Truist Financial Issues Positive Forecast for Targa Resources (NYSE:TRGP) Stock Price

Targa Resources (NYSE:TRGP) had its price objective increased by Truist Financial from $175.00 to $225.00 in a report released on Friday,Benzinga reports. They currently have a buy rating on the pipeline company’s stock.

Several other equities research analysts also recently commented on TRGP. Wells Fargo & Company increased their price objective on Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. The Goldman Sachs Group lifted their price objective on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Royal Bank of Canada upped their target price on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Bank of America started coverage on Targa Resources in a report on Thursday, October 17th. They set a “buy” rating and a $182.00 price target for the company. Finally, Morgan Stanley upped their price objective on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $169.79.

Targa Resources Trading Up 2.3 %

NYSE:TRGP traded up $4.47 on Friday, reaching $196.04. The company’s stock had a trading volume of 1,376,500 shares, compared to its average volume of 1,648,823. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources has a 1-year low of $81.03 and a 1-year high of $197.14. The business’s 50-day moving average price is $163.51 and its two-hundred day moving average price is $140.77. The firm has a market cap of $42.75 billion, a PE ratio of 35.45, a PEG ratio of 0.77 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last released its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.58 by $0.17. The firm had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter in the previous year, the business posted $0.97 EPS. Equities research analysts anticipate that Targa Resources will post 6.19 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date was Thursday, October 31st. Targa Resources’s dividend payout ratio is 54.25%.

Insider Buying and Selling at Targa Resources

In related news, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the transaction, the director now owns 110,470 shares in the company, valued at approximately $17,181,399.10. This trade represents a 57.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider D. Scott Pryor sold 30,000 shares of the business’s stock in a transaction dated 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 directly owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. This trade represents a 26.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,760 shares of company stock valued at $30,026,712 in the last quarter. Company insiders own 1.39% of the company’s stock.

Institutional Trading of Targa Resources

Several large investors have recently made changes to their positions in TRGP. Strategic Investment Solutions Inc. IL acquired a new position in Targa Resources during the second quarter worth about $29,000. DT Investment Partners LLC acquired a new position in Targa Resources during the 3rd quarter worth approximately $29,000. UMB Bank n.a. lifted its stake in Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 222 shares during the last quarter. Prospera Private Wealth LLC acquired a new stake in shares of Targa Resources during the 3rd quarter valued at $35,000. Finally, Whittier Trust Co. acquired a new position in Targa Resources in the 2nd quarter worth about $44,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

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.