Targa Resources (NYSE:TRGP) Reaches New 12-Month High – Still a Buy?

Targa Resources, Inc. (NYSE:TRGP)’s share price reached a new 52-week high on Monday . The stock traded as high as $286.42 and last traded at $284.8860, with a volume of 1964 shares. The stock had previously closed at $282.91.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of recent analyst reports. Morgan Stanley upped their price objective on shares of Targa Resources from $327.00 to $331.00 and gave the company an “overweight” rating in a research report on Tuesday, May 12th. Barclays lifted their target price on Targa Resources from $270.00 to $282.00 and gave the stock an “overweight” rating in a report on Monday, July 13th. Seaport Research Partners reissued a “neutral” rating on shares of Targa Resources in a research note on Monday, May 4th. Scotiabank increased their price target on Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. Finally, Mizuho raised their price target on Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Seventeen analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $285.93.

Targa Resources Trading Up 0.8%

The company has a market cap of $61.20 billion, a P/E ratio of 28.85, a PEG ratio of 1.45 and a beta of 0.71. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. The business has a 50 day moving average price of $267.82 and a 200-day moving average price of $238.96.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The firm had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. Analysts forecast that Targa Resources, Inc. will post 10.75 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a $1.25 dividend. The ex-dividend date is Friday, July 31st. This represents a $5.00 annualized dividend and a yield of 1.8%. Targa Resources’s payout ratio is 50.56%.

Insider Buying and Selling at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the sale, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.37% of the company’s stock.

Institutional Trading of Targa Resources

Several large investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. grew its stake in shares of Targa Resources by 57.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock worth $6,421,000 after acquiring an additional 12,640 shares in the last quarter. Hsbc Holdings PLC grew its position in Targa Resources by 7.0% in the fourth quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock valued at $151,331,000 after purchasing an additional 53,413 shares in the last quarter. Miller Howard Investments Inc. NY increased its stake in Targa Resources by 37.3% in the 1st quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company’s stock valued at $57,816,000 after buying an additional 62,652 shares during the last quarter. Raiffeisen Bank International AG increased its stake in Targa Resources by 164.1% in the 4th quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company’s stock valued at $6,245,000 after buying an additional 20,905 shares during the last quarter. Finally, Banque Pictet & Cie SA bought a new stake in Targa Resources during the 4th quarter worth about $22,919,000. 92.13% of the stock is owned by institutional investors and hedge funds.

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.