Targa Resources (NYSE:TRGP) Hits New 1-Year High After Strong Earnings

Targa Resources Corp. (NYSE:TRGP) shares reached a new 52-week high on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $174.57 and last traded at $171.96, with a volume of 143459 shares changing hands. The stock had previously closed at $169.20.

The pipeline company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The business had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same quarter in the previous year, the firm earned $0.97 earnings per share.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.61%. The ex-dividend date is Thursday, October 31st. Targa Resources’s payout ratio is currently 63.16%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Truist Financial raised their price target on Targa Resources from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday. Barclays boosted their target price on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Bank of America began coverage on Targa Resources in a report on Thursday, October 17th. They set a “buy” rating and a $182.00 price target for the company. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Finally, Royal Bank of Canada lifted their target price on shares of Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $157.21.

Insider Buying and Selling

In other news, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the transaction, the director now owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the sale, the director now directly owns 110,470 shares in the company, valued at $17,181,399.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul W. Chung sold 5,264 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $138.03, for a total value of $726,589.92. Following the transaction, the director now owns 232,827 shares of the company’s stock, valued at approximately $32,137,110.81. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 160,764 shares of company stock worth $24,829,770. 1.44% of the stock is owned by company insiders.

Hedge Funds Weigh In On Targa Resources

Hedge funds have recently bought and sold shares of the company. Buckley Wealth Management LLC grew its holdings in shares of Targa Resources by 0.7% during the third quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company’s stock valued at $1,469,000 after purchasing an additional 65 shares during the last quarter. Massmutual Trust Co. FSB ADV lifted its stake in Targa Resources by 9.8% in the third quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock valued at $138,000 after buying an additional 83 shares during the last quarter. Prime Capital Investment Advisors LLC grew its position in shares of Targa Resources by 4.0% during the third quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock worth $321,000 after acquiring an additional 84 shares during the last quarter. Fifth Third Bancorp grew its position in shares of Targa Resources by 1.0% during the second quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock worth $1,148,000 after acquiring an additional 89 shares during the last quarter. Finally, Huntington National Bank increased its holdings in shares of Targa Resources by 22.9% in the 3rd quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock worth $71,000 after acquiring an additional 89 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Performance

The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. The stock has a market capitalization of $40.76 billion, a P/E ratio of 39.17, a P/E/G ratio of 1.31 and a beta of 2.24. The company’s 50-day moving average is $157.18 and its two-hundred day moving average is $137.19.

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.