Targa Resources (NYSE:TRGP) Price Target Increased to $124.00 by Analysts at Wells Fargo & Company

Targa Resources (NYSE:TRGP) had its price objective lifted by Wells Fargo & Company from $109.00 to $124.00 in a research report released on Friday morning, Benzinga reports. The firm currently has an overweight rating on the pipeline company’s stock.

Several other research firms have also recently issued reports on TRGP. UBS Group lowered their price objective on Targa Resources from $109.00 to $108.00 and set a buy rating on the stock in a report on Thursday, January 18th. Barclays increased their price objective on Targa Resources from $116.00 to $122.00 and gave the company an overweight rating in a research note on Tuesday, April 9th. Scotiabank lifted their target price on shares of Targa Resources from $112.00 to $128.00 and gave the stock a sector outperform rating in a research note on Monday, April 15th. Truist Financial upped their price objective on shares of Targa Resources from $105.00 to $120.00 and gave the company a buy rating in a research note on Wednesday, March 20th. Finally, The Goldman Sachs Group raised their target price on shares of Targa Resources from $105.00 to $117.00 and gave the stock a buy rating in a research note on Thursday, April 4th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $119.92.

Targa Resources Price Performance

NYSE TRGP traded down $0.68 during trading hours on Friday, reaching $112.31. The company’s stock had a trading volume of 1,753,022 shares, compared to its average volume of 1,827,241. 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 has a 1-year low of $67.36 and a 1-year high of $117.87. The company’s 50-day moving average is $109.72 and its two-hundred day moving average is $94.71. The firm has a market capitalization of $24.99 billion, a price-to-earnings ratio of 23.11 and a beta of 2.19.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 6.86% and a return on equity of 24.50%. On average, equities analysts predict that Targa Resources will post 5.72 EPS for the current year.

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 2.67%. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Monday, April 29th. Targa Resources’s dividend payout ratio is 61.73%.

Insider Activity

In other news, CAO Julie H. Boushka sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total value of $244,150.00. Following the completion of the transaction, the chief accounting officer now owns 71,808 shares of the company’s stock, valued at $7,012,769.28. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CAO Julie H. Boushka sold 2,500 shares of Targa Resources stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total value of $244,150.00. Following the completion of the transaction, the chief accounting officer now directly owns 71,808 shares in the company, valued at $7,012,769.28. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Joe Bob Perkins sold 33,405 shares of the company’s stock in a transaction dated 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 sale, the director now owns 38,440 shares in the company, valued at approximately $3,754,434.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 81,966 shares of company stock valued at $7,987,215. 1.39% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Targa Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Commonwealth Equity Services LLC increased its holdings in Targa Resources by 806.8% in the third quarter. Commonwealth Equity Services LLC now owns 77,484 shares of the pipeline company’s stock valued at $6,642,000 after buying an additional 68,939 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in shares of Targa Resources by 9.5% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 46,414 shares of the pipeline company’s stock valued at $3,979,000 after acquiring an additional 4,036 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its position in shares of Targa Resources by 26.3% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 44,619 shares of the pipeline company’s stock worth $3,825,000 after acquiring an additional 9,303 shares in the last quarter. Stratos Wealth Partners LTD. lifted its stake in Targa Resources by 8.1% during the third quarter. Stratos Wealth Partners LTD. now owns 4,763 shares of the pipeline company’s stock worth $408,000 after purchasing an additional 357 shares during the last quarter. Finally, NorthRock Partners LLC acquired a new position in Targa Resources in the third quarter valued at approximately $240,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

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.