Targa Resources (NYSE:TRGP) Stock Price Expected to Rise, Truist Financial Analyst Says

by · The Markets Daily

Targa Resources (NYSE:TRGP – Free Report) had its target price increased by Truist Financial from $220.00 to $235.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a buy rating on the pipeline company’s stock.

Several other analysts also recently issued reports on TRGP. Scotiabank decreased 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. Mizuho boosted 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. US Capital Advisors cut Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Citigroup boosted their price objective on Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. Finally, Wells Fargo & Company boosted their price objective on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Targa Resources presently has an average rating of “Buy” and a consensus price target of $210.50.

Check Out Our Latest Stock Analysis on TRGP

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $199.61 on Tuesday. The company has a market capitalization of $43.54 billion, a P/E ratio of 34.77, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. The business’s 50-day moving average price is $199.70 and its two-hundred day moving average price is $182.53. Targa Resources has a one year low of $109.13 and a one year high of $218.51. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP – Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (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 return on equity of 28.67% and a net margin of 7.81%. Analysts anticipate that Targa Resources will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a $0.75 dividend. The ex-dividend date was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.50%. Targa Resources’s payout ratio is presently 52.26%.

Insider Transactions at Targa Resources

In other news, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total value of $5,750,856.54. Following the completion of the transaction, the insider now directly owns 227,269 shares of the company’s stock, valued at approximately $43,731,100.98. This represents a 11.62 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Waters S. Iv Davis sold 2,190 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the transaction, the director now directly owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. The trade was a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 115,914 shares of company stock valued at $22,613,288. Corporate insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

A number of large investors have recently bought and sold shares of TRGP. Colonial Trust Co SC grew its position in Targa Resources by 5,400.0% during the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock worth $29,000 after acquiring an additional 162 shares during the last quarter. Atala Financial Inc bought a new stake in Targa Resources during the 4th quarter worth approximately $31,000. Cary Street Partners Financial LLC bought a new stake in Targa Resources during the 4th quarter worth approximately $31,000. Ameriflex Group Inc. bought a new stake in Targa Resources during the 4th quarter worth approximately $31,000. Finally, Rakuten Securities Inc. grew its position in Targa Resources by 394.6% during the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock worth $33,000 after acquiring an additional 146 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

About Targa Resources

(Get Free Report)

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.

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