Targa Resources (NYSE:TRGP) Given New $227.00 Price Target at Citigroup

Targa Resources (NYSE:TRGP) had its target price raised by Citigroup from $218.00 to $227.00 in a report released on Tuesday morning,Benzinga reports. They currently have a buy rating on the pipeline company’s stock.

A number of other research firms have also weighed in on TRGP. Wells Fargo & Company increased their price objective on Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Mizuho increased their price target on shares of Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Royal Bank of Canada boosted their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Scotiabank assumed coverage on shares of Targa Resources in a report on Friday, January 10th. They set a “sector outperform” rating and a $218.00 target price for the company. Finally, Truist Financial reduced their price target on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, December 13th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $205.43.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $194.76 on Tuesday. The company’s fifty day moving average is $196.48 and its 200 day moving average is $177.38. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources has a 52 week low of $95.88 and a 52 week high of $218.51. The stock has a market cap of $42.47 billion, a PE ratio of 33.93, a PEG ratio of 0.61 and a beta of 2.29.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.46). The company had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Research analysts anticipate that Targa Resources will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.54%. Targa Resources’s dividend payout ratio (DPR) is currently 52.26%.

Hedge Funds Weigh In On Targa Resources

Hedge funds have recently bought and sold shares of the company. Ameriflex Group Inc. bought a new stake in shares of Targa Resources during the 4th quarter valued at about $31,000. Colonial Trust Co SC boosted its stake in shares of Targa Resources by 5,400.0% in the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock worth $29,000 after acquiring an additional 162 shares during the period. Atala Financial Inc purchased a new stake in shares of Targa Resources during the fourth quarter worth about $31,000. Cary Street Partners Financial LLC purchased a new stake in shares of Targa Resources during the fourth quarter worth about $31,000. Finally, Rakuten Securities Inc. raised its stake in Targa Resources by 394.6% during the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after purchasing an additional 146 shares during the period. Institutional investors own 92.13% of the company’s stock.

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.