Targa Resources (NYSE:TRGP) Reaches New 12-Month High - Here's Why

Targa Resources Corp. (NYSE:TRGP - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $158.12 and last traded at $158.02, with a volume of 1096912 shares trading hands. The stock had previously closed at $155.50.

Wall Street Analysts Forecast Growth

TRGP has been the subject of a number of recent research reports. UBS Group lifted their target price on Targa Resources from $116.00 to $147.00 and gave the stock a "buy" rating in a report on Tuesday, June 11th. Morgan Stanley increased their target price on shares of Targa Resources from $134.00 to $140.00 and gave the company an "overweight" rating in a research note on Monday, June 10th. Royal Bank of Canada raised their target price on shares of Targa Resources from $147.00 to $153.00 and gave the stock an "outperform" rating in a report on Tuesday, August 13th. Scotiabank upped their price target on shares of Targa Resources from $128.00 to $142.00 and gave the company a "sector outperform" rating in a report on Wednesday, July 17th. Finally, Truist Financial raised their price objective on shares of Targa Resources from $125.00 to $150.00 and gave the stock a "buy" rating in a research note on Monday, August 5th. One equities research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $141.77.

Targa Resources Price Performance

The company has a market capitalization of $35.04 billion, a PE ratio of 32.29, a P/E/G ratio of 1.16 and a beta of 2.25. The firm has a fifty day simple moving average of $144.10 and a 200 day simple moving average of $128.23. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.21 by $0.12. The business had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same period last year, the business posted $1.44 EPS. Equities analysts anticipate that Targa Resources Corp. will post 5.88 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend was Wednesday, July 31st. Targa Resources's payout ratio is 61.73%.

Insider Buying and Selling at Targa Resources

In other news, insider Robert Muraro sold 2,500 shares of the business's stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the sale, the insider now directly owns 174,451 shares in the company, valued at $25,504,736.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Targa Resources news, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total transaction of $160,140.26. Following the completion of the transaction, the chief accounting officer now owns 52,257 shares of the company's stock, valued at $6,898,969.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the sale, the insider now directly owns 174,451 shares of the company's stock, valued at $25,504,736.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 175,534 shares of company stock valued at $26,815,021. 1.39% of the stock is owned by insiders.

Institutional Investors Weigh In On Targa Resources

Several large investors have recently bought and sold shares of TRGP. Park Avenue Securities LLC acquired a new position in Targa Resources during the third quarter worth approximately $242,000. Czech National Bank grew its position in Targa Resources by 5.6% during the third quarter. Czech National Bank now owns 44,628 shares of the pipeline company's stock worth $6,605,000 after buying an additional 2,377 shares during the period. Massmutual Trust Co. FSB ADV increased its stake in Targa Resources by 9.8% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company's stock valued at $138,000 after purchasing an additional 83 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in Targa Resources during the 2nd quarter valued at about $1,992,000. Finally, Strategic Investment Solutions Inc. IL acquired a new position in shares of Targa Resources during the 2nd quarter worth approximately $29,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.