Targa Resources (NYSE:TRGP) Stock Price Expected to Rise, UBS Group Analyst Says

Targa Resources (NYSE:TRGP - Free Report) had its target price raised by UBS Group from $182.00 to $246.00 in a research report released on Friday morning,Benzinga reports. They currently have a buy rating on the pipeline company's stock.

Other research analysts also recently issued research reports about the stock. Royal Bank of Canada upped their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the stock an "outperform" rating in a research report on Monday. Wells Fargo & Company upped their price target on shares of Targa Resources from $153.00 to $190.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 6th. The Goldman Sachs Group upped their price target on shares of Targa Resources from $147.00 to $163.00 and gave the stock a "buy" rating in a research report on Thursday, September 19th. Bank of America initiated coverage on shares of Targa Resources in a research report on Thursday, October 17th. They set a "buy" rating and a $182.00 price target for the company. Finally, Barclays upped their price target on shares of Targa Resources from $155.00 to $171.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 15th. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $169.79.

Targa Resources Stock Performance

NYSE:TRGP traded up $4.47 during mid-day trading on Friday, hitting $196.04. The company's stock had a trading volume of 1,269,294 shares, compared to its average volume of 1,648,823. Targa Resources has a 1 year low of $81.03 and a 1 year high of $197.14. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The stock has a market cap of $42.75 billion, a price-to-earnings ratio of 35.31, a PEG ratio of 0.77 and a beta of 2.24. The business's fifty day moving average is $162.53 and its two-hundred day moving average is $140.22.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.58 by $0.17. The company had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period in the prior year, the company earned $0.97 earnings per share. Analysts anticipate that Targa Resources will post 6.19 EPS for the current fiscal year.

Targa Resources Announces Dividend

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

Insider Activity at Targa Resources

In other news, insider D. Scott Pryor sold 30,000 shares of the company's stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the sale, the insider now directly owns 82,979 shares of the company's stock, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robert Muraro sold 2,500 shares of the business's stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the transaction, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. This trade represents a 1.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,760 shares of company stock valued at $30,026,712 over the last ninety days. Insiders own 1.39% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in TRGP. US Bancorp DE lifted its stake in shares of Targa Resources by 5.6% during the first quarter. US Bancorp DE now owns 20,923 shares of the pipeline company's stock valued at $2,343,000 after buying an additional 1,113 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in Targa Resources by 5.5% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 20,618 shares of the pipeline company's stock valued at $2,309,000 after purchasing an additional 1,066 shares in the last quarter. Kingsview Wealth Management LLC acquired a new stake in Targa Resources during the 1st quarter valued at $315,000. Orion Portfolio Solutions LLC grew its holdings in Targa Resources by 40.5% during the 1st quarter. Orion Portfolio Solutions LLC now owns 7,798 shares of the pipeline company's stock worth $873,000 after acquiring an additional 2,247 shares in the last quarter. Finally, Nwam LLC acquired a new position in Targa Resources during the 1st quarter worth $235,000. 92.13% of the stock is currently 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.