Targa Resources (NYSE:TRGP) Price Target Increased to $202.00 by Analysts at Morgan Stanley

Targa Resources (NYSE:TRGP) had its price target boosted by Morgan Stanley from $173.00 to $202.00 in a research note published on Friday, Benzinga reports. They currently have an overweight rating on the pipeline company’s stock.

TRGP has been the subject of a number of other research reports. Truist Financial raised their price objective on Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Royal Bank of Canada boosted their target price on shares of Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Barclays upped their target price on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Bank of America started coverage on Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price on the stock. Finally, The Goldman Sachs Group raised their target price on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $152.79.

Targa Resources Stock Down 1.5 %

NYSE TRGP traded down $2.61 during trading on Friday, reaching $165.96. 2,454,740 shares of the company’s stock traded hands, compared to its average volume of 1,652,166. 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 $152.97 and its two-hundred day simple moving average is $133.90. Targa Resources has a 12-month low of $81.03 and a 12-month high of $169.92. The firm has a market cap of $36.36 billion, a price-to-earnings ratio of 34.94, a price-to-earnings-growth ratio of 1.28 and a beta of 2.25.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The firm had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. During the same period in the previous year, the company posted $1.44 EPS. As a group, sell-side analysts forecast that Targa Resources will post 5.92 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.81%. Targa Resources’s dividend payout ratio is presently 63.16%.

Insiders Place Their Bets

In related news, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the sale, the director now directly owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the transaction, the director now directly owns 110,470 shares in the company, valued at $17,181,399.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Julie H. Boushka sold 1,213 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the sale, the chief accounting officer now owns 52,257 shares in the company, valued at $6,898,969.14. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 175,534 shares of company stock valued at $26,815,021 over the last quarter. 1.39% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. First Trust Direct Indexing L.P. raised its position in Targa Resources by 2.8% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 8,595 shares of the pipeline company’s stock valued at $1,272,000 after purchasing an additional 237 shares in the last quarter. Creekmur Asset Management LLC increased its stake in shares of Targa Resources by 332.6% during the third quarter. Creekmur Asset Management LLC now owns 6,269 shares of the pipeline company’s stock worth $928,000 after buying an additional 4,820 shares during the period. Fidelis Capital Partners LLC acquired a new stake in Targa Resources in the third quarter valued at approximately $208,000. abrdn plc lifted its stake in Targa Resources by 6.9% in the third quarter. abrdn plc now owns 552,904 shares of the pipeline company’s stock worth $81,299,000 after acquiring an additional 35,919 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its holdings in Targa Resources by 2.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 19,885 shares of the pipeline company’s stock worth $2,943,000 after acquiring an additional 445 shares in the last quarter. 92.13% of the stock is 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.