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

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

Several other research analysts also recently commented on the stock. Wells Fargo & Company lifted their price target on shares of Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. The Goldman Sachs Group boosted their price target on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. JPMorgan Chase & Co. raised their price objective on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, July 2nd. Truist Financial boosted their target price on Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, Scotiabank raised their price target on Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 17th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $148.36.

Targa Resources Stock Performance

NYSE TRGP opened at $162.75 on Wednesday. Targa Resources has a 52-week low of $81.03 and a 52-week high of $167.79. The company has a fifty day moving average of $150.42 and a 200-day moving average of $132.16. The company has a market capitalization of $35.66 billion, a P/E ratio of 34.26, a P/E/G ratio of 1.32 and a beta of 2.25. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. The firm had revenue of $3.56 billion during the quarter, compared to analysts’ expectations of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same period in the prior year, the business earned $1.44 EPS. As a group, equities research analysts predict that Targa Resources will post 5.9 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors 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 dividend yield of 1.84%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s dividend payout ratio is currently 63.16%.

Insiders Place Their Bets

In other news, Director Paul W. Chung sold 916 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $136.35, for a total value of $124,896.60. Following the completion of the transaction, the director now owns 238,591 shares of the company’s stock, valued at approximately $32,531,882.85. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Paul W. Chung sold 916 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total transaction of $124,896.60. Following the sale, the director now owns 238,591 shares in the company, valued at approximately $32,531,882.85. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the completion of the transaction, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 175,534 shares of company stock worth $26,815,021 over the last three months. Company insiders own 1.44% of the company’s stock.

Institutional Trading of Targa Resources

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Targa Resources by 0.8% in the first quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock worth $3,025,521,000 after acquiring an additional 201,817 shares during the last quarter. Caxton Associates LP bought a new stake in Targa Resources during the 2nd quarter valued at about $2,323,000. New Mexico Educational Retirement Board raised its holdings in Targa Resources by 287.3% in the first quarter. New Mexico Educational Retirement Board now owns 45,700 shares of the pipeline company’s stock worth $5,118,000 after buying an additional 33,900 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Targa Resources by 160.3% in the first quarter. BNP Paribas Financial Markets now owns 290,080 shares of the pipeline company’s stock worth $32,486,000 after buying an additional 178,655 shares in the last quarter. Finally, Sciencast Management LP purchased a new stake in shares of Targa Resources during the first quarter valued at approximately $1,910,000. 92.13% of the stock is owned by institutional investors.

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.