Targa Resources (NYSE:TRGP) Sets New 52-Week High Following Analyst Upgrade

by · The Markets Daily

Targa Resources, Inc. (NYSE:TRGP – Get Free Report) shares reached a new 52-week high on Monday after Royal Bank Of Canada raised their price target on the stock from $218.00 to $260.00. Royal Bank Of Canada currently has an outperform rating on the stock. Targa Resources traded as high as $250.00 and last traded at $237.8730, with a volume of 264972 shares trading hands. The stock had previously closed at $235.80.

Several other equities analysts have also weighed in on the stock. The Goldman Sachs Group restated a “buy” rating and issued a $242.00 price objective on shares of Targa Resources in a report on Friday, February 20th. Morgan Stanley reissued an “overweight” rating and set a $266.00 price objective on shares of Targa Resources in a research note on Wednesday, January 28th. Citigroup upped their target price on shares of Targa Resources from $200.00 to $262.00 and gave the company a “buy” rating in a research note on Tuesday, February 24th. BMO Capital Markets reiterated an “outperform” rating and set a $241.00 price objective on shares of Targa Resources in a report on Friday, February 20th. Finally, UBS Group reaffirmed a “buy” rating on shares of Targa Resources in a research report on Friday, January 9th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Targa Resources has an average rating of “Moderate Buy” and a consensus target price of $238.50.

Read Our Latest Stock Report on Targa Resources

Insiders Place Their Bets

In other Targa Resources news, insider D. Scott Pryor sold 17,500 shares of the stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total transaction of $4,006,100.00. Following the transaction, the insider owned 31,938 shares in the company, valued at $7,311,246.96. This represents a 35.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Charles R. Crisp sold 1,359 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $229.30, for a total transaction of $311,618.70. Following the transaction, the director directly owned 77,094 shares in the company, valued at $17,677,654.20. This represents a 1.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 51,553 shares of company stock valued at $11,707,455 in the last three months. Insiders own 1.34% of the company’s stock.

Institutional Trading of Targa Resources

Several hedge funds have recently bought and sold shares of TRGP. Woodline Partners LP grew its stake in Targa Resources by 40.7% in the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock valued at $3,693,000 after purchasing an additional 5,327 shares during the period. Focus Partners Wealth grew its stake in Targa Resources by 157.4% in the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock valued at $788,000 after buying an additional 2,404 shares in the last quarter. Arkadios Wealth Advisors lifted its position in shares of Targa Resources by 13.1% during the second quarter. Arkadios Wealth Advisors now owns 1,248 shares of the pipeline company’s stock worth $217,000 after acquiring an additional 145 shares in the last quarter. Assetmark Inc. boosted its stake in Targa Resources by 381.6% in the 2nd quarter. Assetmark Inc. now owns 1,469 shares of the pipeline company’s stock worth $256,000 after purchasing an additional 1,164 shares during the period. Finally, Simon Quick Advisors LLC boosted its position in shares of Targa Resources by 29.6% in the second quarter. Simon Quick Advisors LLC now owns 2,458 shares of the pipeline company’s stock valued at $428,000 after acquiring an additional 562 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Price Performance

The business’s 50-day moving average price is $199.75 and its 200 day moving average price is $177.98. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67. The stock has a market capitalization of $51.23 billion, a PE ratio of 27.74, a price-to-earnings-growth ratio of 1.01 and a beta of 0.84.

Targa Resources (NYSE:TRGP – Get Free Report) last posted its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.35 by $0.16. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. The firm had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $4.12 billion. Research analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were issued a $1.00 dividend. The ex-dividend date was Friday, January 30th. This represents a $4.00 annualized dividend and a yield of 1.7%. Targa Resources’s dividend payout ratio is 46.57%.

Targa Resources Company Profile

(Get Free Report)

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

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