Targa Resources (NYSE:TRGP) Price Target Raised to $171.00 at Barclays

Targa Resources (NYSE:TRGP) had its target price boosted by Barclays from $155.00 to $171.00 in a research report released on Tuesday morning, Benzinga reports. Barclays currently has an overweight rating on the pipeline company’s stock.

TRGP has been the topic of several other research reports. Wells Fargo & Company raised their price target on shares of Targa Resources from $124.00 to $153.00 and gave the company an overweight rating in a research report on Monday, August 5th. JPMorgan Chase & Co. increased their price target on Targa Resources from $140.00 to $145.00 and gave the company an overweight rating in a research report on Tuesday, July 2nd. The Goldman Sachs Group lifted their price objective on shares of Targa Resources from $147.00 to $163.00 and gave the stock a buy rating in a report on Thursday, September 19th. Truist Financial increased their target price on shares of Targa Resources from $125.00 to $150.00 and gave the company a buy rating in a report on Monday, August 5th. Finally, Royal Bank of Canada increased their price objective on shares of Targa Resources from $147.00 to $153.00 and gave the company an outperform rating in a research note on Tuesday, August 13th. Twelve 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 stock has an average rating of Buy and a consensus price target of $144.31.

Targa Resources Trading Down 2.9 %

Shares of TRGP stock opened at $161.89 on Tuesday. Targa Resources has a fifty-two week low of $81.03 and a fifty-two week high of $167.79. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. The stock has a 50 day simple moving average of $148.79 and a two-hundred day simple moving average of $131.38. The company has a market cap of $35.89 billion, a P/E ratio of 33.31, a PEG ratio of 1.28 and a beta of 2.25.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The company had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same period in the prior year, the firm earned $1.44 earnings per share. Research analysts forecast that Targa Resources will post 5.9 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.85%. Targa Resources’s dividend payout ratio is presently 61.73%.

Insider Transactions at Targa Resources

In related news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the transaction, the director now directly owns 110,470 shares in the company, valued at approximately $17,181,399.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Paul W. Chung sold 916 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total value of $124,896.60. Following the sale, the director now directly owns 238,591 shares of the company’s stock, valued at $32,531,882.85. This trade 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 through the SEC website. Also, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the sale, the director now directly owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 175,534 shares of company stock worth $26,815,021 over the last quarter. Corporate insiders own 1.39% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

Institutional investors have recently modified their holdings of the company. Strategic Investment Solutions Inc. IL bought a new position in Targa Resources during the second quarter valued at approximately $29,000. UMB Bank n.a. grew its holdings in shares of Targa Resources by 2,220.0% during the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 222 shares during the last quarter. Whittier Trust Co. purchased a new position in Targa Resources in the 2nd quarter worth $44,000. Register Financial Advisors LLC purchased a new position in Targa Resources in the 1st quarter worth $45,000. Finally, Rogco LP purchased a new stake in Targa Resources during the first quarter valued at about $56,000. 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.