Targa Resources (NYSE:TRGP) Price Target Raised to $235.00 at Truist Financial

Targa Resources (NYSE:TRGP - Free Report) had its target price hoisted by Truist Financial from $220.00 to $235.00 in a report published on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the pipeline company's stock.

TRGP has been the subject of a number of other reports. Scotiabank lowered their price target on Targa Resources from $218.00 to $210.00 and set a "sector outperform" rating for the company in a research note on Thursday, March 6th. Morgan Stanley increased their price objective on shares of Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a research report on Monday, March 17th. Mizuho upped their price objective on Targa Resources from $208.00 to $226.00 and gave the stock an "outperform" rating in a research report on Thursday, February 20th. Wells Fargo & Company lifted their price target on shares of Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Finally, Citigroup upped their price target on shares of Targa Resources from $218.00 to $227.00 and gave the stock a "buy" rating in a research report on Tuesday, February 25th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Targa Resources has a consensus rating of "Buy" and an average price target of $211.00.

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Targa Resources Price Performance

TRGP stock traded down $2.27 during trading on Tuesday, hitting $197.25. 2,054,808 shares of the stock traded hands, compared to its average volume of 1,573,416. The company has a 50 day simple moving average of $199.77 and a 200 day simple moving average of $183.11. Targa Resources has a one year low of $110.09 and a one year high of $218.51. The stock has a market cap of $43.02 billion, a price-to-earnings ratio of 34.36, a P/E/G ratio of 0.61 and a beta of 2.32. 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 (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.46). The company had revenue of $4.41 billion for 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%. Equities analysts expect that Targa Resources will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources's payout ratio is currently 52.26%.

Insider Activity at Targa Resources

In other news, insider D. Scott Pryor sold 35,000 shares of the company's stock in a transaction 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 owns 82,139 shares of the company's stock, valued at $16,206,024.70. This represents a 29.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the transaction, the director now owns 2,899 shares of the company's stock, valued at $568,957.74. The trade was a 43.03 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 115,914 shares of company stock valued at $22,613,288. 1.39% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Colonial Trust Co SC lifted its position in Targa Resources by 5,400.0% in the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock worth $29,000 after buying an additional 162 shares during the last quarter. Atala Financial Inc bought a new position in Targa Resources in the fourth quarter worth about $31,000. Cary Street Partners Financial LLC purchased a new position in shares of Targa Resources in the 4th quarter valued at approximately $31,000. Ameriflex Group Inc. bought a new stake in shares of Targa Resources during the 4th quarter valued at $31,000. Finally, Rakuten Securities Inc. grew its holdings in Targa Resources by 394.6% in the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company's stock worth $33,000 after purchasing an additional 146 shares during the period. Hedge funds and other institutional investors 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.