Recent Investment Analysts’ Ratings Updates for Targa Resources (TRGP)

Several brokerages have updated their recommendations and price targets on shares of Targa Resources (NYSE: TRGP) in the last few weeks:

• 11/11/2024 – Targa Resources had its price target raised by analysts at Royal Bank of Canada from $172.00 to $199.00. They now have an “outperform” rating on the stock.
• 11/6/2024 – Targa Resources had its price target raised by analysts at Wells Fargo & Company from $153.00 to $190.00. They now have an “overweight” rating on the stock.
• 11/5/2024 – Targa Resources had its price target raised by analysts at Truist Financial Co. from $150.00 to $175.00. They now have a “buy” rating on the stock.
• 10/25/2024 – Targa Resources had its price target raised by analysts at Morgan Stanley from $173.00 to $202.00. They now have an “overweight” rating on the stock.
• 10/17/2024 – Targa Resources is now covered by analysts at Bank of America Co.. They set a “buy” rating and a $182.00 price target on the stock.
• 10/16/2024 – Targa Resources had its price target raised by analysts at Royal Bank of Canada from $153.00 to $172.00. They now have an “outperform” rating on the stock.
• 10/15/2024 – Targa Resources had its price target raised by analysts at Barclays PLC from $155.00 to $171.00. They now have an “overweight” rating on the stock.
• 9/19/2024 – Targa Resources had its price target raised by analysts at The Goldman Sachs Group, Inc. from $147.00 to $163.00. They now have a “buy” rating on the stock.

Targa Resources Trading Down 0.7 %

Shares of TRGP stock opened at $193.03 on Thursday. Targa Resources Corp. has a 12-month low of $81.03 and a 12-month high of $197.14. The firm has a 50 day moving average price of $160.77 and a two-hundred day moving average price of $139.48. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The company has a market capitalization of $42.09 billion, a PE ratio of 34.91, a price-to-earnings-growth ratio of 0.78 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.17. The business had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same period in the previous year, the company posted $0.97 EPS. As a group, analysts predict that Targa Resources Corp. will post 6.19 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be paid a $0.75 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.55%. Targa Resources’s dividend payout ratio (DPR) is presently 54.25%.

Insider Buying and Selling

In other news, insider D. Scott Pryor sold 30,000 shares of Targa Resources 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 completion of the sale, the insider now directly owns 82,979 shares in the company, valued at approximately $15,793,393.07. The trade was 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 link. In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction dated 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 directly owns 35,143 shares in the company, valued at $6,703,175.82. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider D. Scott Pryor sold 30,000 shares of the business’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 transaction of $5,709,900.00. Following the completion of the transaction, the insider now owns 82,979 shares of the company’s stock, valued at $15,793,393.07. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 185,760 shares of company stock valued at $30,026,712. 1.39% of the stock is owned by company insiders.

Institutional Trading of Targa Resources

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in Targa Resources by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock valued at $3,025,521,000 after purchasing an additional 201,817 shares during the last quarter. Caxton Associates LP acquired a new stake in shares of Targa Resources during the 2nd quarter valued at $2,323,000. Cetera Investment Advisers grew its position in Targa Resources by 215.2% during the 1st quarter. Cetera Investment Advisers now owns 31,052 shares of the pipeline company’s stock worth $3,478,000 after acquiring an additional 21,200 shares during the last quarter. California State Teachers Retirement System grew its position in Targa Resources by 6.5% during the 1st quarter. California State Teachers Retirement System now owns 444,530 shares of the pipeline company’s stock worth $49,783,000 after acquiring an additional 27,164 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in Targa Resources in the 1st quarter worth about $1,151,000. 92.13% of the stock is currently owned by institutional investors.

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.