Royal Bank of Canada Issues Positive Forecast for Targa Resources (NYSE:TRGP) Stock Price

Targa Resources (NYSE:TRGP) had its price target increased by Royal Bank of Canada from $220.00 to $221.00 in a research report sent to investors on Monday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the pipeline company’s stock.

Other equities research analysts have also issued research reports about the stock. Citigroup lifted their price objective on shares of Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Wells Fargo & Company lifted their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Mizuho lifted their price objective on shares of Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Scotiabank began coverage on shares of Targa Resources in a research note on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 price objective for the company. Finally, Barclays lifted their price objective on shares of Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $207.00.

Targa Resources Trading Down 1.8 %

Shares of NYSE:TRGP opened at $186.67 on Monday. The firm has a fifty day moving average of $198.60 and a two-hundred day moving average of $179.41. The firm has a market capitalization of $40.71 billion, a P/E ratio of 32.52, a price-to-earnings-growth ratio of 0.61 and a beta of 2.29. Targa Resources has a 12-month low of $103.04 and a 12-month high of $218.51. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. On average, equities analysts expect that Targa Resources will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.61%. Targa Resources’s payout ratio is 52.26%.

Insider Transactions at Targa Resources

In other news, insider D. Scott Pryor sold 35,000 shares of the business’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the transaction, the insider now owns 82,139 shares in the company, valued at approximately $16,206,024.70. The trade was a 29.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jennifer R. Kneale sold 29,887 shares of the business’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the transaction, the insider now owns 227,269 shares in the company, valued at approximately $43,731,100.98. The trade was a 11.62 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 115,914 shares of company stock worth $22,613,288. 1.39% of the stock is currently owned by company insiders.

Institutional Trading of Targa Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TRGP. US Bancorp DE increased its stake in Targa Resources by 7.3% in the third quarter. US Bancorp DE now owns 24,037 shares of the pipeline company’s stock valued at $3,558,000 after acquiring an additional 1,628 shares during the period. Gladstone Institutional Advisory LLC bought a new stake in Targa Resources in the third quarter valued at about $382,000. Farther Finance Advisors LLC increased its stake in Targa Resources by 1,217.9% in the third quarter. Farther Finance Advisors LLC now owns 4,270 shares of the pipeline company’s stock valued at $632,000 after acquiring an additional 3,946 shares during the period. Van ECK Associates Corp increased its stake in Targa Resources by 8.0% in the third quarter. Van ECK Associates Corp now owns 71,523 shares of the pipeline company’s stock valued at $10,586,000 after acquiring an additional 5,288 shares during the period. Finally, Robeco Institutional Asset Management B.V. increased its stake in Targa Resources by 599.1% in the third quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company’s stock valued at $42,619,000 after acquiring an additional 246,762 shares during the period. 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.