Targa Resources (NYSE:TRGP) Given New $211.00 Price Target at Barclays

Targa Resources (NYSE:TRGP) had its price target hoisted by Barclays from $204.00 to $211.00 in a research note published on Friday,Benzinga reports. They currently have an overweight rating on the pipeline company’s stock.

Several other equities research analysts have also recently weighed in on the company. The Goldman Sachs Group upped their target price on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Truist Financial upped their target price on Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Tuesday. Citigroup upped their target price on Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. Mizuho upped their target price on Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. Finally, Royal Bank of Canada upped their price objective on Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a research note on Monday, March 3rd. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Targa Resources has a consensus rating of “Buy” and a consensus price target of $211.00.

Targa Resources Price Performance

TRGP opened at $197.25 on Friday. The business has a fifty day moving average of $199.77 and a 200 day moving average of $182.87. Targa Resources has a 52-week low of $110.09 and a 52-week 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. The stock has a market cap of $43.02 billion, a P/E ratio of 34.36, a PEG ratio of 0.61 and a beta of 2.32.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The firm had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.48 billion. As a group, sell-side analysts anticipate that Targa Resources will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.52%. The ex-dividend date was Friday, January 31st. Targa Resources’s dividend payout ratio is currently 52.26%.

Insider Activity at Targa Resources

In related news, insider Jennifer R. Kneale sold 29,887 shares of the company’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 directly owns 227,269 shares of the company’s stock, valued at $43,731,100.98. This represents a 11.62 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the transaction, the chief executive officer now directly owns 725,628 shares in the company, valued at $141,555,510.24. This represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock valued at $22,613,288 in the last ninety days. Corporate insiders own 1.39% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Ameriflex Group Inc. acquired a new position in shares of Targa Resources in the fourth quarter valued at about $31,000. Colonial Trust Co SC increased its holdings in shares of Targa Resources by 5,400.0% in the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock valued at $29,000 after purchasing an additional 162 shares during the period. Atala Financial Inc acquired a new position in shares of Targa Resources in the fourth quarter valued at about $31,000. Cary Street Partners Financial LLC acquired a new position in shares of Targa Resources in the fourth quarter valued at about $31,000. Finally, Rakuten Securities Inc. increased its holdings in shares of Targa Resources by 394.6% in the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after purchasing an additional 146 shares during the period. 92.13% of the stock is 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.