Targa Resources (NYSE:TRGP) Price Target Raised to $220.00

Targa Resources (NYSE:TRGP) had its price target hoisted by TD Cowen from $192.00 to $220.00 in a report released on Monday morning, Marketbeat Ratings reports. TD Cowen currently has a hold rating on the pipeline company’s stock.

Several other brokerages have also recently issued reports on TRGP. Wells Fargo & Company raised their price objective on Targa Resources from $207.00 to $248.00 and gave the stock an “overweight” rating in a research note on Friday, February 20th. The Goldman Sachs Group reiterated a “buy” rating and issued a $242.00 price objective on shares of Targa Resources in a report on Friday, February 20th. Barclays reaffirmed an “overweight” rating and set a $226.00 target price on shares of Targa Resources in a report on Friday, February 20th. Scotiabank reaffirmed an “outperform” rating and issued a $224.00 price target on shares of Targa Resources in a report on Friday, January 16th. Finally, UBS Group restated a “buy” rating on shares of Targa Resources in a report on Friday, January 9th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Targa Resources currently has an average rating of “Moderate Buy” and a consensus target price of $235.50.

Targa Resources Trading Down 0.7%

NYSE TRGP opened at $230.09 on Monday. The company’s 50 day moving average price is $197.54 and its 200 day moving average price is $176.97. Targa Resources has a one year low of $144.14 and a one year high of $233.28. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67. The firm has a market capitalization of $49.46 billion, a price-to-earnings ratio of 26.79, a PEG ratio of 1.00 and a beta of 0.88.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates of $2.35 by $0.16. The firm had revenue of $4.06 billion during the quarter, compared to analysts’ expectations of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. On average, sell-side analysts predict that Targa Resources will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were paid a dividend of $1.00 per share. The ex-dividend date of this dividend was Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a yield of 1.7%. Targa Resources’s payout ratio is 46.57%.

Insider Activity

In other Targa Resources news, Director Charles R. Crisp sold 1,359 shares of the stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $229.30, for a total value of $311,618.70. Following the sale, the director owned 77,094 shares of the company’s stock, valued at $17,677,654.20. This trade represents a 1.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Gerald R. Shrader sold 2,750 shares of Targa Resources stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $181.21, for a total value of $498,327.50. Following the completion of the transaction, the insider owned 29,561 shares of the company’s stock, valued at $5,356,748.81. The trade was a 8.51% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 33,618 shares of company stock valued at $7,600,557. Company insiders own 1.34% of the company’s stock.

Institutional Trading of Targa Resources

A number of large investors have recently bought and sold shares of TRGP. Woodline Partners LP increased its stake in shares of Targa Resources by 40.7% during the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock valued at $3,693,000 after acquiring an additional 5,327 shares during the last quarter. Focus Partners Wealth increased its stake in shares of Targa Resources by 157.4% in the first quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock valued at $788,000 after purchasing an additional 2,404 shares during the period. D.A. Davidson & CO. lifted its holdings in shares of Targa Resources by 6.7% in the second quarter. D.A. Davidson & CO. now owns 4,555 shares of the pipeline company’s stock valued at $793,000 after buying an additional 288 shares during the period. Asset Management One Co. Ltd. lifted its holdings in Targa Resources by 7.5% in the 2nd quarter. Asset Management One Co. Ltd. now owns 89,165 shares of the pipeline company’s stock valued at $15,522,000 after acquiring an additional 6,183 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Targa Resources by 0.3% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 512,607 shares of the pipeline company’s stock worth $89,235,000 after purchasing an additional 1,489 shares during the last quarter. Institutional investors and hedge funds 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.