Citigroup Raises Targa Resources (NYSE:TRGP) Price Target to $227.00

Targa Resources (NYSE:TRGP) had its target price hoisted by Citigroup from $218.00 to $227.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have a buy rating on the pipeline company’s stock.

TRGP has been the topic of a number of other research reports. The Goldman Sachs Group boosted their price objective on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Truist Financial cut their price target 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. Mizuho raised their price objective on shares of Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Wells Fargo & Company upped their target price on Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Finally, Royal Bank of Canada raised their price target on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. One 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, Targa Resources has an average rating of “Buy” and a consensus target price of $205.43.

Targa Resources Stock Down 1.9 %

Shares of NYSE:TRGP opened at $194.76 on Tuesday. The company has a 50-day moving average price of $196.48 and a 200 day moving average price of $177.38. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources has a 12 month low of $95.88 and a 12 month high of $218.51. The company has a market cap of $42.47 billion, a price-to-earnings ratio of 33.93, a PEG ratio of 0.61 and a beta of 2.29.

Targa Resources (NYSE:TRGP) last announced its 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 company had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. As a group, equities research analysts predict that Targa Resources will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a $0.75 dividend. The ex-dividend date was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.54%. Targa Resources’s payout ratio is currently 52.26%.

Hedge Funds Weigh In On Targa Resources

Large investors have recently bought and sold shares of the business. International Assets Investment Management LLC raised its position in shares of Targa Resources by 14,163.5% in the 3rd quarter. International Assets Investment Management LLC now owns 204,254 shares of the pipeline company’s stock worth $30,232,000 after acquiring an additional 202,822 shares in the last quarter. Allworth Financial LP raised its holdings in Targa Resources by 43.6% in the third quarter. Allworth Financial LP now owns 553 shares of the pipeline company’s stock worth $82,000 after purchasing an additional 168 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Targa Resources by 80.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,593 shares of the pipeline company’s stock valued at $4,638,000 after buying an additional 14,051 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Targa Resources by 11.0% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 13,371 shares of the pipeline company’s stock valued at $1,979,000 after buying an additional 1,321 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its holdings in shares of Targa Resources by 24.6% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 71,038 shares of the pipeline company’s stock valued at $10,380,000 after buying an additional 14,029 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

About Targa Resources

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.