targa Resources (NYSE:TRGP) Price Target Raised to $221.00

Targa Resources (NYSE:TRGP) had its price objective upped by Royal Bank of Canada from $220.00 to $221.00 in a report issued on Monday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the pipeline company’s stock.

TRGP has been the topic of a number of other research reports. Truist Financial cut 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. Scotiabank started coverage on shares of Targa Resources in a report on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 target price on the stock. Mizuho raised their target price on shares of Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. The Goldman Sachs Group raised their target price on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Finally, Barclays raised their target price on shares of Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $207.00.

Targa Resources Stock Down 1.8 %

NYSE:TRGP opened at $186.67 on Monday. The company has a market capitalization of $40.71 billion, a price-to-earnings ratio of 32.52, a price-to-earnings-growth ratio of 0.61 and a beta of 2.29. Targa Resources has a one year low of $103.04 and a one year high of $218.51. The stock has a 50-day simple moving average of $198.60 and a 200 day simple moving average of $179.41. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The firm had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Sell-side analysts predict that Targa Resources will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.61%. Targa Resources’s dividend payout ratio is presently 52.26%.

Insider Activity at Targa Resources

In other Targa Resources news, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the transaction, the director now owns 2,899 shares in the company, valued at approximately $568,957.74. The trade was a 43.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Jennifer R. Kneale sold 29,887 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the transaction, the insider now owns 227,269 shares in the company, valued at approximately $43,731,100.98. This trade represents a 11.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock worth $22,613,288 over the last quarter. 1.39% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Targa Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Siemens Fonds Invest GmbH grew its position in Targa Resources by 547.5% during the 4th quarter. Siemens Fonds Invest GmbH now owns 14,899 shares of the pipeline company’s stock worth $2,659,000 after purchasing an additional 12,598 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Targa Resources during the 4th quarter worth approximately $29,768,000. Employees Retirement System of Texas purchased a new position in Targa Resources during the 4th quarter worth approximately $2,038,000. Ameriflex Group Inc. purchased a new position in Targa Resources during the 4th quarter worth approximately $31,000. Finally, Mackenzie Financial Corp boosted its stake in shares of Targa Resources by 32.2% during the 4th quarter. Mackenzie Financial Corp now owns 156,371 shares of the pipeline company’s stock valued at $27,912,000 after buying an additional 38,105 shares during the period. 92.13% of the stock is currently owned by hedge funds and other 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.