Targa Resources (NYSE:TRGP) Price Target Raised to $330.00

Targa Resources (NYSE:TRGP) had its price target raised by Wells Fargo & Company from $324.00 to $330.00 in a research report sent to investors on Monday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the pipeline company’s stock.

TRGP has been the subject of several other reports. Royal Bank Of Canada lifted their price objective on Targa Resources from $312.00 to $338.00 and gave the stock an “outperform” rating in a report on Thursday, August 27th. Stifel Nicolaus set a $335.00 target price on Targa Resources in a research report on Friday, October 9th. Weiss Ratings raised Targa Resources from a “buy (b+)” rating to a “buy (a-)” rating in a report on Thursday, October 29th. Capital One Financial raised their price target on Targa Resources from $310.00 to $335.00 and gave the company an “overweight” rating in a research report on Tuesday, September 22nd. Finally, BMO Capital Markets raised their price target on Targa Resources from $303.00 to $328.00 and gave the company an “outperform” rating in a research report on Wednesday, October 21st. Two equities research analysts have rated the stock with a Strong Buy rating and twenty have assigned a Buy rating to the company. According to data from MarketBeat.com, Targa Resources has an average rating of “Buy” and an average price target of $326.37.

Targa Resources Price Performance

TRGP stock opened at $291.36 on Monday. The firm has a 50 day moving average of $288.65 and a 200-day moving average of $262.71. Targa Resources has a 12-month low of $166.18 and a 12-month high of $316.60. The company has a current ratio of 0.74, a quick ratio of 0.66 and a debt-to-equity ratio of 4.87. The company has a market cap of $62.51 billion, a price-to-earnings ratio of 25.78, a PEG ratio of 1.15 and a beta of 0.76.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, November 5th. The pipeline company reported $3.04 earnings per share for the quarter, topping analysts’ consensus estimates of $2.74 by $0.30. The business had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $4.77 billion. Targa Resources had a return on equity of 68.83% and a net margin of 13.45%. As a group, equities analysts expect that Targa Resources will post 11.55 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 17th. Shareholders of record on Friday, October 30th will be issued 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 is Friday, October 30th. Targa Resources’s dividend payout ratio is 44.25%.

Insider Activity

In related news, Director Paul W. Chung sold 1,816 shares of Targa Resources 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 transaction, the director directly owned 44,000 shares in the company, valued at $13,028,840. The trade was a 3.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Waters S. Iv Davis sold 2,400 shares of Targa Resources stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $299.67, for a total value of $719,208.00. Following the transaction, the director owned 1,529 shares of the company’s stock, valued at $458,195.43. This represents a 61.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 7,216 shares of company stock worth $2,127,634 over the last ninety days. 1.37% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Targa Resources

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

Targa Resources News Roundup

These are some of the TRGP news items that stood out recently:

• Positive Sentiment: Morgan Stanley reiterated its Buy view and raised its price target to $362 from $359, while Scotiabank lifted its target to $325 from $319 and maintained an outperform rating—both signaling further potential upside in analysts’ assessments. Morgan Stanley price-target update Scotiabank price-target update
• Positive Sentiment: Wells Fargo’s analyst also expects the stock to rise, adding to the favorable analyst tone. Wells Fargo analyst outlook
• Positive Sentiment: The earnings call was characterized as signaling durable growth, reinforcing the view that recent operating momentum may persist. Targa Resources earnings-call highlights

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. Targa also operates facilities that support the export of NGLs and liquefied petroleum gas products.