Targa Resources (NYSE:TRGP) Given New $260.00 Price Target at Royal Bank Of Canada

Targa Resources (NYSE:TRGP) had its price objective upped by Royal Bank Of Canada from $218.00 to $260.00 in a research note issued to investors on Friday morning,Benzinga reports. The firm currently has an outperform rating on the pipeline company’s stock.

Several other research analysts have also recently weighed in on TRGP. Wall Street Zen cut shares of Targa Resources from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Barclays reissued an “overweight” rating and issued a $226.00 price target on shares of Targa Resources in a research note on Friday, February 20th. Stifel Nicolaus increased their price target on shares of Targa Resources from $213.00 to $243.00 and gave the stock a “buy” rating in a report on Friday, February 20th. Scotiabank reaffirmed an “outperform” rating on shares of Targa Resources in a report on Tuesday. Finally, Wells Fargo & Company upped their target price on shares of Targa Resources from $207.00 to $248.00 and gave the stock an “overweight” rating in a research report on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $238.50.

Targa Resources Price Performance

Shares of Targa Resources stock traded up $4.33 during trading on Friday, hitting $235.55. The stock had a trading volume of 2,369,548 shares, compared to its average volume of 1,385,350. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 5.21. Targa Resources has a 12 month low of $144.14 and a 12 month high of $237.50. The firm has a market cap of $50.63 billion, a price-to-earnings ratio of 27.42, a P/E/G ratio of 0.99 and a beta of 0.88. The business’s 50-day moving average is $199.75 and its 200 day moving average is $177.83.

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

Targa Resources Dividend Announcement

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

Insider Transactions at Targa Resources

In other news, insider Gerald R. Shrader sold 2,750 shares of the business’s stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $181.21, for a total value of $498,327.50. Following the completion of the sale, the insider owned 29,561 shares of the company’s stock, valued at approximately $5,356,748.81. The trade was a 8.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider D. Scott Pryor sold 17,500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $228.92, for a total value of $4,006,100.00. Following the transaction, the insider owned 31,938 shares in the company, valued at approximately $7,311,246.96. The trade was a 35.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 51,553 shares of company stock valued at $11,707,455. 1.34% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Mcguire Capital Advisors Inc. bought a new stake in Targa Resources during the 4th quarter valued at $52,000. Corient Private Wealth LLC increased its position in shares of Targa Resources by 548.8% in the fourth quarter. Corient Private Wealth LLC now owns 224,984 shares of the pipeline company’s stock valued at $41,510,000 after acquiring an additional 190,306 shares during the period. Beacon Pointe Advisors LLC increased its position in shares of Targa Resources by 104.2% in the fourth quarter. Beacon Pointe Advisors LLC now owns 3,022 shares of the pipeline company’s stock valued at $557,000 after acquiring an additional 1,542 shares during the period. CacheTech Inc. bought a new position in shares of Targa Resources during the fourth quarter valued at about $214,000. Finally, Empowered Funds LLC grew its stake in shares of Targa Resources by 180.9% in the fourth quarter. Empowered Funds LLC now owns 19,949 shares of the pipeline company’s stock worth $3,681,000 after purchasing an additional 12,846 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Company Profile

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.