Citigroup Issues Positive Forecast for Targa Resources (NYSE:TRGP) Stock Price

Targa Resources (NYSE:TRGP) had its price objective increased by Citigroup from $325.00 to $338.00 in a research report report published on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the pipeline company’s stock.

Several other research firms also recently weighed in on TRGP. JPMorgan Chase & Co. lifted their target price on Targa Resources from $315.00 to $351.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 19th. Wolfe Research set a $335.00 price target on shares of Targa Resources in a report on Friday, August 7th. Barclays raised their price target on shares of Targa Resources from $284.00 to $294.00 and gave the stock an “overweight” rating in a research note on Thursday, October 8th. Truist Financial reissued a “buy” rating and issued a $345.00 price objective (up from $312.00) on shares of Targa Resources in a research report on Monday, September 21st. Finally, Weiss Ratings upgraded shares of Targa Resources from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Thursday, October 29th. Two research analysts have rated the stock with a Strong Buy rating and twenty have given a Buy rating to the company. According to data from MarketBeat.com, Targa Resources has a consensus rating of “Buy” and a consensus target price of $325.58.

Targa Resources Trading Down 2.6%

Targa Resources stock traded down $7.17 during midday trading on Friday, reaching $264.65. The stock had a trading volume of 2,608,434 shares, compared to its average volume of 1,125,636. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. Targa Resources has a 52-week low of $166.18 and a 52-week high of $316.60. The firm has a market cap of $56.75 billion, a price-to-earnings ratio of 23.42, a price-to-earnings-growth ratio of 1.22 and a beta of 0.76. The company has a fifty day moving average of $289.31 and a 200 day moving average of $261.35.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, November 5th. The pipeline company reported $3.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.74 by $0.30. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. The business had revenue of $5.60 billion during the quarter, compared to analyst estimates of $4.77 billion. On average, analysts anticipate that Targa Resources will post 11.48 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 17th. Investors of record on Friday, October 30th will be paid a $1.25 dividend. The ex-dividend date of this dividend is Friday, October 30th. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. Targa Resources’s dividend payout ratio is 47.80%.

Insider Buying and Selling

In other news, Director Waters S. Iv Davis sold 2,400 shares of the business’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $299.67, for a total value of $719,208.00. Following the completion of the sale, the director owned 1,529 shares in the company, valued at approximately $458,195.43. The trade was a 61.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Paul W. Chung sold 1,816 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total transaction of $537,735.76. Following the completion of the sale, the director directly owned 44,000 shares of the company’s stock, valued at $13,028,840. The trade was a 3.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 7,216 shares of company stock valued at $2,127,634 over the last three months. 1.37% of the stock is owned by company insiders.

Institutional Trading of Targa Resources

A number of hedge funds have recently bought and sold shares of TRGP. BlackRock Inc. boosted its position in Targa Resources by 1.4% during the second quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company’s stock valued at $5,586,077,000 after purchasing an additional 291,114 shares in the last quarter. State Street Corp lifted its position in shares of Targa Resources by 4.6% during the second quarter. State Street Corp now owns 14,226,166 shares of the pipeline company’s stock valued at $3,814,604,000 after buying an additional 626,885 shares during the last quarter. Aberdeen Group plc lifted its position in shares of Targa Resources by 3,159.2% during the third quarter. Aberdeen Group plc now owns 4,254,731 shares of the pipeline company’s stock valued at $1,150,096,000 after buying an additional 4,124,184 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Targa Resources by 28.0% in the 1st quarter. Bank of America Corp DE now owns 3,151,993 shares of the pipeline company’s stock valued at $790,299,000 after buying an additional 688,598 shares in the last quarter. Finally, Deutsche Bank AG grew its position in shares of Targa Resources by 21.7% in the 2nd quarter. Deutsche Bank AG now owns 3,025,248 shares of the pipeline company’s stock worth $811,190,000 after buying an additional 539,582 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Key Stories Impacting Targa Resources

Here are the key news stories impacting Targa Resources this week:

• Positive Sentiment: Third-quarter adjusted earnings were $3.04 per share, above analyst estimates of roughly $2.74–$2.81 and up from $2.20 a year earlier. Revenue reached $5.60 billion, also topping estimates. Q3 earnings and revenue beat estimates
• Positive Sentiment: Targa expects its 2027 common dividend to increase 20%, and declared a $1.25 dividend, reinforcing the company’s cash-return outlook. Quarterly results and dividend outlook
• Positive Sentiment: The company ordered equipment for a plant expansion and announced Train 14, a new natural gas liquids fractionator. The projects could add capacity and support future growth. Plant expansion and Train 14 announcement
• Negative Sentiment: Despite the earnings beat and dividend news, TRGP shares declined around the results. One report noted a sharp drop on the SEC filing day, but the coverage provided no clear explanation for the selling. Stock movement around filing day

Targa Resources Company Profile

Targa Resources Corp. is a midstream energy company that gathers, processes, transports and stores natural gas and natural gas liquids (NGLs), and provides services for crude oil. Its infrastructure connects oil and gas producers with pipelines, processing facilities, fractionators, storage sites and domestic and international markets.

The company’s services include natural gas gathering, compression and processing; NGL transportation and fractionation; and crude oil gathering and terminaling.