Targa Resources (NYSE:TRGP) Hits New 12-Month High Following Analyst Upgrade

Targa Resources Corp. (NYSE:TRGP) reached a new 52-week high 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. The stock had previously closed at $196.04.

Several other analysts have also recently weighed in on TRGP. UBS Group boosted their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research note on Friday. The Goldman Sachs Group upped their price objective 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. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Royal Bank of Canada boosted their target price on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Finally, Wells Fargo & Company boosted their target price on shares of Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Targa Resources currently has an average rating of “Buy” and an average price target of $169.79.

Insiders Place Their Bets

In related news, Director Joe Bob Perkins sold 150,000 shares of the company’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the sale, the director now owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This represents a 57.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were 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 approximately $25,504,736.20. The trade was a 1.41 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 185,760 shares of company stock valued at $30,026,712. Insiders own 1.39% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. DT Investment Partners LLC bought a new position in Targa Resources during the third quarter valued at $29,000. Strategic Investment Solutions Inc. IL bought a new position in Targa Resources during the second quarter valued at $29,000. UMB Bank n.a. increased its position in 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 acquiring an additional 222 shares during the last quarter. Prospera Private Wealth LLC bought a new position in Targa Resources during the third quarter valued at $35,000. Finally, Whittier Trust Co. bought a new position in Targa Resources during the second quarter valued at $44,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

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 firm has a market cap of $43.15 billion, a P/E ratio of 35.45, a PEG ratio of 0.78 and a beta of 2.24. The stock’s 50-day simple moving average is $163.51 and its two-hundred day simple moving average is $141.15.

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

Targa Resources Dividend Announcement

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 1.52%. The ex-dividend date was Thursday, October 31st. Targa Resources’s payout ratio is 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.