Targa Resources (NYSE:TRGP) Price Target Raised to $224.00 at Stifel Nicolaus

Targa Resources (NYSE:TRGP - Free Report) had its target price upped by Stifel Nicolaus from $190.00 to $224.00 in a report released on Wednesday,Benzinga reports. The firm currently has a buy rating on the pipeline company's stock.

Several other research firms have also recently issued reports on TRGP. Truist Financial lifted their price objective on Targa Resources from $175.00 to $225.00 and gave the stock a "buy" rating in a report on Friday, November 15th. Wells Fargo & Company increased their target price on shares of Targa Resources from $153.00 to $190.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 6th. Morgan Stanley raised their price target on shares of Targa Resources from $173.00 to $202.00 and gave the company an "overweight" rating in a research report on Friday, October 25th. UBS Group lifted their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the stock a "buy" rating in a research report on Friday, November 15th. Finally, Argus raised Targa Resources to a "strong-buy" rating in a report on Tuesday, September 3rd. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $176.50.

Targa Resources Price Performance

TRGP traded down $0.78 during trading on Wednesday, reaching $202.79. 1,370,637 shares of the company traded hands, compared to its average volume of 1,651,437. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The firm has a fifty day simple moving average of $165.80 and a 200 day simple moving average of $142.40. Targa Resources has a 12-month low of $81.03 and a 12-month high of $205.20. The company has a market cap of $44.22 billion, a P/E ratio of 36.82, a PEG ratio of 0.78 and a beta of 2.24.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.17. The business had revenue of $3.85 billion during the quarter, compared to the consensus estimate 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 last year, the firm earned $0.97 earnings per share. On average, equities analysts forecast that Targa Resources will post 6.23 EPS for the current year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a $0.75 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.48%. Targa Resources's dividend payout ratio is 54.25%.

Insider Activity at Targa Resources

In related news, insider Robert Muraro sold 2,500 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the transaction, the insider now directly owns 174,451 shares in the company, valued at approximately $25,504,736.20. This trade represents a 1.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joe Bob Perkins sold 150,000 shares of the company's stock in a transaction that occurred 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 sale, the director now owns 110,470 shares in the company, valued at approximately $17,181,399.10. This represents a 57.59 % 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 ninety days. Insiders own 1.44% of the company's stock.

Hedge Funds Weigh In On Targa Resources

Several large investors have recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL bought a new stake in shares of Targa Resources during the 2nd quarter valued at about $29,000. DT Investment Partners LLC purchased a new position in Targa Resources in the 3rd quarter worth approximately $29,000. UMB Bank n.a. boosted its holdings in shares of Targa Resources by 2,220.0% during the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company's stock valued at $30,000 after acquiring an additional 222 shares during the last quarter. Prospera Private Wealth LLC purchased a new stake in Targa Resources in the third quarter worth approximately $35,000. Finally, Whittier Trust Co. bought a new stake in shares of Targa Resources during the 2nd quarter valued at about $44,000. 92.13% of the stock is currently owned by institutional investors.

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.