Targa Resources (NYSE:TRGP) Given New $171.00 Price Target at Barclays

Targa Resources (NYSE:TRGP - Free Report) had its price objective increased by Barclays from $155.00 to $171.00 in a report released on Tuesday, Benzinga reports. Barclays currently has an overweight rating on the pipeline company's stock.

Other research analysts also recently issued reports about the company. Truist Financial lifted their price target on Targa Resources from $125.00 to $150.00 and gave the stock a buy rating in a research report on Monday, August 5th. Argus raised Targa Resources to a strong-buy rating in a report on Tuesday, September 3rd. Scotiabank lifted their price objective on Targa Resources from $128.00 to $142.00 and gave the stock a sector outperform rating in a report on Wednesday, July 17th. Wells Fargo & Company lifted their price objective on Targa Resources from $124.00 to $153.00 and gave the stock an overweight rating in a report on Monday, August 5th. Finally, The Goldman Sachs Group lifted their price objective on Targa Resources from $147.00 to $163.00 and gave the stock a buy rating in a report on Thursday, September 19th. Twelve equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Buy and a consensus price target of $144.31.

Targa Resources Stock Performance

NYSE TRGP traded down $4.77 during trading on Tuesday, hitting $161.89. The company's stock had a trading volume of 1,927,801 shares, compared to its average volume of 1,658,275. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. The firm has a 50 day moving average price of $148.18 and a 200 day moving average price of $131.02. The firm has a market cap of $35.47 billion, a P/E ratio of 34.03, a price-to-earnings-growth ratio of 1.28 and a beta of 2.25. Targa Resources has a 52 week low of $81.03 and a 52 week high of $167.79.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. The company 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 in the previous year, the business posted $1.44 EPS. Equities research analysts forecast that Targa Resources will post 5.9 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources's dividend payout ratio is currently 63.16%.

Insiders Place Their Bets

In other Targa Resources news, insider Gerald R. Shrader sold 3,000 shares of the business's stock in a transaction on Friday, August 9th. The stock was sold at an average price of $136.06, for a total value of $408,180.00. Following the transaction, the insider now owns 29,603 shares of the company's stock, valued at approximately $4,027,784.18. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Joe Bob Perkins sold 150,000 shares of the business's stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the sale, the director now owns 110,470 shares in the company, valued at $17,181,399.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Gerald R. Shrader sold 3,000 shares of the business's stock in a transaction on Friday, August 9th. The stock was sold at an average price of $136.06, for a total value of $408,180.00. Following the sale, the insider now owns 29,603 shares of the company's stock, valued at approximately $4,027,784.18. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 175,534 shares of company stock valued at $26,815,021. 1.39% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Targa Resources

A number of institutional investors and hedge funds have recently made changes to their positions in TRGP. Creative Planning increased its holdings in Targa Resources by 17.6% in the third quarter. Creative Planning now owns 43,783 shares of the pipeline company's stock valued at $6,480,000 after purchasing an additional 6,546 shares during the last quarter. CX Institutional acquired a new position in Targa Resources in the third quarter valued at about $198,000. CHICAGO TRUST Co NA acquired a new position in Targa Resources in the third quarter valued at about $415,000. Inspire Investing LLC grew its stake in Targa Resources by 31.3% in the third quarter. Inspire Investing LLC now owns 27,994 shares of the pipeline company's stock valued at $4,143,000 after acquiring an additional 6,671 shares during the period. Finally, Ritholtz Wealth Management boosted its position in shares of Targa Resources by 9.6% during the third quarter. Ritholtz Wealth Management now owns 5,024 shares of the pipeline company's stock worth $744,000 after buying an additional 440 shares during the period. 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.