Targa Resources (NYSE:TRGP) Price Target Raised to $226.00 at Mizuho

Targa Resources (NYSE:TRGP) had its price objective raised by Mizuho from $208.00 to $226.00 in a research note published on Thursday,Benzinga reports. Mizuho currently has an outperform rating on the pipeline company’s stock.

TRGP has been the topic of several other research reports. Barclays increased 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. US Capital Advisors lowered Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Royal Bank of Canada upped their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. UBS Group raised their target price on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, Morgan Stanley increased their price objective on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Targa Resources currently has a consensus rating of “Buy” and an average target price of $196.07.

Targa Resources Stock Performance

TRGP opened at $204.93 on Thursday. The company has a market cap of $44.69 billion, a PE ratio of 37.06, a price-to-earnings-growth ratio of 0.62 and a beta of 2.29. 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 stock has a 50-day moving average of $195.20 and a 200-day moving average of $175.21. Targa Resources has a 52-week low of $95.88 and a 52-week high of $218.51.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. As a group, equities research analysts forecast that Targa Resources will post 6.36 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s dividend payout ratio is currently 54.25%.

Institutional Trading of Targa Resources

Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Targa Resources in the fourth quarter worth about $505,132,000. GQG Partners LLC bought a new position in shares of Targa Resources during the fourth quarter valued at $393,335,000. Canada Pension Plan Investment Board raised its holdings in Targa Resources by 981.8% in the 4th quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company’s stock worth $204,223,000 after acquiring an additional 1,038,350 shares during the last quarter. Raymond James Financial Inc. bought a new position in Targa Resources during the 4th quarter valued at about $150,372,000. Finally, TD Asset Management Inc. boosted its stake in shares of Targa Resources by 568.7% in the 4th quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company’s stock worth $173,212,000 after buying an additional 825,267 shares during the last quarter. 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.