Targa Resources (NYSE:TRGP) Sets New 52-Week High – Still a Buy?

Targa Resources, Inc. (NYSE:TRGP) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $305.08 and last traded at $296.72, with a volume of 342608 shares. The stock had previously closed at $277.94.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of research analyst reports. Barclays increased their price target on Targa Resources from $282.00 to $284.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Jefferies Financial Group increased their price objective on Targa Resources from $324.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday. US Capital Advisors cut shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Seaport Research Partners reaffirmed a “neutral” rating on shares of Targa Resources in a research report on Monday, May 4th. Finally, Mizuho increased their target price on shares of Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $297.18.

Targa Resources Price Performance

The stock’s fifty day moving average price is $270.78 and its 200-day moving average price is $253.07. The firm has a market cap of $63.64 billion, a PE ratio of 28.37, a P/E/G ratio of 1.44 and a beta of 0.72. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The company had revenue of $4.44 billion for the quarter, compared to analyst estimates of $4.90 billion. As a group, equities analysts forecast that Targa Resources, Inc. will post 11.05 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were paid a $1.25 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $5.00 annualized dividend and a yield of 1.7%. Targa Resources’s payout ratio is presently 47.80%.

Institutional Investors Weigh In On Targa Resources

Hedge funds and other institutional investors have recently made changes to their positions in the business. Atlantic Union Bankshares Corp purchased a new stake in Targa Resources in the fourth quarter valued at approximately $27,000. Miller Capital Partners Inc. purchased a new position in Targa Resources in the fourth quarter valued at about $30,000. Leonteq Securities AG acquired a new position in Targa Resources during the 4th quarter worth approximately $31,000. Jones Financial Companies Lllp purchased a new stake in shares of Targa Resources during the second quarter worth about $32,000. Finally, Compass Financial Management LLC purchased a new stake in Targa Resources during the 2nd quarter worth approximately $33,000. 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.