UBS Group Raises Targa Resources (NYSE:TRGP) Price Target to $246.00

Targa Resources (NYSE:TRGP) had its price objective hoisted by UBS Group from $182.00 to $246.00 in a research note released on Friday,Benzinga reports. UBS Group currently has a buy rating on the pipeline company’s stock.

Several other brokerages have also issued reports on TRGP. Bank of America started coverage on Targa Resources in a research report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price objective for the company. Truist Financial upped their price target on shares of Targa Resources from $150.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Wells Fargo & Company raised their price objective on shares of Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Barclays upped their target price on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 15th. Finally, The Goldman Sachs Group lifted their price target on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Targa Resources has an average rating of “Buy” and a consensus target price of $169.79.

Targa Resources Trading Up 1.5 %

Shares of NYSE TRGP opened at $199.00 on Friday. Targa Resources has a fifty-two week low of $81.03 and a fifty-two week high of $199.76. The firm has a market capitalization of $43.39 billion, a P/E ratio of 35.45, a P/E/G ratio of 0.78 and a beta of 2.24. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The company’s 50 day simple moving average is $163.51 and its 200 day simple moving average is $141.15.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The company had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the prior year, the business posted $0.97 EPS. On average, analysts predict that Targa Resources will post 6.23 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.51%. Targa Resources’s dividend payout ratio is presently 54.25%.

Insider Activity at Targa Resources

In other news, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the sale, the director now owns 110,470 shares in the company, valued at approximately $17,181,399.10. This trade represents a 57.59 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the sale, the insider now directly owns 174,451 shares of the company’s stock, valued at $25,504,736.20. The trade was a 1.41 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 185,760 shares of company stock worth $30,026,712. Insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Several hedge funds have recently bought and sold shares of the stock. Sunbelt Securities Inc. increased its position in Targa Resources by 24.7% during the 3rd quarter. Sunbelt Securities Inc. now owns 2,058 shares of the pipeline company’s stock worth $305,000 after buying an additional 408 shares during the period. Coldstream Capital Management Inc. increased its position in Targa Resources by 0.9% during the third quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock worth $1,153,000 after acquiring an additional 66 shares during the period. Geode Capital Management LLC raised its stake in Targa Resources by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 5,717,487 shares of the pipeline company’s stock worth $843,680,000 after purchasing an additional 97,583 shares in the last quarter. MidWestOne Financial Group Inc. boosted its holdings in Targa Resources by 9.1% in the 3rd quarter. MidWestOne Financial Group Inc. now owns 3,167 shares of the pipeline company’s stock valued at $469,000 after purchasing an additional 263 shares during the period. Finally, M&T Bank Corp grew its position in shares of Targa Resources by 9.5% during the 3rd quarter. M&T Bank Corp now owns 35,597 shares of the pipeline company’s stock worth $5,269,000 after purchasing an additional 3,094 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

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.