Targa Resources (NYSE:TRGP) Sets New 1-Year High at $147.39

Targa Resources Corp. (NYSE:TRGP) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $147.39 and last traded at $147.29, with a volume of 578866 shares changing hands. The stock had previously closed at $146.90.

Analyst Ratings Changes

A number of brokerages recently issued reports on TRGP. Scotiabank boosted their price objective on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 17th. Morgan Stanley upped their price target on shares of Targa Resources from $134.00 to $140.00 and gave the company an “overweight” rating in a report on Monday, June 10th. JPMorgan Chase & Co. upped their price target on shares of Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a report on Tuesday, July 2nd. Argus started coverage on shares of Targa Resources in a report on Wednesday, June 26th. They issued a “buy” rating and a $140.00 price target for the company. Finally, UBS Group boosted their price objective on shares of Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $140.54.

Targa Resources Price Performance

The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. The company’s 50-day simple moving average is $137.03 and its 200-day simple moving average is $121.21. The stock has a market capitalization of $32.81 billion, a P/E ratio of 30.68, a price-to-earnings-growth ratio of 1.16 and a beta of 2.26.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The firm had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same period in the prior year, the firm posted $1.44 earnings per share. As a group, sell-side analysts expect that Targa Resources Corp. will post 5.88 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were issued a $0.75 dividend. The ex-dividend date was Wednesday, July 31st. This represents a $3.00 annualized dividend and a dividend yield of 2.00%. Targa Resources’s dividend payout ratio is currently 61.73%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 9,900 shares of the company’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $130.31, for a total value of $1,290,069.00. Following the transaction, the insider now directly owns 186,951 shares in the company, valued at $24,361,584.81. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Targa Resources news, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total transaction of $160,140.26. Following the sale, the chief accounting officer now directly owns 52,257 shares in the company, valued at $6,898,969.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Robert Muraro sold 9,900 shares of the stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the sale, the insider now owns 186,951 shares in the company, valued at $24,361,584.81. The disclosure for this sale can be found here. Insiders have sold a total of 45,534 shares of company stock worth $5,989,390 over the last ninety days. Insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Large investors have recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL acquired a new stake in Targa Resources during the second quarter worth about $29,000. UMB Bank n.a. lifted its holdings in shares of Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after acquiring an additional 222 shares during the last quarter. Spire Wealth Management lifted its holdings in shares of Targa Resources by 2,400.0% in the first quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock worth $31,000 after acquiring an additional 264 shares during the last quarter. Whittier Trust Co. bought a new position in shares of Targa Resources in the second quarter worth about $44,000. Finally, Register Financial Advisors LLC bought a new position in shares of Targa Resources in the first quarter worth about $45,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

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.