Targa Resources (NYSE:TRGP) Price Target Raised to $220.00 at Wells Fargo & Company

Targa Resources (NYSE:TRGP) had its price objective hoisted by Wells Fargo & Company from $204.00 to $220.00 in a report issued on Friday,Benzinga reports. They currently have an overweight rating on the pipeline company’s stock.

Other research analysts have also issued research reports about the stock. The Goldman Sachs Group increased their price target on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Mizuho raised their target price on Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a report on Thursday. Morgan Stanley upped their price target on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Barclays raised their price objective on Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Finally, Truist Financial decreased their target price on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research report on Friday, December 13th. One investment analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $203.77.

Targa Resources Price Performance

TRGP opened at $200.89 on Friday. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources has a 1 year low of $95.88 and a 1 year high of $218.51. The stock has a fifty day moving average price of $195.58 and a 200 day moving average price of $175.41. The stock has a market cap of $43.81 billion, a price-to-earnings ratio of 35.00, a PEG ratio of 0.61 and a beta of 2.29.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.48 billion. Analysts forecast that Targa Resources will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.49%. The ex-dividend date was Friday, January 31st. Targa Resources’s payout ratio is currently 52.26%.

Institutional Trading of Targa Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. DT Investment Partners LLC acquired a new stake in shares of Targa Resources during the 3rd quarter worth approximately $29,000. Colonial Trust Co SC lifted its position in Targa Resources by 5,400.0% in the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock worth $29,000 after purchasing an additional 162 shares during the period. Atala Financial Inc acquired a new stake in Targa Resources during the fourth quarter worth $31,000. Cary Street Partners Financial LLC bought a new stake in Targa Resources in the 4th quarter valued at $31,000. Finally, Rakuten Securities Inc. raised its stake in shares of Targa Resources by 394.6% in the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after buying an additional 146 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

About Targa Resources

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.