Targa Resources (NYSE:TRGP) Price Target Increased to $128.00 by Analysts at Scotiabank

Targa Resources (NYSE:TRGP) had its target price hoisted by Scotiabank from $112.00 to $128.00 in a report released on Monday morning, Benzinga reports. They currently have a sector outperform rating on the pipeline company’s stock.

A number of other equities research analysts have also recently issued reports on TRGP. UBS Group reduced their target price on shares of Targa Resources from $109.00 to $108.00 and set a buy rating for the company in a research report on Thursday, January 18th. Royal Bank of Canada boosted their target price on shares of Targa Resources from $106.00 to $109.00 and gave the company an outperform rating in a research report on Monday, February 26th. The Goldman Sachs Group boosted their target price on shares of Targa Resources from $105.00 to $117.00 and gave the company a buy rating in a research report on Thursday, April 4th. Barclays boosted their target price on shares of Targa Resources from $116.00 to $122.00 and gave the company an overweight rating in a research report on Tuesday, April 9th. Finally, Citigroup boosted their target price on shares of Targa Resources from $104.00 to $112.00 and gave the company a buy rating in a research report on Wednesday, February 21st. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Targa Resources has a consensus rating of Buy and an average target price of $117.92.

Targa Resources Price Performance

NYSE:TRGP opened at $111.78 on Monday. Targa Resources has a one year low of $67.36 and a one year high of $117.61. The company has a market cap of $24.87 billion, a P/E ratio of 30.46 and a beta of 2.21. The firm’s fifty day moving average price is $105.34 and its two-hundred day moving average price is $92.49. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.79 and a quick ratio of 0.66.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.49 by ($0.26). The company had revenue of $4.24 billion during the quarter, compared to analyst estimates of $4.50 billion. Targa Resources had a net margin of 5.20% and a return on equity of 18.64%. Equities analysts expect that Targa Resources will post 5.77 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be issued a $0.75 dividend. The ex-dividend date is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.68%. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s dividend payout ratio is 81.74%.

Insider Transactions at Targa Resources

In other news, Director Joe Bob Perkins sold 33,405 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $97.67, for a total value of $3,262,666.35. Following the completion of the transaction, the director now owns 38,440 shares of the company’s stock, valued at $3,754,434.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Joe Bob Perkins sold 33,405 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total value of $3,262,666.35. Following the completion of the transaction, the director now owns 38,440 shares of the company’s stock, valued at $3,754,434.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider D. Scott Pryor sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the completion of the transaction, the insider now directly owns 156,098 shares of the company’s stock, valued at approximately $15,141,506. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 81,966 shares of company stock valued at $7,987,215. 1.39% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Massmutual Trust Co. FSB ADV increased its stake in shares of Targa Resources by 17.2% in the first quarter. Massmutual Trust Co. FSB ADV now owns 633 shares of the pipeline company’s stock valued at $71,000 after buying an additional 93 shares during the period. Gulf International Bank UK Ltd increased its stake in shares of Targa Resources by 0.6% in the first quarter. Gulf International Bank UK Ltd now owns 17,695 shares of the pipeline company’s stock valued at $1,981,000 after buying an additional 100 shares during the period. Harbour Investments Inc. increased its stake in shares of Targa Resources by 51.3% in the third quarter. Harbour Investments Inc. now owns 357 shares of the pipeline company’s stock valued at $31,000 after buying an additional 121 shares during the period. Orion Portfolio Solutions LLC increased its position in Targa Resources by 2.1% during the 2nd quarter. Orion Portfolio Solutions LLC now owns 6,125 shares of the pipeline company’s stock valued at $466,000 after purchasing an additional 128 shares during the period. Finally, Integrated Wealth Concepts LLC increased its position in Targa Resources by 5.0% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 2,960 shares of the pipeline company’s stock valued at $225,000 after purchasing an additional 140 shares during the period. Institutional investors and hedge funds 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.