Targa Resources (NYSE:TRGP) Reaches New 12-Month High - What's Next?

Targa Resources Corp. (NYSE:TRGP - Get Free Report) shares hit a new 52-week high during trading on Thursday . The stock traded as high as $210.00 and last traded at $208.33, with a volume of 108708 shares traded. The stock had previously closed at $205.50.

Wall Street Analysts Forecast Growth

TRGP has been the topic of a number of research analyst reports. Stifel Nicolaus increased their price target on Targa Resources from $190.00 to $224.00 and gave the stock a "buy" rating in a research report on Wednesday, November 20th. Bank of America started coverage on Targa Resources in a report on Thursday, October 17th. They set a "buy" rating and a $182.00 target price on the stock. Truist Financial cut their price target on Targa Resources from $225.00 to $220.00 and set a "buy" rating for the company in a report on Friday, December 13th. Morgan Stanley upped their price target on shares of Targa Resources from $173.00 to $202.00 and gave the stock an "overweight" rating in a research report on Friday, October 25th. Finally, UBS Group raised their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the company a "buy" rating in a research report on Friday, November 15th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $189.21.

Targa Resources Trading Up 1.4 %

The business's 50 day simple moving average is $191.09 and its 200-day simple moving average is $162.91. The stock has a market capitalization of $47.10 billion, a P/E ratio of 39.06, a PEG ratio of 0.59 and a beta of 2.30. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results 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 for the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same period last year, the company earned $0.97 EPS. As a group, analysts forecast that Targa Resources Corp. will post 6.4 EPS for the current year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be given a dividend of $0.75 per share. The ex-dividend date is Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.39%. Targa Resources's payout ratio is currently 54.25%.

Insider Activity at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the transaction, the chief accounting officer now owns 35,143 shares of the company's stock, valued at approximately $6,703,175.82. The trade was a 8.49 % 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 D. Scott Pryor sold 30,000 shares of the business's stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the sale, the insider now directly owns 82,979 shares in the company, valued at $15,793,393.07. This represents a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.44% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of TRGP. DT Investment Partners LLC bought a new stake in Targa Resources during the 3rd quarter worth about $29,000. Strategic Investment Solutions Inc. IL acquired a new position in Targa Resources during the second quarter worth $29,000. Prospera Private Wealth LLC bought a new stake in Targa Resources during the third quarter worth $35,000. Rosenberg Matthew Hamilton lifted its stake in Targa Resources by 49.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company's stock valued at $48,000 after acquiring an additional 89 shares during the last quarter. Finally, UMB Bank n.a. grew its position in shares of Targa Resources by 39.6% in the 4th quarter. UMB Bank n.a. now owns 374 shares of the pipeline company's stock valued at $67,000 after acquiring an additional 106 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

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.