Targa Resources (NYSE:TRGP) Hits New 52-Week High on Analyst Upgrade

Targa Resources Corp. (NYSE:TRGP)’s share price hit a new 52-week high during mid-day trading on Monday after Truist Financial raised their price target on the stock from $175.00 to $225.00. Truist Financial currently has a buy rating on the stock. Targa Resources traded as high as $197.90 and last traded at $197.90, with a volume of 1106 shares traded. The stock had previously closed at $196.04.

A number of other research firms have also recently issued reports on TRGP. Bank of America initiated coverage on Targa Resources in a report on Thursday, October 17th. They set a “buy” rating and a $182.00 target price for the company. The Goldman Sachs Group upped their target price on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Wells Fargo & Company raised their price target on Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Royal Bank of Canada upped their price target on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Finally, UBS Group lifted their price target on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $169.79.

Insider Buying and Selling

In other news, CAO Julie H. Boushka sold 3,260 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the transaction, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. This represents a 8.49 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider D. Scott Pryor sold 30,000 shares of the 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 sale, the insider now directly owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. This trade represents a 26.55 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 185,760 shares of company stock worth $30,026,712. 1.44% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Caxton Associates LP purchased a new position in shares of Targa Resources in the 2nd quarter worth about $2,323,000. Cetera Investment Advisers raised its position in Targa Resources by 215.2% in the 1st quarter. Cetera Investment Advisers now owns 31,052 shares of the pipeline company’s stock worth $3,478,000 after buying an additional 21,200 shares during the last quarter. California State Teachers Retirement System lifted its stake in Targa Resources by 6.5% during the 1st quarter. California State Teachers Retirement System now owns 444,530 shares of the pipeline company’s stock valued at $49,783,000 after acquiring an additional 27,164 shares during the period. Virtu Financial LLC purchased a new stake in shares of Targa Resources during the 1st quarter valued at about $1,151,000. Finally, Braun Stacey Associates Inc. bought a new stake in shares of Targa Resources in the third quarter worth approximately $11,042,000. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Trading Up 2.3 %

The company has a market cap of $44.40 billion, a P/E ratio of 36.82, a P/E/G ratio of 0.78 and a beta of 2.24. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The stock’s 50-day moving average is $164.61 and its two-hundred day moving average is $141.76.

Targa Resources (NYSE:TRGP) last issued its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.17. The firm had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same period in the previous year, the firm posted $0.97 earnings per share. As a group, equities research analysts predict that Targa Resources Corp. will post 6.23 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a $0.75 dividend. The ex-dividend date was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.47%. Targa Resources’s dividend payout ratio is currently 54.25%.

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.