Targa Resources (NYSE:TRGP) Price Target Raised to $130.00

Targa Resources (NYSE:TRGP) had its price target upped by Stifel Nicolaus from $111.00 to $130.00 in a report published on Tuesday, Benzinga reports. The firm currently has a buy rating on the pipeline company’s stock.

Several other equities analysts have also recently weighed in on the company. Barclays boosted their price objective on Targa Resources from $116.00 to $122.00 and gave the stock an overweight rating in a research report on Tuesday, April 9th. Citigroup boosted their price objective on Targa Resources from $104.00 to $112.00 and gave the stock a buy rating in a research report on Wednesday, February 21st. Truist Financial boosted their price objective on Targa Resources from $105.00 to $120.00 and gave the stock a buy rating in a research report on Wednesday, March 20th. The Goldman Sachs Group boosted their price objective on Targa Resources from $105.00 to $117.00 and gave the stock a buy rating in a research report on Thursday, April 4th. Finally, JPMorgan Chase & Co. boosted their price objective on Targa Resources from $122.00 to $125.00 and gave the stock an overweight rating in a research report on Wednesday, March 6th. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Buy and an average price target of $117.92.

Targa Resources Stock Performance

TRGP opened at $111.78 on Tuesday. The company has a market cap of $24.87 billion, a PE ratio of 30.46 and a beta of 2.21. The stock has a 50-day moving average of $105.34 and a 200-day moving average of $92.49. Targa Resources has a 52-week low of $67.36 and a 52-week high of $117.61. The company has a debt-to-equity ratio of 2.68, a quick ratio of 0.66 and a current ratio of 0.79.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.49 by ($0.26). The company had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.50 billion. Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. As a group, equities research analysts forecast that Targa Resources will post 5.77 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be issued a $0.75 dividend. The ex-dividend date of this dividend is Monday, April 29th. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.68%. Targa Resources’s dividend payout ratio is presently 81.74%.

Insider Transactions at Targa Resources

In other news, insider D. Scott Pryor sold 10,000 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $97.00, for a total value of $970,000.00. Following the completion of the transaction, the insider now directly owns 156,098 shares of the company’s stock, valued at approximately $15,141,506. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider D. Scott Pryor sold 10,000 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $97.00, for a total value of $970,000.00. Following the completion of the transaction, the insider now directly owns 156,098 shares of the company’s stock, valued at approximately $15,141,506. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Julie H. Boushka sold 2,500 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total value of $244,150.00. Following the completion of the transaction, the chief accounting officer now directly owns 71,808 shares of the company’s stock, valued at $7,012,769.28. The disclosure for this sale can be found here. In the last ninety days, insiders sold 81,966 shares of company stock valued at $7,987,215. Corporate insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

A number of large investors have recently bought and sold shares of TRGP. Moneta Group Investment Advisors LLC grew its position in Targa Resources by 104,219.5% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 25,241,143 shares of the pipeline company’s stock worth $1,855,224,000 after acquiring an additional 25,216,947 shares during the last quarter. Deutsche Bank AG grew its position in Targa Resources by 200.4% during the 3rd quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock worth $478,063,000 after acquiring an additional 3,720,270 shares during the last quarter. Blackstone Inc. grew its position in Targa Resources by 60.4% during the 4th quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock worth $820,290,000 after acquiring an additional 3,554,989 shares during the last quarter. Wellington Management Group LLP grew its position in Targa Resources by 424.5% during the 1st quarter. Wellington Management Group LLP now owns 3,777,797 shares of the pipeline company’s stock worth $285,110,000 after acquiring an additional 3,057,486 shares during the last quarter. Finally, Norges Bank bought a new stake in Targa Resources during the 4th quarter worth approximately $187,123,000. 92.13% of the stock is currently owned by institutional investors.

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.