Targa Resources (NYSE:TRGP) Price Target Increased to $150.00 by Analysts at Truist Financial

Targa Resources (NYSE:TRGP) had its target price upped by Truist Financial from $125.00 to $150.00 in a report issued on Monday morning, Benzinga reports. Truist Financial currently has a buy rating on the pipeline company’s stock.

Several other research firms have also recently weighed in on TRGP. Wells Fargo & Company raised their target price on shares of Targa Resources from $124.00 to $153.00 and gave the company an overweight rating in a research note on Monday. Royal Bank of Canada increased their price objective on shares of Targa Resources from $123.00 to $128.00 and gave the company an outperform rating in a research report on Thursday, May 16th. JPMorgan Chase & Co. increased their price objective on shares of Targa Resources from $140.00 to $145.00 and gave the company an overweight rating in a research report on Tuesday, July 2nd. Argus initiated coverage on shares of Targa Resources in a research report on Wednesday, June 26th. They set a buy rating and a $140.00 price objective for the company. Finally, The Goldman Sachs Group increased their price objective on shares of Targa Resources from $132.00 to $147.00 and gave the company a buy rating in a research report on Friday. One investment analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $138.62.

Targa Resources Stock Performance

Shares of TRGP stock traded up $3.76 on Monday, reaching $131.62. The stock had a trading volume of 3,002,974 shares, compared to its average volume of 1,611,839. The stock has a market cap of $29.18 billion, a P/E ratio of 27.41, a price-to-earnings-growth ratio of 0.70 and a beta of 2.27. Targa Resources has a 1 year low of $77.97 and a 1 year high of $139.35. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.62 and a current ratio of 0.70. The company has a 50 day simple moving average of $127.75 and a 200 day simple moving average of $112.92.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.12. The company had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a return on equity of 23.75% and a net margin of 6.60%. During the same period in the previous year, the business earned $1.44 earnings per share. Equities research analysts expect that Targa Resources will post 5.4 EPS for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Wednesday, July 31st will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a yield of 2.28%. Targa Resources’s payout ratio is 61.73%.

Insider Activity at Targa Resources

In other Targa Resources news, Director Ershel C. Redd, Jr. sold 3,000 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $113.10, for a total transaction of $339,300.00. Following the transaction, the director now owns 28,223 shares of the company’s stock, valued at approximately $3,192,021.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider D. Scott Pryor sold 20,000 shares of Targa Resources stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $113.13, for a total value of $2,262,600.00. Following the transaction, the insider now owns 136,098 shares of the company’s stock, valued at approximately $15,396,766.74. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ershel C. Redd, Jr. sold 3,000 shares of Targa Resources stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $113.10, for a total transaction of $339,300.00. Following the completion of the transaction, the director now directly owns 28,223 shares in the company, valued at approximately $3,192,021.30. The disclosure for this sale can be found here. Insiders sold 50,000 shares of company stock worth $5,893,549 in the last 90 days. 1.39% of the stock is owned by corporate insiders.

Institutional Trading of Targa Resources

Large investors have recently bought and sold shares of the stock. Addison Advisors LLC acquired a new stake in Targa Resources during the 4th quarter valued at approximately $27,000. UMB Bank n.a. lifted its stake in Targa Resources by 2,220.0% during the 2nd 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 period. Spire Wealth Management lifted its stake in Targa Resources by 2,400.0% during the 1st quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock valued at $31,000 after acquiring an additional 264 shares during the period. EdgeRock Capital LLC acquired a new stake in Targa Resources during the 4th quarter valued at approximately $42,000. Finally, Delos Wealth Advisors LLC acquired a new stake in Targa Resources during the 4th quarter valued at approximately $43,000. 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.