Targa Resources (NYSE:TRGP) Price Target Raised to $124.00 at Wells Fargo & Company

Targa Resources (NYSE:TRGP) had its target price lifted by Wells Fargo & Company from $109.00 to $124.00 in a report issued on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the pipeline company’s stock.

Other research analysts have also issued research reports about the company. Scotiabank lifted their target price on Targa Resources from $112.00 to $128.00 and gave the company a sector outperform rating in a report on Monday, April 15th. Mizuho increased their price objective on Targa Resources from $105.00 to $130.00 and gave the stock a buy rating in a research report on Wednesday, April 3rd. Truist Financial boosted their target price on Targa Resources from $105.00 to $120.00 and gave the stock a buy rating in a research report on Wednesday, March 20th. Citigroup raised their price target on Targa Resources from $104.00 to $112.00 and gave the company a buy rating in a report on Wednesday, February 21st. Finally, Barclays boosted their price objective on Targa Resources from $116.00 to $122.00 and gave the stock an overweight rating in a report on Tuesday, April 9th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $119.92.

Targa Resources Stock Performance

NYSE:TRGP traded down $0.68 on Friday, reaching $112.31. 1,753,022 shares of the company’s stock were exchanged, compared to its average volume of 1,827,241. The firm has a market cap of $24.99 billion, a price-to-earnings ratio of 23.11 and a beta of 2.19. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.79 and a quick ratio of 0.66. The stock has a fifty day simple moving average of $109.72 and a 200-day simple moving average of $94.71. Targa Resources has a 52 week low of $67.36 and a 52 week high of $117.87.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). The business had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $4.50 billion. Targa Resources had a net margin of 6.86% and a return on equity of 24.50%. As a group, sell-side analysts predict that Targa Resources will post 5.72 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be paid a $0.75 dividend. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date is Monday, April 29th. Targa Resources’s payout ratio is 61.73%.

Insider Activity

In other Targa Resources news, Director Joe Bob Perkins sold 33,405 shares of the firm’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $97.67, for a total value of $3,262,666.35. Following the sale, the director now owns 38,440 shares of the company’s stock, valued at approximately $3,754,434.80. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Targa Resources news, CFO Jennifer R. Kneale sold 26,061 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $97.36, for a total transaction of $2,537,298.96. Following the transaction, the chief financial officer now directly owns 227,663 shares of the company’s stock, valued at approximately $22,165,269.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Joe Bob Perkins sold 33,405 shares of Targa Resources 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 sale, the director now directly owns 38,440 shares in the company, valued at approximately $3,754,434.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 81,966 shares of company stock valued at $7,987,215. 1.39% of the stock is currently owned by company insiders.

Institutional Trading of Targa Resources

A number of hedge funds and other institutional investors have recently modified their holdings of TRGP. Commonwealth Equity Services LLC boosted its holdings in Targa Resources by 806.8% in the third quarter. Commonwealth Equity Services LLC now owns 77,484 shares of the pipeline company’s stock worth $6,642,000 after acquiring an additional 68,939 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in Targa Resources by 9.5% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 46,414 shares of the pipeline company’s stock valued at $3,979,000 after purchasing an additional 4,036 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Targa Resources by 26.3% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 44,619 shares of the pipeline company’s stock worth $3,825,000 after purchasing an additional 9,303 shares in the last quarter. Stratos Wealth Partners LTD. lifted its holdings in shares of Targa Resources by 8.1% during the third quarter. Stratos Wealth Partners LTD. now owns 4,763 shares of the pipeline company’s stock valued at $408,000 after purchasing an additional 357 shares in the last quarter. Finally, NorthRock Partners LLC purchased a new stake in shares of Targa Resources during the third quarter valued at $240,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

About Targa Resources

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.