Royal Bank of Canada Issues Positive Forecast for Targa Resources (NYSE:TRGP) Stock Price

Targa Resources (NYSE:TRGP) had its price objective increased by Royal Bank of Canada from $172.00 to $199.00 in a report released on Monday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the pipeline company’s stock.

Several other equities analysts have also recently weighed in on TRGP. Truist Financial boosted their price objective on Targa Resources from $150.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Morgan Stanley upped their price target on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Scotiabank raised their price objective on shares of Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 17th. The Goldman Sachs Group upped 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. Finally, Barclays raised 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 research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $159.14.

Targa Resources Stock Down 0.7 %

Shares of Targa Resources stock opened at $193.03 on Monday. Targa Resources has a 12-month low of $81.03 and a 12-month high of $197.14. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The stock has a 50 day moving average price of $160.77 and a two-hundred day moving average price of $139.48. The stock has a market capitalization of $42.09 billion, a P/E ratio of 34.91, a PEG ratio of 0.78 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.17. The business had revenue of $3.85 billion during the quarter, compared to the consensus estimate 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 firm earned $0.97 EPS. Equities analysts expect that Targa Resources will post 6.19 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently disclosed 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 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date is Thursday, October 31st. Targa Resources’s payout ratio is 54.25%.

Insider Activity

In related news, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the sale, the director now owns 110,470 shares of the company’s stock, valued at $17,181,399.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction 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 completion of the transaction, the director now directly owns 110,470 shares in the company, valued at $17,181,399.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Robert Muraro sold 2,500 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 185,760 shares of company stock worth $30,026,712. Company insiders own 1.39% of the company’s stock.

Institutional Trading of Targa Resources

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Targa Resources by 0.8% during the first quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock worth $3,025,521,000 after purchasing an additional 201,817 shares during the last quarter. Blackstone Inc. grew its holdings in Targa Resources by 2.7% during the 1st quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock worth $1,085,794,000 after acquiring an additional 252,729 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Targa Resources by 13.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after acquiring an additional 271,444 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Targa Resources by 26.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock worth $194,720,000 after acquiring an additional 360,675 shares during the last quarter. Finally, Truist Financial Corp raised its stake in shares of Targa Resources by 5.9% in the second quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company’s stock worth $108,010,000 after acquiring an additional 46,864 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

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.