Targa Resources (NYSE:TRGP) Price Target Raised to $145.00

Targa Resources (NYSE:TRGP) had its price objective hoisted by JPMorgan Chase & Co. from $140.00 to $145.00 in a research note issued to investors on Tuesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the pipeline company’s stock.

TRGP has been the subject of a number of other research reports. UBS Group lifted their target price on shares of Targa Resources from $116.00 to $147.00 and gave the stock a buy rating in a research report on Tuesday, June 11th. Argus initiated coverage on Targa Resources in a report on Wednesday, June 26th. They issued a buy rating and a $140.00 price objective for the company. Truist Financial increased their target price on Targa Resources from $120.00 to $125.00 and gave the company a buy rating in a report on Monday, June 10th. Stifel Nicolaus boosted their price target on Targa Resources from $111.00 to $130.00 and gave the company a buy rating in a research note on Tuesday, April 16th. Finally, Scotiabank upped their price target on shares of Targa Resources from $112.00 to $128.00 and gave the company a sector outperform rating in a research report on Monday, April 15th. One analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $131.08.

Targa Resources Trading Down 0.8 %

Targa Resources stock opened at $132.49 on Tuesday. Targa Resources has a one year low of $74.95 and a one year high of $133.78. The business’s fifty day moving average is $119.66 and its 200 day moving average is $105.49. The stock has a market capitalization of $29.38 billion, a PE ratio of 27.26, a price-to-earnings-growth ratio of 0.79 and a beta of 2.27. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.35 by ($0.13). Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. The company had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $4.28 billion. On average, sell-side analysts predict that Targa Resources will post 5.27 EPS for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 2.26%. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Monday, April 29th. Targa Resources’s dividend payout ratio (DPR) is presently 61.73%.

Insider Buying and Selling

In other news, Director Charles R. Crisp sold 7,000 shares of the business’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $112.54, for a total value of $787,780.00. Following the transaction, the director now directly owns 95,471 shares in the company, valued at $10,744,306.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Julie H. Boushka sold 2,691 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total transaction of $304,083.00. Following the completion of the transaction, the chief accounting officer now directly owns 57,228 shares of the company’s stock, valued at $6,466,764. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles R. Crisp sold 7,000 shares of Targa Resources stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $112.54, for a total transaction of $787,780.00. Following the completion of the sale, the director now owns 95,471 shares in the company, valued at $10,744,306.34. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,691 shares of company stock valued at $6,197,632. Company insiders own 1.44% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in TRGP. DNB Asset Management AS raised its holdings in shares of Targa Resources by 2.0% during the 2nd quarter. DNB Asset Management AS now owns 38,224 shares of the pipeline company’s stock worth $4,922,000 after acquiring an additional 733 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its position in Targa Resources by 34.4% in the second quarter. Massmutual Trust Co. FSB ADV now owns 851 shares of the pipeline company’s stock worth $110,000 after purchasing an additional 218 shares during the last quarter. GAMMA Investing LLC raised its stake in Targa Resources by 45.0% during the second quarter. GAMMA Investing LLC now owns 2,414 shares of the pipeline company’s stock valued at $311,000 after purchasing an additional 749 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in Targa Resources by 15.1% during the first quarter. EverSource Wealth Advisors LLC now owns 977 shares of the pipeline company’s stock valued at $111,000 after purchasing an additional 128 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale grew its stake in shares of Targa Resources by 21.5% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 62,744 shares of the pipeline company’s stock worth $6,927,000 after buying an additional 11,098 shares in the last quarter. Hedge funds and other 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.