Targa Resources (NYSE:TRGP) Sets New 12-Month High After Analyst Upgrade

Shares of Targa Resources Corp. (NYSE:TRGP) hit a new 52-week high during mid-day trading on Tuesday after Truist Financial raised their price target on the stock from $150.00 to $175.00. Truist Financial currently has a buy rating on the stock. Targa Resources traded as high as $174.57 and last traded at $171.96, with a volume of 143459 shares traded. The stock had previously closed at $169.20.

TRGP has been the topic of several other research reports. The Goldman Sachs Group lifted their price target on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Royal Bank of Canada boosted their target price on Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Argus upgraded Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Barclays boosted their price objective on Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Finally, Wells Fargo & Company upped their price target on shares of Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $154.57.

Insider Transactions at Targa Resources

In other Targa Resources news, insider Gerald R. Shrader sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $136.06, for a total transaction of $408,180.00. Following the transaction, the insider now owns 29,603 shares of the company’s stock, valued at $4,027,784.18. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction 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 trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Gerald R. Shrader sold 3,000 shares of Targa Resources stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $136.06, for a total value of $408,180.00. Following the completion of the transaction, the insider now owns 29,603 shares in the company, valued at approximately $4,027,784.18. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 174,321 shares of company stock worth $26,654,881 in the last three months. Insiders own 1.44% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TRGP. Strategic Investment Solutions Inc. IL bought a new position in shares of Targa Resources during the 2nd quarter worth approximately $29,000. DT Investment Partners LLC bought a new position in shares of Targa Resources in the third quarter valued at approximately $29,000. UMB Bank n.a. lifted its stake in Targa Resources by 2,220.0% during the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after acquiring an additional 222 shares in the last quarter. Whittier Trust Co. purchased a new stake in Targa Resources in the 2nd quarter valued at about $44,000. Finally, Rogco LP purchased a new position in Targa Resources in the first quarter worth $56,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Performance

The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. The company has a market cap of $38.85 billion, a P/E ratio of 36.40, a price-to-earnings-growth ratio of 1.28 and a beta of 2.24. The company’s 50-day moving average is $155.70 and its two-hundred day moving average is $136.39.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s payout ratio is presently 63.16%.

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.