Targa Resources (NYSE:TRGP) Reaches New 52-Week High – What’s Next?

Targa Resources, Inc. (NYSE:TRGP) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $261.95 and last traded at $259.6890, with a volume of 941334 shares trading hands. The stock had previously closed at $258.98.

Analyst Ratings Changes

A number of equities analysts recently issued reports on TRGP shares. Seaport Research Partners reaffirmed a “neutral” rating on shares of Targa Resources in a report on Monday. BMO Capital Markets reaffirmed an “outperform” rating and issued a $241.00 price target on shares of Targa Resources in a report on Friday, February 20th. Morgan Stanley upped their price target on Targa Resources from $298.00 to $327.00 and gave the company an “overweight” rating in a report on Tuesday, April 7th. Stifel Nicolaus upped their price target on Targa Resources from $213.00 to $243.00 and gave the company a “buy” rating in a report on Friday, February 20th. Finally, The Goldman Sachs Group increased their price objective on Targa Resources from $242.00 to $268.00 and gave the company a “buy” rating in a report on Monday, April 20th. Fourteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Targa Resources currently has an average rating of “Moderate Buy” and a consensus price target of $259.93.

Targa Resources Price Performance

The firm has a market capitalization of $55.78 billion, a price-to-earnings ratio of 30.23, a P/E/G ratio of 1.67 and a beta of 0.75. The company has a fifty day moving average price of $241.32 and a two-hundred day moving average price of $202.80. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.35 by $0.16. The business had revenue of $4.06 billion during the quarter, compared to the consensus estimate of $4.12 billion. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%. On average, equities research analysts expect that Targa Resources, Inc. will post 10.32 EPS for the current fiscal year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Thursday, April 30th will be issued a $1.25 dividend. The ex-dividend date of this dividend is Thursday, April 30th. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 annualized dividend and a dividend yield of 1.9%. Targa Resources’s dividend payout ratio is currently 58.21%.

Insider Buying and Selling at Targa Resources

In other news, Director Charles R. Crisp sold 1,359 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $229.30, for a total transaction of $311,618.70. Following the completion of the sale, the director owned 77,094 shares in the company, valued at $17,677,654.20. This represents a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Robert Muraro sold 24,589 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $241.34, for a total value of $5,934,309.26. Following the sale, the insider owned 197,401 shares of the company’s stock, valued at $47,640,757.34. This trade represents a 11.08% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 104,929 shares of company stock valued at $24,692,134. Corporate insiders own 1.37% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Large investors have recently modified their holdings of the stock. Atlantic Union Bankshares Corp purchased a new stake in shares of Targa Resources during the fourth quarter worth approximately $27,000. Olistico Wealth LLC purchased a new stake in shares of Targa Resources during the fourth quarter worth approximately $27,000. Miller Capital Partners Inc. purchased a new position in Targa Resources in the fourth quarter worth $30,000. Global Assets Advisory LLC purchased a new position in Targa Resources in the first quarter worth $41,000. Finally, Leonteq Securities AG purchased a new position in Targa Resources in the fourth quarter worth $31,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.