Targa Resources (NYSE:TRGP) Given New $175.00 Price Target at Truist Financial

Targa Resources (NYSE:TRGP) had its price objective boosted by Truist Financial from $150.00 to $175.00 in a report published on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the pipeline company’s stock.

TRGP has been the subject of several other research reports. Argus raised Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Scotiabank raised their price target 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. Wells Fargo & Company upped their price objective on shares of Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Bank of America started coverage on Targa Resources in a research report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target for the company. Finally, Royal Bank of Canada increased their price objective on Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $157.21.

Targa Resources Stock Up 2.4 %

Targa Resources stock opened at $192.34 on Tuesday. The firm’s 50 day moving average price is $158.92 and its two-hundred day moving average price is $138.09. The firm has a market cap of $41.94 billion, a PE ratio of 34.78, a P/E/G ratio of 1.44 and a beta of 2.24. Targa Resources has a twelve month low of $81.03 and a twelve month high of $192.63. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.53 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The business had revenue of $3.85 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same period last year, the company earned $0.97 earnings per share. On average, research analysts predict that Targa Resources will post 5.96 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.56%. The ex-dividend date is Thursday, October 31st. Targa Resources’s payout ratio is currently 54.25%.

Insiders Place Their Bets

In related news, insider Robert Muraro sold 2,500 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Paul W. Chung sold 5,264 shares of the stock in a transaction on Monday, August 12th. The shares were sold at an average price of $138.03, for a total value of $726,589.92. Following the completion of the transaction, the director now owns 232,827 shares in the company, valued at approximately $32,137,110.81. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the sale, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 157,764 shares of company stock worth $24,421,590 in the last ninety days. Insiders own 1.39% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TRGP. Buckley Wealth Management LLC grew its stake in shares of Targa Resources by 0.7% in the 3rd quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company’s stock valued at $1,469,000 after purchasing an additional 65 shares during the period. Massmutual Trust Co. FSB ADV grew its position in Targa Resources by 9.8% in the third quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock valued at $138,000 after acquiring an additional 83 shares during the period. Prime Capital Investment Advisors LLC raised its stake in Targa Resources by 4.0% during the third quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock worth $321,000 after acquiring an additional 84 shares in the last quarter. Fifth Third Bancorp lifted its holdings in shares of Targa Resources by 1.0% during the second quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock valued at $1,148,000 after acquiring an additional 89 shares during the period. Finally, Huntington National Bank lifted its holdings in shares of Targa Resources by 22.9% during the third quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock valued at $71,000 after acquiring an additional 89 shares during the period. 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.