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

by · The Cerbat Gem

Targa Resources (NYSE:TRGP – Free Report) had its price target hoisted by Royal Bank of Canada from $172.00 to $199.00 in a report issued on Monday,Benzinga reports. They currently have an outperform rating on the pipeline company’s stock.

A number of other research analysts have also commented on TRGP. Barclays boosted their price target on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Wells Fargo & Company boosted their price target on shares of Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Truist Financial boosted their price target on shares of Targa Resources from $150.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. 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 research report on Friday, October 25th. Finally, Bank of America assumed coverage on shares of Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 price target for the company. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $159.14.

Check Out Our Latest Stock Report on Targa Resources

Targa Resources Trading Up 1.4 %

Shares of TRGP stock opened at $194.96 on Monday. The company’s fifty day simple moving average is $158.92 and its two-hundred day simple moving average is $138.39. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.53. Targa Resources has a 1 year low of $81.03 and a 1 year high of $196.60. The stock has a market capitalization of $42.51 billion, a price-to-earnings ratio of 35.25, a PEG ratio of 1.49 and a beta of 2.24.

Targa Resources (NYSE:TRGP – Get Free Report) last issued its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. The business had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter in the previous year, the firm posted $0.97 EPS. As a group, analysts anticipate that Targa Resources will post 6.19 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date is Thursday, October 31st. Targa Resources’s payout ratio is currently 54.25%.

Insider Buying and Selling

In related news, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the transaction, the director now directly owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the company’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the sale, the director now owns 110,470 shares in the company, valued at approximately $17,181,399.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.39% of the stock is owned by insiders.

Institutional Investors Weigh In On Targa Resources

Institutional investors and hedge funds have recently made changes to their positions in the company. DT Investment Partners LLC bought a new stake in shares of Targa Resources during the third quarter valued at approximately $29,000. Strategic Investment Solutions Inc. IL bought a new stake in Targa Resources in the 2nd quarter worth approximately $29,000. UMB Bank n.a. grew its position in Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 222 shares during the period. Prospera Private Wealth LLC bought a new stake in Targa Resources in the 3rd quarter worth approximately $35,000. Finally, Whittier Trust Co. bought a new stake in Targa Resources in the 2nd quarter worth approximately $44,000. Institutional investors own 92.13% of the company’s stock.

About Targa Resources

(Get Free Report)

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.

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