Truist Financial Cuts Targa Resources (NYSE:TRGP) Price Target to $220.00

Targa Resources (NYSE:TRGP) had its price target decreased by Truist Financial from $225.00 to $220.00 in a report released on Friday morning,Benzinga reports. Truist Financial currently has a buy rating on the pipeline company’s stock.

A number of other research analysts also recently weighed in on the company. Stifel Nicolaus increased their price target on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. The Goldman Sachs Group raised their target price on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Argus raised Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Royal Bank of Canada lifted their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Finally, Barclays upped their target price on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $176.14.

Targa Resources Price Performance

Targa Resources stock opened at $184.60 on Friday. Targa Resources has a 52 week low of $81.03 and a 52 week high of $209.87. The firm has a market cap of $40.25 billion, a P/E ratio of 33.38, a P/E/G ratio of 0.74 and a beta of 2.28. 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’s fifty day moving average is $182.05 and its two-hundred day moving average is $152.25.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.17. The firm had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter in the previous year, the company posted $0.97 EPS. Equities research analysts forecast that Targa Resources will post 6.26 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were issued a dividend of $0.75 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.63%. Targa Resources’s dividend payout ratio (DPR) is currently 54.25%.

Insider Transactions at Targa Resources

In related news, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the sale, the insider now directly owns 82,979 shares of the company’s stock, valued at $15,793,393.07. This trade represents a 26.55 % 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, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.74, for a total transaction of $621,812.40. Following the sale, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 183,260 shares of company stock worth $29,661,212 in the last ninety days. Company insiders own 1.39% of the company’s stock.

Institutional Trading of Targa Resources

Hedge funds and other institutional investors have recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL bought a new stake in Targa Resources during the 2nd quarter valued at $29,000. DT Investment Partners LLC purchased a new position in shares of Targa Resources in the third quarter valued at about $29,000. UMB Bank n.a. raised its stake in shares of 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 purchased a new stake in shares of Targa Resources during the third quarter worth about $35,000. Finally, Whittier Trust Co. bought a new stake in shares of Targa Resources in the second quarter worth about $44,000. Hedge funds and other institutional investors 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.