Targa Resources (NYSE:TRGP) Sets New 1-Year High at $117.66

Targa Resources Corp. (NYSE:TRGP)’s share price hit a new 52-week high during trading on Thursday . The company traded as high as $117.66 and last traded at $117.61, with a volume of 507002 shares traded. The stock had previously closed at $116.90.

Analysts Set New Price Targets

A number of brokerages recently commented on TRGP. Truist Financial lifted their price target on Targa Resources from $105.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. The Goldman Sachs Group lifted their price target on Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. Royal Bank of Canada lifted their price target on Targa Resources from $106.00 to $109.00 and gave the stock an “outperform” rating in a report on Monday, February 26th. Scotiabank raised their target price on Targa Resources from $112.00 to $128.00 and gave the stock a “sector outperform” rating in a research report on Monday, April 15th. Finally, Barclays raised their target price on Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Targa Resources currently has an average rating of “Moderate Buy” and a consensus price target of $119.55.

Targa Resources Stock Performance

The company has a market capitalization of $26.19 billion, a PE ratio of 31.86 and a beta of 2.21. The company has a quick ratio of 0.66, a current ratio of 0.79 and a debt-to-equity ratio of 2.68. The company has a 50-day moving average price of $107.48 and a two-hundred day moving average price of $93.51.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.26). The company had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $4.50 billion. Targa Resources had a net margin of 5.20% and a return on equity of 18.64%. Analysts predict that Targa Resources Corp. will post 5.77 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 2.55%. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date is Monday, April 29th. Targa Resources’s payout ratio is presently 54.50%.

Insider Buying and Selling

In related news, Director Joe Bob Perkins sold 33,405 shares of the business’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the completion of the transaction, the director now directly owns 38,440 shares in the company, valued at $3,754,434.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Targa Resources news, insider D. Scott Pryor sold 10,000 shares of Targa Resources stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $97.00, for a total transaction of $970,000.00. Following the completion of the sale, the insider now owns 156,098 shares of the company’s stock, valued at $15,141,506. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joe Bob Perkins sold 33,405 shares of Targa Resources stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total value of $3,262,666.35. Following the sale, the director now directly owns 38,440 shares of the company’s stock, valued at approximately $3,754,434.80. The disclosure for this sale can be found here. Insiders sold a total of 81,966 shares of company stock worth $7,987,215 over the last ninety days. 1.39% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Targa Resources

A number of hedge funds and other institutional investors have recently modified their holdings of TRGP. CWM LLC lifted its stake in shares of Targa Resources by 18.1% in the 3rd quarter. CWM LLC now owns 3,126 shares of the pipeline company’s stock valued at $268,000 after acquiring an additional 480 shares during the last quarter. Counterpoint Mutual Funds LLC bought a new stake in shares of Targa Resources in the 3rd quarter valued at about $88,000. Czech National Bank lifted its stake in shares of Targa Resources by 46.1% in the 3rd quarter. Czech National Bank now owns 39,100 shares of the pipeline company’s stock valued at $3,352,000 after acquiring an additional 12,344 shares during the last quarter. Asset Management One Co. Ltd. lifted its stake in shares of Targa Resources by 0.8% in the 3rd quarter. Asset Management One Co. Ltd. now owns 80,828 shares of the pipeline company’s stock valued at $6,929,000 after acquiring an additional 653 shares during the last quarter. Finally, Spirit of America Management Corp NY lifted its stake in shares of Targa Resources by 1.9% in the 3rd quarter. Spirit of America Management Corp NY now owns 47,300 shares of the pipeline company’s stock valued at $4,055,000 after acquiring an additional 900 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.