Targa Resources (NYSE:TRGP) PT Raised to $150.00 at Truist Financial

Targa Resources (NYSE:TRGP) had its price target lifted by Truist Financial from $125.00 to $150.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a buy rating on the pipeline company’s stock.

Other research analysts have also issued reports about the stock. The Goldman Sachs Group boosted their price target on shares of Targa Resources from $132.00 to $147.00 and gave the stock a buy rating in a report on Friday, August 2nd. Morgan Stanley boosted their target price on Targa Resources from $134.00 to $140.00 and gave the stock an overweight rating in a research note on Monday, June 10th. Wells Fargo & Company raised their target price on Targa Resources from $124.00 to $153.00 and gave the company an overweight rating in a research report on Monday. Barclays boosted their target price on shares of Targa Resources from $123.00 to $138.00 and gave the company an overweight rating in a research note on Wednesday, July 3rd. Finally, Stifel Nicolaus raised their price target on shares of Targa Resources from $111.00 to $130.00 and gave the stock a buy rating in a research note on Tuesday, April 16th. One analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Targa Resources presently has a consensus rating of Moderate Buy and a consensus price target of $138.62.

Targa Resources Stock Performance

TRGP opened at $136.71 on Monday. Targa Resources has a 1-year low of $77.97 and a 1-year high of $139.35. The company has a market cap of $29.95 billion, a price-to-earnings ratio of 28.13, a PEG ratio of 0.69 and a beta of 2.27. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. The company’s fifty day moving average price is $128.44 and its two-hundred day moving average price is $113.41.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. The firm had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same period in the prior year, the business posted $1.44 earnings per share. On average, analysts expect that Targa Resources will post 5.51 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Wednesday, July 31st will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date is Wednesday, July 31st. Targa Resources’s dividend payout ratio (DPR) is presently 61.73%.

Insider Activity

In related news, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total value of $160,140.26. Following the sale, the chief accounting officer now owns 52,257 shares in the company, valued at $6,898,969.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Targa Resources news, CAO Julie H. Boushka sold 1,213 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the transaction, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Robert Muraro sold 9,900 shares of the firm’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $130.31, for a total value of $1,290,069.00. Following the sale, the insider now owns 186,951 shares in the company, valued at approximately $24,361,584.81. The disclosure for this sale can be found here. Insiders sold 41,213 shares of company stock worth $4,926,609 in the last three months. Corporate insiders own 1.39% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. UMB Bank n.a. grew its stake in shares of Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after buying an additional 222 shares during the last quarter. Spire Wealth Management grew its position in Targa Resources by 2,400.0% during the 1st quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock worth $31,000 after acquiring an additional 264 shares during the last quarter. Addison Advisors LLC purchased a new position in Targa Resources in the 4th quarter worth approximately $27,000. Whittier Trust Co. purchased a new position in shares of Targa Resources in the second quarter valued at about $44,000. Finally, Register Financial Advisors LLC bought a new stake in shares of Targa Resources in the first quarter worth about $45,000. 92.13% of the stock is currently owned by institutional investors.

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.