Targa Resources (NYSE:TRGP) Stock Price Expected to Rise, Stifel Nicolaus Analyst Says

Targa Resources (NYSE:TRGP) had its target price raised by Stifel Nicolaus from $190.00 to $224.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the pipeline company’s stock.

Other equities research analysts also recently issued reports about the company. Truist Financial lifted their price objective on Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a report on Friday, November 15th. Royal Bank of Canada increased their price objective on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a report on Monday, November 11th. UBS Group increased their price target on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Bank of America assumed coverage on shares of Targa Resources in a report on Thursday, October 17th. They set a “buy” rating and a $182.00 price objective for the company. Finally, Barclays increased their price objective on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $176.50.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $202.79 on Wednesday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources has a 52 week low of $81.03 and a 52 week high of $205.20. The business’s 50 day moving average price is $165.80 and its 200 day moving average price is $142.40. The firm has a market cap of $44.22 billion, a P/E ratio of 36.67, a P/E/G ratio of 0.81 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping the consensus estimate of $1.58 by $0.17. The firm had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period last year, the business earned $0.97 EPS. On average, sell-side analysts expect that Targa Resources will post 6.23 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s dividend payout ratio is 54.25%.

Insiders Place Their Bets

In other news, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the transaction, the director now owns 110,470 shares in the company, valued at $17,181,399.10. This trade represents a 57.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the transaction, the insider now owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. This represents a 26.55 % 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 quarter. 1.39% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Targa Resources

Several large investors have recently made changes to their positions in TRGP. Buckley Wealth Management LLC lifted its stake in shares of Targa Resources by 0.7% in the 3rd quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company’s stock valued at $1,469,000 after purchasing an additional 65 shares during the last quarter. Coldstream Capital Management Inc. grew its position in shares of Targa Resources by 0.9% in the 3rd quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock valued at $1,153,000 after acquiring an additional 66 shares during the period. Massmutual Trust Co. FSB ADV lifted its stake in shares of Targa Resources by 9.8% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock worth $138,000 after buying an additional 83 shares during the last quarter. Prime Capital Investment Advisors LLC boosted its stake in shares of Targa Resources by 4.0% in the third quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock valued at $321,000 after buying an additional 84 shares during the period. Finally, Fifth Third Bancorp raised its holdings in shares of Targa Resources by 1.0% during the 2nd quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock worth $1,148,000 after buying an additional 89 shares in the last quarter. Institutional investors and hedge funds 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.