Targa Resources (NYSE:TRGP) Reaches New 12-Month High – Still a Buy?

Targa Resources, Inc. (NYSE:TRGP) reached a new 52-week high during trading on Monday . The stock traded as high as $286.42 and last traded at $284.8860, with a volume of 1964 shares changing hands. The stock had previously closed at $282.91.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on TRGP shares. Weiss Ratings restated a “buy (b)” rating on shares of Targa Resources in a research note on Thursday, July 2nd. The Goldman Sachs Group boosted their price target on Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Citigroup restated a “buy” rating on shares of Targa Resources in a research note on Wednesday, May 27th. US Capital Advisors cut Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. Finally, TD Cowen lifted their target price on Targa Resources from $245.00 to $270.00 and gave the stock a “hold” rating in a research note on Thursday. Seventeen equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $285.93.

Targa Resources Trading Up 0.8%

The business’s 50 day simple moving average is $267.82 and its two-hundred day simple moving average is $238.96. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. The stock has a market cap of $61.20 billion, a P/E ratio of 28.85, a PEG ratio of 1.45 and a beta of 0.71.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. As a group, analysts expect that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be issued a $1.25 dividend. The ex-dividend date is Friday, July 31st. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. Targa Resources’s dividend payout ratio is currently 50.56%.

Insider Buying and Selling at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the transaction, the director owned 66,492 shares in the company, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.37% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Olistico Wealth LLC purchased a new stake in shares of Targa Resources during the 4th quarter valued at $27,000. Atlantic Union Bankshares Corp purchased a new stake in Targa Resources during the 4th quarter valued at about $27,000. Miller Capital Partners Inc. purchased a new stake in shares of Targa Resources during the fourth quarter valued at approximately $30,000. Leonteq Securities AG purchased a new stake in Targa Resources during the 4th quarter valued at $31,000. Finally, CoreCap Advisors LLC grew its stake in shares of Targa Resources by 245.9% in the second quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company’s stock worth $34,000 after purchasing an additional 91 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

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.