Targa Resources (NYSE:TRGP) Price Target Raised to $225.00

Targa Resources (NYSE:TRGP - Free Report) had its target price increased by Truist Financial from $175.00 to $225.00 in a research report released on Friday,Benzinga reports. The firm currently has a buy rating on the pipeline company's stock.

Other research analysts have also issued research reports about the company. Bank of America began coverage on Targa Resources in a research report on Thursday, October 17th. They set a "buy" rating and a $182.00 price target for the company. Argus upgraded Targa Resources to a "strong-buy" rating in a research report on Tuesday, September 3rd. The Goldman Sachs Group boosted their price target on Targa Resources from $147.00 to $163.00 and gave the stock a "buy" rating in a research report on Thursday, September 19th. Morgan Stanley boosted their price target on 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 boosted their price target on Targa Resources from $182.00 to $246.00 and gave the stock a "buy" rating in a research report on Friday. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $169.79.

Targa Resources Stock Performance

TRGP traded up $4.47 during trading on Friday, reaching $196.04. 1,269,294 shares of the company were exchanged, compared to its average volume of 1,648,823. The stock has a market cap of $42.75 billion, a P/E ratio of 35.31, a PEG ratio of 0.77 and a beta of 2.24. The firm has a 50 day moving average of $162.53 and a 200 day moving average of $140.22. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources has a 52 week low of $81.03 and a 52 week high of $197.14.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping analysts' consensus estimates of $1.58 by $0.17. The firm had revenue of $3.85 billion during the quarter, compared to the consensus estimate 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. On average, sell-side analysts forecast that Targa Resources will post 6.19 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources's dividend payout ratio (DPR) is presently 54.25%.

Insider Transactions at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of the company's 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 transaction, the chief accounting officer now directly owns 35,143 shares of the company's stock, valued at $6,703,175.82. This represents a 8.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Robert Muraro sold 2,500 shares of the company's stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value 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. The trade was a 1.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,760 shares of company stock valued at $30,026,712 over the last three months. Company insiders own 1.39% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of TRGP. MidWestOne Financial Group Inc. boosted its stake in shares of Targa Resources by 9.1% during the 3rd quarter. MidWestOne Financial Group Inc. now owns 3,167 shares of the pipeline company's stock worth $469,000 after acquiring an additional 263 shares in the last quarter. M&T Bank Corp boosted its stake in Targa Resources by 9.5% during the 3rd quarter. M&T Bank Corp now owns 35,597 shares of the pipeline company's stock valued at $5,269,000 after purchasing an additional 3,094 shares during the period. Barclays PLC boosted its stake in Targa Resources by 19.5% during the 3rd quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company's stock valued at $153,124,000 after purchasing an additional 168,602 shares during the period. Geller Advisors LLC boosted its stake in Targa Resources by 21.0% during the 3rd quarter. Geller Advisors LLC now owns 2,374 shares of the pipeline company's stock valued at $351,000 after purchasing an additional 412 shares during the period. Finally, Hamilton Capital LLC bought a new stake in Targa Resources during the 3rd quarter valued at approximately $211,000. 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.