Targa Resources (NYSE:TRGP) Price Target Raised to $220.00

Targa Resources (NYSE:TRGP) had its target price lifted by Wells Fargo & Company from $204.00 to $220.00 in a report issued on Friday morning,Benzinga reports. The firm currently has an overweight rating on the pipeline company’s stock.

Several other brokerages also recently commented on TRGP. Barclays boosted their target price on Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Royal Bank of Canada boosted their price objective on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Mizuho raised their target price on Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research note on Thursday. UBS Group upped their price target on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Finally, Stifel Nicolaus raised their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. One analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $203.77.

Targa Resources Stock Down 1.9 %

Shares of NYSE TRGP opened at $200.89 on Friday. Targa Resources has a 52-week low of $95.88 and a 52-week high of $218.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The business has a fifty day moving average of $195.58 and a two-hundred day moving average of $175.41. The stock has a market cap of $43.81 billion, a PE ratio of 35.00, a PEG ratio of 0.61 and a beta of 2.29.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.46). The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. As a group, equities research analysts expect that Targa Resources will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s dividend payout ratio is presently 52.26%.

Hedge Funds Weigh In On Targa Resources

Hedge funds have recently added to or reduced their stakes in the stock. MML Investors Services LLC boosted its stake in Targa Resources by 65.1% during the 3rd quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock worth $3,791,000 after acquiring an additional 10,100 shares during the last quarter. Nordea Investment Management AB raised its holdings in Targa Resources by 85.7% in the fourth quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock worth $5,070,000 after purchasing an additional 13,167 shares during the period. Capital Investment Advisors LLC boosted its position in shares of Targa Resources by 191.4% during the fourth quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock worth $1,476,000 after purchasing an additional 5,431 shares in the last quarter. Atomi Financial Group Inc. acquired a new position in shares of Targa Resources in the 4th quarter valued at $271,000. Finally, Braun Stacey Associates Inc. bought a new stake in shares of Targa Resources in the 3rd quarter valued at $11,042,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

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.