Targa Resources (NYSE:TRGP) Price Target Raised to $211.00 at Barclays

Targa Resources (NYSE:TRGP - Free Report) had its price objective raised by Barclays from $204.00 to $211.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have an overweight rating on the pipeline company's stock.

Several other equities research analysts have also issued reports on TRGP. The Goldman Sachs Group lifted their price objective on Targa Resources from $185.00 to $223.00 and gave the company a "buy" rating in a research note on Thursday, December 19th. Mizuho lifted their price target on Targa Resources from $208.00 to $226.00 and gave the company an "outperform" rating in a research report on Thursday, February 20th. Scotiabank decreased their price objective on shares of Targa Resources from $218.00 to $210.00 and set a "sector outperform" rating on the stock in a research report on Thursday, March 6th. US Capital Advisors lowered shares of Targa Resources from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, November 26th. Finally, Citigroup increased their price target on shares of Targa Resources from $218.00 to $227.00 and gave the stock a "buy" rating in a report on Tuesday, February 25th. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $211.00.

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Targa Resources Stock Performance

Shares of NYSE:TRGP traded up $0.09 during midday trading on Friday, reaching $205.05. 429,358 shares of the company traded hands, compared to its average volume of 1,572,038. The firm's fifty day moving average price is $199.93 and its two-hundred day moving average price is $183.75. The firm has a market capitalization of $44.72 billion, a price-to-earnings ratio of 35.72, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources has a 12 month low of $110.09 and a 12 month high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing analysts' consensus estimates of $1.90 by ($0.46). The firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. On average, equities analysts expect that Targa Resources will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 annualized dividend and a yield of 1.46%. Targa Resources's payout ratio is currently 52.26%.

Insiders Place Their Bets

In other news, insider D. Scott Pryor sold 35,000 shares of the business's stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the transaction, the insider now directly owns 82,139 shares of the company's stock, valued at approximately $16,206,024.70. The trade was a 29.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jennifer R. Kneale sold 29,887 shares of the firm's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total value of $5,750,856.54. Following the completion of the sale, the insider now directly owns 227,269 shares of the company's stock, valued at $43,731,100.98. The trade was a 11.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock valued at $22,613,288 in the last quarter. Insiders own 1.39% of the company's stock.

Hedge Funds Weigh In On Targa Resources

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank bought a new stake in Targa Resources during the 4th quarter valued at approximately $505,132,000. GQG Partners LLC bought a new stake in shares of Targa Resources during the fourth quarter valued at approximately $393,335,000. Canada Pension Plan Investment Board boosted its position in shares of Targa Resources by 981.8% during the fourth quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company's stock valued at $204,223,000 after purchasing an additional 1,038,350 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Targa Resources in the fourth quarter worth $150,372,000. Finally, TD Asset Management Inc. raised its holdings in Targa Resources by 568.7% in the fourth quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company's stock worth $173,212,000 after purchasing an additional 825,267 shares in the last quarter. Hedge funds and other institutional investors 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.