Targa Resources (NYSE:TRGP) Sets New 1-Year High at $117.66

Targa Resources Corp. (NYSE:TRGP)’s stock price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $117.66 and last traded at $117.61, with a volume of 507002 shares traded. The stock had previously closed at $116.90.

Analyst Upgrades and Downgrades

TRGP has been the topic of several research reports. Truist Financial upped their price objective on Targa Resources from $105.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. The Goldman Sachs Group upped their price objective on Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. Scotiabank upped their target price on shares of Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a research report on Monday, April 15th. JPMorgan Chase & Co. upped their target price on shares of Targa Resources from $122.00 to $125.00 and gave the company an “overweight” rating in a research report on Wednesday, March 6th. Finally, Royal Bank of Canada upped their target price on shares of Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a research report on Monday, February 26th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Targa Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $119.55.

Targa Resources Stock Performance

The stock has a fifty day simple moving average of $107.48 and a 200-day simple moving average of $93.51. The stock has a market cap of $26.19 billion, a P/E ratio of 31.86 and a beta of 2.21. The company has a debt-to-equity ratio of 2.68, a quick ratio of 0.66 and a current ratio of 0.79.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). The firm had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.50 billion. Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. On average, equities analysts expect that Targa Resources Corp. will post 5.77 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date is Monday, April 29th. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s dividend payout ratio is 54.50%.

Insiders Place Their Bets

In other news, Director Joe Bob Perkins sold 33,405 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the completion of the transaction, the director now directly owns 38,440 shares in the company, valued at approximately $3,754,434.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Joe Bob Perkins sold 33,405 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the completion of the transaction, the director now directly owns 38,440 shares in the company, valued at approximately $3,754,434.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider D. Scott Pryor sold 10,000 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $97.00, for a total transaction of $970,000.00. Following the transaction, the insider now owns 156,098 shares of the company’s stock, valued at $15,141,506. The disclosure for this sale can be found here. In the last 90 days, insiders sold 81,966 shares of company stock worth $7,987,215. Corporate insiders own 1.39% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

A number of large investors have recently modified their holdings of the business. Massmutual Trust Co. FSB ADV lifted its stake in Targa Resources by 17.2% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 633 shares of the pipeline company’s stock valued at $71,000 after purchasing an additional 93 shares during the last quarter. Gulf International Bank UK Ltd lifted its stake in Targa Resources by 0.6% in the 1st quarter. Gulf International Bank UK Ltd now owns 17,695 shares of the pipeline company’s stock valued at $1,981,000 after purchasing an additional 100 shares during the last quarter. Global Retirement Partners LLC lifted its stake in Targa Resources by 0.5% in the 1st quarter. Global Retirement Partners LLC now owns 24,515 shares of the pipeline company’s stock valued at $2,745,000 after purchasing an additional 116 shares during the last quarter. Ballentine Partners LLC lifted its stake in Targa Resources by 4.4% in the 3rd quarter. Ballentine Partners LLC now owns 3,370 shares of the pipeline company’s stock valued at $289,000 after purchasing an additional 142 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd lifted its stake in Targa Resources by 36.1% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 565 shares of the pipeline company’s stock valued at $48,000 after purchasing an additional 150 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.