Targa Resources (NYSE:TRGP) Price Target Raised to $246.00

Targa Resources (NYSE:TRGP) had its price target boosted by UBS Group from $182.00 to $246.00 in a report released on Friday,Benzinga reports. The brokerage currently has a buy rating on the pipeline company’s stock.

Several other research analysts also recently commented on the stock. Truist Financial raised their price target on shares of Targa Resources from $150.00 to $175.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Morgan Stanley raised their target price on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Barclays boosted their price target on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Royal Bank of Canada raised their price objective on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Finally, Argus raised Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $169.79.

Targa Resources Trading Up 2.3 %

TRGP opened at $196.04 on Friday. 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 stock’s 50 day moving average price is $163.51 and its 200-day moving average price is $140.95. Targa Resources has a one year low of $81.03 and a one year high of $197.14. The stock has a market cap of $42.75 billion, a price-to-earnings ratio of 35.45, a P/E/G ratio of 0.78 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The company had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the prior year, the company posted $0.97 EPS. On average, equities analysts forecast that Targa Resources will post 6.23 EPS for the current year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s payout ratio is 54.25%.

Insider Transactions at Targa Resources

In other news, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction on 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 sale, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robert Muraro sold 2,500 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the transaction, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. This trade represents a 1.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 185,760 shares of company stock valued at $30,026,712 in the last 90 days. Insiders own 1.39% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Strategic Investment Solutions Inc. IL acquired a new position in Targa Resources during the 2nd quarter valued at approximately $29,000. DT Investment Partners LLC purchased a new position in Targa Resources in the 3rd quarter worth $29,000. UMB Bank n.a. lifted its position in Targa Resources by 2,220.0% during the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after acquiring an additional 222 shares during the period. Prospera Private Wealth LLC purchased a new stake in Targa Resources during the 3rd quarter valued at about $35,000. Finally, Whittier Trust Co. acquired a new position in shares of Targa Resources in the second quarter valued at about $44,000. 92.13% of the stock is 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.