Targa Resources (NYSE:TRGP) Price Target Lowered to $220.00 at Truist Financial

Targa Resources (NYSE:TRGP - Free Report) had its target price lowered by Truist Financial from $225.00 to $220.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a buy rating on the pipeline company's stock.

A number of other research firms have also issued reports on TRGP. The Goldman Sachs Group increased their price target on Targa Resources from $147.00 to $163.00 and gave the company a "buy" rating in a research report on Thursday, September 19th. Barclays raised their target price on shares of Targa Resources from $155.00 to $171.00 and gave the company an "overweight" rating in a report on Tuesday, October 15th. UBS Group boosted their price target on shares of Targa Resources from $182.00 to $246.00 and gave the stock a "buy" rating in a report on Friday, November 15th. Bank of America assumed coverage on shares of Targa Resources in a report on Thursday, October 17th. They issued a "buy" rating and a $182.00 price objective on the stock. Finally, Royal Bank of Canada boosted their target price on shares of Targa Resources from $172.00 to $199.00 and gave the stock an "outperform" rating in a research note on Monday, November 11th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Targa Resources presently has an average rating of "Buy" and a consensus price target of $176.14.

Targa Resources Price Performance

Shares of Targa Resources stock traded down $0.95 on Friday, reaching $184.62. The company's stock had a trading volume of 996,896 shares, compared to its average volume of 1,649,767. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The stock has a 50-day moving average price of $182.05 and a 200-day moving average price of $152.25. The company has a market capitalization of $40.26 billion, a P/E ratio of 33.39, a PEG ratio of 0.74 and a beta of 2.28. Targa Resources has a 52-week low of $81.03 and a 52-week high of $209.87.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.17. The company had revenue of $3.85 billion during the quarter, compared to analysts' expectations 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 in the prior year, the business earned $0.97 EPS. Analysts expect that Targa Resources will post 6.26 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources's payout ratio is 54.25%.

Insider Activity

In related news, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the sale, the chief accounting officer now directly owns 35,143 shares in the company, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the transaction, the director now owns 110,470 shares in the company, valued at $17,181,399.10. This represents a 57.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 183,260 shares of company stock worth $29,661,212. Insiders own 1.39% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. DT Investment Partners LLC acquired a new stake in Targa Resources during the 3rd quarter worth approximately $29,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Targa Resources during the second quarter worth $29,000. UMB Bank n.a. boosted its position in shares of Targa Resources by 2,220.0% in the second 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 period. Prospera Private Wealth LLC acquired a new position in shares of Targa Resources in the third quarter valued at about $35,000. Finally, Whittier Trust Co. bought a new position in Targa Resources during the second quarter worth about $44,000. Institutional investors and hedge funds 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.