Wells Fargo & Company Issues Positive Forecast for Targa Resources (NYSE:TRGP) Stock Price

Targa Resources (NYSE:TRGP) had its target price increased by Wells Fargo & Company from $153.00 to $190.00 in a report published on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the pipeline company’s stock.

Other equities analysts have also issued reports about the company. The Goldman Sachs Group lifted their price objective on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Argus raised shares of Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Barclays upped their price target on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Scotiabank lifted their price objective on Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 17th. Finally, Morgan Stanley upped their target price on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $157.21.

Targa Resources Stock Up 2.4 %

Shares of NYSE TRGP opened at $192.28 on Wednesday. Targa Resources has a 1 year low of $81.03 and a 1 year high of $192.63. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.53. The firm has a market cap of $41.93 billion, a PE ratio of 34.77, a price-to-earnings-growth ratio of 1.44 and a beta of 2.24. The company has a 50 day simple moving average of $158.92 and a 200 day simple moving average of $138.09.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. The business had revenue of $3.85 billion during the quarter, compared to the consensus estimate 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 prior year, the business posted $0.97 earnings per share. On average, research analysts forecast that Targa Resources will post 5.96 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.56%. The ex-dividend date is Thursday, October 31st. Targa Resources’s payout ratio is presently 54.25%.

Insider Transactions at Targa Resources

In other news, insider Robert Muraro sold 2,500 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the sale, the insider now directly owns 174,451 shares in the company, valued at $25,504,736.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Paul W. Chung sold 5,264 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $138.03, for a total transaction of $726,589.92. Following the completion of the transaction, the director now owns 232,827 shares in the company, valued at approximately $32,137,110.81. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 157,764 shares of company stock valued at $24,421,590 over the last ninety days. 1.39% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in TRGP. Vanguard Group Inc. lifted its holdings in Targa Resources by 0.8% during the first quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock valued at $3,025,521,000 after purchasing an additional 201,817 shares during the last quarter. Caxton Associates LP bought a new stake in Targa Resources during the 2nd quarter valued at $2,323,000. Sciencast Management LP purchased a new stake in shares of Targa Resources during the first quarter worth $1,910,000. Cetera Investment Advisers boosted its holdings in shares of Targa Resources by 215.2% in the first quarter. Cetera Investment Advisers now owns 31,052 shares of the pipeline company’s stock worth $3,478,000 after acquiring an additional 21,200 shares during the period. Finally, Virtu Financial LLC bought a new position in shares of Targa Resources in the first quarter worth $1,151,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

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.