Targa Resources (NYSE:TRGP) Sets New 12-Month High – What’s Next?

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

Wall Street Analyst Weigh In

A number of research firms have commented on TRGP. TD Cowen raised their price target on Targa Resources from $270.00 to $275.00 and gave the company a “hold” rating in a report on Friday, August 7th. Raymond James Financial set a $335.00 price target on shares of Targa Resources in a research report on Friday, August 7th. Scotiabank upped their price objective on Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a research report on Tuesday, May 12th. Royal Bank Of Canada lifted their price target on shares of Targa Resources from $310.00 to $312.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 11th. Finally, US Capital Advisors downgraded Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Targa Resources has a consensus rating of “Buy” and an average target price of $296.59.

Targa Resources Trading Up 6.9%

The stock’s 50 day moving average price is $269.60 and its 200-day moving average price is $251.72. The stock has a market capitalization of $63.72 billion, a P/E ratio of 28.43, a P/E/G ratio of 1.43 and a beta of 0.72. 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 (NYSE:TRGP) last released its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, topping the consensus estimate of $2.83 by $0.71. The firm had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. As a group, equities research analysts expect that Targa Resources, Inc. will post 11.01 earnings per share for the current year.

Targa Resources Announces Dividend

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

Hedge Funds Weigh In On Targa Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. lifted its stake in 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 valued at $6,421,000 after acquiring an additional 12,640 shares during the period. Hsbc Holdings PLC raised its position in shares of Targa Resources by 7.0% in the fourth quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock worth $151,331,000 after acquiring an additional 53,413 shares during the period. Miller Howard Investments Inc. NY boosted its position in Targa Resources by 37.3% during the first quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company’s stock worth $57,816,000 after purchasing an additional 62,652 shares in the last quarter. Raiffeisen Bank International AG lifted its position in shares of Targa Resources by 164.1% during 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 in the last quarter. Finally, Icon Wealth Advisors LLC lifted its holdings in Targa Resources by 24.0% during the fourth quarter. Icon Wealth Advisors LLC now owns 19,649 shares of the pipeline company’s stock valued at $3,625,000 after purchasing an additional 3,797 shares in the last quarter. 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.