Targa Resources’ (TRGP) “Buy” Rating Reiterated at Truist Financial

Truist Financial reaffirmed their buy rating on shares of Targa Resources (NYSE:TRGP) in a research report sent to investors on Monday morning, Marketbeat.com reports. They currently have a $345.00 price objective on the pipeline company’s stock, up from their prior price objective of $312.00.

Several other brokerages have also recently commented on TRGP. Morgan Stanley raised their target price on shares of Targa Resources from $343.00 to $359.00 and gave the stock an “overweight” rating in a report on Wednesday, September 16th. Citigroup restated a “buy” rating on shares of Targa Resources in a report on Wednesday, May 27th. Scotiabank upped their price target on shares of Targa Resources from $257.00 to $314.00 and gave the company an “outperform” rating in a research report on Thursday, September 10th. UBS Group reaffirmed a “buy” rating and issued a $318.00 price objective on shares of Targa Resources in a research note on Thursday, July 9th. Finally, Royal Bank Of Canada lifted their price objective on shares of Targa Resources from $312.00 to $338.00 and gave the stock an “outperform” rating in a research report on Thursday, August 27th. One research analyst has rated the stock with a Strong Buy rating and eighteen have given a Buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $317.24.

Targa Resources Trading Up 0.3%

Shares of NYSE TRGP opened at $283.10 on Monday. Targa Resources has a 12 month low of $144.14 and a 12 month high of $307.94. The company has a market cap of $60.70 billion, a price-to-earnings ratio of 27.06, a P/E/G ratio of 1.33 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. The business has a fifty day simple moving average of $282.19 and a 200-day simple moving average of $264.98.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, topping analysts’ consensus estimates of $2.83 by $0.71. The firm had revenue of $4.44 billion for the quarter, compared to analysts’ expectations of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. Sell-side analysts predict that Targa Resources will post 11.32 EPS for the current year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Friday, July 31st. Targa Resources’s payout ratio is 47.80%.

Insider Activity

In related news, Director Waters S. Iv Davis sold 2,400 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $299.67, for a total transaction of $719,208.00. Following the transaction, the director directly owned 1,529 shares of the company’s stock, valued at approximately $458,195.43. The trade was a 61.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Charles R. Crisp sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total transaction of $870,690.00. Following the completion of the transaction, the director owned 62,292 shares in the company, valued at approximately $18,079,007.16. This represents a 4.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 7,216 shares of company stock worth $2,127,634 in the last 90 days. Company insiders own 1.37% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. QRG Capital Management Inc. boosted its stake in shares of Targa Resources by 13.3% during the 2nd quarter. QRG Capital Management Inc. now owns 19,848 shares of the pipeline company’s stock valued at $5,322,000 after buying an additional 2,325 shares during the period. Envestnet Portfolio Solutions Inc. increased its stake in shares of Targa Resources by 9.9% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 1,870 shares of the pipeline company’s stock worth $501,000 after acquiring an additional 168 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Targa Resources by 5.8% in the second quarter. Envestnet Asset Management Inc. now owns 756,768 shares of the pipeline company’s stock worth $202,920,000 after acquiring an additional 41,241 shares during the last quarter. State Street Corp raised its holdings 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 worth $3,814,604,000 after acquiring an additional 626,885 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Targa Resources by 24.7% during the second quarter. The Manufacturers Life Insurance Company now owns 374,589 shares of the pipeline company’s stock worth $100,442,000 after acquiring an additional 74,241 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

About Targa Resources

Targa Resources Corp. (NYSE: TRGP) is a midstream energy infrastructure company that gathers, processes, transports and fractionates natural gas and natural gas liquids (NGLs). Its operations connect producers with downstream markets and include natural gas gathering and processing, NGL fractionation, storage, transportation and marketing, as well as crude oil gathering and logistics.

The company operates an integrated network of pipelines, processing plants, fractionation facilities, storage assets and export infrastructure across the United States.