Targa Resources (NYSE:TRGP) Given New $211.00 Price Target at Barclays

Targa Resources (NYSE:TRGP) had its target price increased by Barclays from $204.00 to $211.00 in a research report report published on Friday morning,Benzinga reports. The firm currently has an overweight rating on the pipeline company’s stock.

A number of other brokerages also recently issued reports on TRGP. Citigroup increased their price target on Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. Truist Financial increased their price target on Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Tuesday. Mizuho increased their price target on Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Wells Fargo & Company increased their price target on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Finally, Scotiabank decreased their target price on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 6th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Targa Resources presently has an average rating of “Buy” and an average price target of $211.00.

Targa Resources Stock Down 1.1 %

Shares of TRGP opened at $197.25 on Friday. Targa Resources has a 52 week low of $110.09 and a 52 week high of $218.51. 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 company has a market capitalization of $43.02 billion, a price-to-earnings ratio of 34.36, a PEG ratio of 0.61 and a beta of 2.32. The stock’s 50-day moving average price is $199.77 and its 200-day moving average price is $182.87.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The company had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. On average, sell-side analysts predict that Targa Resources will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a $0.75 dividend. The ex-dividend date was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.52%. Targa Resources’s dividend payout ratio is presently 52.26%.

Insider Activity at Targa Resources

In related news, CEO Matthew J. Meloy sold 48,837 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the sale, the chief executive officer now owns 725,628 shares of the company’s stock, valued at approximately $141,555,510.24. This trade represents a 6.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Waters S. Iv Davis sold 2,190 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total value of $429,809.40. Following the sale, the director now directly owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. This trade represents a 43.03 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 115,914 shares of company stock valued at $22,613,288. 1.39% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Targa Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Snowden Capital Advisors LLC increased its stake in Targa Resources by 2.0% during the fourth quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company’s stock worth $473,000 after acquiring an additional 53 shares during the last quarter. Coldstream Capital Management Inc. increased its stake 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 last quarter. Fisher Asset Management LLC increased its stake in Targa Resources by 3.1% during the fourth quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company’s stock worth $396,000 after acquiring an additional 67 shares during the last quarter. Mather Group LLC. increased its stake in Targa Resources by 2.3% during the fourth quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company’s stock worth $540,000 after acquiring an additional 68 shares during the last quarter. Finally, Keybank National Association OH increased its stake in Targa Resources by 0.4% during the fourth quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company’s stock worth $3,470,000 after acquiring an additional 70 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.