Wells Fargo & Company Forecasts Strong Price Appreciation for Targa Resources (NYSE:TRGP) Stock

Targa Resources (NYSE:TRGP) had its target price upped by Wells Fargo & Company from $190.00 to $204.00 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the pipeline company’s stock.

A number of other research firms have also weighed in on TRGP. UBS Group raised their target price on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a report on Friday, November 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 price objective for the company. Truist Financial lowered their price target on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research report on Friday, December 13th. Barclays boosted their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Finally, Royal Bank of Canada raised their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $181.43.

Targa Resources Stock Up 2.5 %

NYSE TRGP opened at $176.79 on Wednesday. Targa Resources has a 12 month low of $81.03 and a 12 month high of $209.87. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The stock has a market cap of $38.55 billion, a PE ratio of 31.97, a P/E/G ratio of 0.73 and a beta of 2.28. The stock’s 50 day moving average is $183.60 and its 200 day moving average is $154.37.

Targa Resources (NYSE:TRGP) last issued its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The firm had revenue of $3.85 billion during the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter in the prior year, the business earned $0.97 earnings per share. Research analysts predict that Targa Resources will post 6.26 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.70%. The ex-dividend date was Thursday, October 31st. Targa Resources’s dividend payout ratio is 54.25%.

Insider Transactions at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the sale, the chief accounting officer now owns 35,143 shares in the company, valued at $6,703,175.82. This represents a 8.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction 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 transaction, the insider now owns 82,979 shares in the company, valued at $15,793,393.07. This represents a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 183,260 shares of company stock valued at $29,661,212. 1.39% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Targa Resources

A number of institutional investors have recently added to or reduced their stakes in TRGP. MML Investors Services LLC lifted its position in shares of Targa Resources by 65.1% during the third quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock valued at $3,791,000 after buying an additional 10,100 shares during the last quarter. Caxton Associates LP purchased a new stake in Targa Resources during the second quarter valued at approximately $2,323,000. Braun Stacey Associates Inc. purchased a new stake in Targa Resources during the third quarter valued at approximately $11,042,000. Metis Global Partners LLC boosted its stake in Targa Resources by 12.7% in the third quarter. Metis Global Partners LLC now owns 25,569 shares of the pipeline company’s stock valued at $3,784,000 after acquiring an additional 2,890 shares in the last quarter. Finally, Prospera Financial Services Inc grew its holdings in Targa Resources by 73.3% in the third quarter. Prospera Financial Services Inc now owns 11,984 shares of the pipeline company’s stock worth $1,774,000 after purchasing an additional 5,067 shares during the last quarter. 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.