Royal Bank of Canada Increases Targa Resources (NYSE:TRGP) Price Target to $172.00

Targa Resources (NYSE:TRGP) had its price target upped by Royal Bank of Canada from $153.00 to $172.00 in a report published on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the pipeline company’s stock.

Several other brokerages also recently weighed in on TRGP. The Goldman Sachs Group increased their target price on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Argus raised shares of Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Barclays increased their target price on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Truist Financial increased their target price on shares of Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, Wells Fargo & Company upped their price target on shares of Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Targa Resources currently has an average rating of “Buy” and a consensus price target of $148.36.

Targa Resources Price Performance

Targa Resources stock opened at $162.75 on Wednesday. The company has a market cap of $36.08 billion, a price-to-earnings ratio of 33.49, a PEG ratio of 1.32 and a beta of 2.25. The firm’s fifty day moving average is $150.42 and its 200 day moving average is $132.29. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. Targa Resources has a 52-week low of $81.03 and a 52-week high of $167.79.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The business had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter in the prior year, the firm posted $1.44 earnings per share. Sell-side analysts forecast that Targa Resources will post 5.9 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.84%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s payout ratio is 61.73%.

Insiders Place Their Bets

In other Targa Resources news, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total transaction of $160,140.26. Following the transaction, the chief accounting officer now directly owns 52,257 shares in the company, valued at $6,898,969.14. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Julie H. Boushka sold 1,213 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the sale, the chief accounting officer now directly owns 52,257 shares in the company, valued at approximately $6,898,969.14. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul W. Chung sold 916 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total transaction of $124,896.60. Following the completion of the sale, the director now owns 238,591 shares in the company, valued at $32,531,882.85. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 175,534 shares of company stock worth $26,815,021 in the last three months. Corporate insiders own 1.39% of the company’s stock.

Institutional Trading of Targa Resources

A number of institutional investors have recently modified their holdings of TRGP. American International Group Inc. boosted its holdings in shares of Targa Resources by 0.4% in the 4th quarter. American International Group Inc. now owns 63,044 shares of the pipeline company’s stock valued at $5,477,000 after buying an additional 241 shares in the last quarter. SageView Advisory Group LLC purchased a new position in shares of Targa Resources in the 4th quarter valued at approximately $471,000. B. Riley Wealth Advisors Inc. raised its position in shares of Targa Resources by 4.4% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 13,652 shares of the pipeline company’s stock valued at $1,186,000 after purchasing an additional 573 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of Targa Resources by 13.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 17,405 shares of the pipeline company’s stock valued at $1,512,000 after purchasing an additional 2,090 shares during the last quarter. Finally, Nomura Holdings Inc. purchased a new position in shares of Targa Resources in the 4th quarter valued at approximately $621,000. 92.13% of the stock is currently owned by institutional investors.

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.