Targa Resources (NYSE:TRGP) Stock Price Expected to Rise, UBS Group Analyst Says

Targa Resources (NYSE:TRGP) had its price objective boosted by UBS Group from $182.00 to $246.00 in a report released on Friday,Benzinga reports. They currently have a buy rating on the pipeline company’s stock.

Several other equities analysts have also issued reports on TRGP. Morgan Stanley boosted their price target on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. The Goldman Sachs Group upped their price target on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Truist Financial upped their price objective on Targa Resources from $150.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Bank of America started coverage on Targa Resources in a research report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target on the stock. Finally, Wells Fargo & Company raised their price target on shares of Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Targa Resources has an average rating of “Buy” and an average price target of $169.79.

Targa Resources Stock Performance

Targa Resources stock traded up $4.47 during trading hours on Friday, hitting $196.04. The stock had a trading volume of 1,376,500 shares, compared to its average volume of 1,648,823. Targa Resources has a fifty-two week low of $81.03 and a fifty-two week high of $197.14. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The company has a 50-day moving average of $163.51 and a two-hundred day moving average of $140.77. The company has a market cap of $42.75 billion, a PE ratio of 35.45, a price-to-earnings-growth ratio of 0.77 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last posted its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The business had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter last year, the company earned $0.97 EPS. On average, equities research analysts anticipate that Targa Resources will post 6.19 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is currently 54.25%.

Insider Transactions at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the transaction, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. This represents a 1.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total transaction of $621,812.40. Following the sale, the chief accounting officer now directly owns 35,143 shares in the company, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 185,760 shares of company stock worth $30,026,712. 1.39% of the stock is currently owned by corporate insiders.

Institutional Trading of Targa Resources

Several hedge funds have recently bought and sold shares of TRGP. Strategic Investment Solutions Inc. IL acquired a new position in shares of Targa Resources during the second quarter worth $29,000. DT Investment Partners LLC purchased a new position in shares of Targa Resources during the 3rd quarter worth $29,000. UMB Bank n.a. raised its position in Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 222 shares during the period. Prospera Private Wealth LLC purchased a new position in shares of Targa Resources during the 3rd quarter worth approximately $35,000. Finally, Whittier Trust Co. purchased a new stake in Targa Resources during the second quarter worth about $44,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

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.