Mizuho Boosts Targa Resources (NYSE:TRGP) Price Target to $226.00

Targa Resources (NYSE:TRGP) had its price target increased by Mizuho from $208.00 to $226.00 in a report released on Thursday,Benzinga reports. They currently have an outperform rating on the pipeline company’s stock.

Several other equities analysts also recently weighed in on the stock. Barclays increased their price target on shares of Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Truist Financial cut their price target on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a report on Friday, December 13th. Royal Bank of Canada raised their price target on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. UBS Group raised their price target on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, Scotiabank assumed coverage on 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. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $196.07.

Targa Resources Price Performance

TRGP opened at $204.93 on Thursday. The stock has a market cap of $44.69 billion, a P/E ratio of 37.06, a PEG ratio of 0.62 and a beta of 2.29. Targa Resources has a 52-week low of $95.88 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 business has a fifty day moving average of $195.20 and a 200 day moving average of $175.21.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. As a group, sell-side analysts anticipate that Targa Resources will post 6.36 EPS for the current year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a dividend of $0.75 per share. The ex-dividend date was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.46%. Targa Resources’s payout ratio is 54.25%.

Hedge Funds Weigh In On Targa Resources

Hedge funds and other institutional investors have recently modified their holdings of the business. Creative Planning raised its position in Targa Resources by 17.6% during the 3rd quarter. Creative Planning now owns 43,783 shares of the pipeline company’s stock worth $6,480,000 after purchasing an additional 6,546 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of Targa Resources by 75.1% in the third quarter. Blue Trust Inc. now owns 2,611 shares of the pipeline company’s stock valued at $386,000 after buying an additional 1,120 shares in the last quarter. Raymond James & Associates boosted its stake in Targa Resources by 4.8% during the 3rd quarter. Raymond James & Associates now owns 239,805 shares of the pipeline company’s stock valued at $35,494,000 after purchasing an additional 10,970 shares during the last quarter. Sequoia Financial Advisors LLC grew its holdings in Targa Resources by 21.6% during the third quarter. Sequoia Financial Advisors LLC now owns 4,590 shares of the pipeline company’s stock worth $679,000 after buying an additional 815 shares in the last quarter. Finally, Signaturefd LLC raised its holdings in shares of Targa Resources by 1.9% in the third quarter. Signaturefd LLC now owns 8,287 shares of the pipeline company’s stock valued at $1,226,000 after purchasing an additional 152 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

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.