Targa Resources (NYSE:TRGP) Price Target Raised to $142.00 at Scotiabank

Targa Resources (NYSE:TRGP) had its target price lifted by Scotiabank from $128.00 to $142.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Scotiabank currently has a sector outperform rating on the pipeline company’s stock.

A number of other brokerages have also weighed in on TRGP. UBS Group raised their target price on shares of Targa Resources from $116.00 to $147.00 and gave the company a buy rating in a research report on Tuesday, June 11th. Mizuho raised their price target on shares of Targa Resources from $105.00 to $130.00 and gave the company a buy rating in a research note on Wednesday, April 3rd. Truist Financial raised their price target on shares of Targa Resources from $120.00 to $125.00 and gave the company a buy rating in a research note on Monday, June 10th. Argus began coverage on shares of Targa Resources in a research note on Wednesday, June 26th. They set a buy rating and a $140.00 price target for the company. Finally, Morgan Stanley raised their price target on shares of Targa Resources from $134.00 to $140.00 and gave the company an overweight rating in a research note on Monday, June 10th. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $132.15.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $136.37 on Wednesday. Targa Resources has a fifty-two week low of $77.97 and a fifty-two week high of $136.88. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62. The firm has a market capitalization of $30.24 billion, a P/E ratio of 28.06, a P/E/G ratio of 0.79 and a beta of 2.27. The company’s 50 day moving average price is $123.83 and its two-hundred day moving average price is $108.94.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.13). Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. The company had revenue of $4.56 billion during the quarter, compared to analyst estimates of $4.28 billion. On average, equities analysts forecast that Targa Resources will post 5.38 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Wednesday, July 31st will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend is Wednesday, July 31st. Targa Resources’s dividend payout ratio is presently 61.73%.

Insider Buying and Selling

In related news, Director Charles R. Crisp sold 7,000 shares of Targa Resources stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $112.54, for a total transaction of $787,780.00. Following the completion of the transaction, the director now owns 95,471 shares of the company’s stock, valued at $10,744,306.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Targa Resources news, insider D. Scott Pryor sold 20,000 shares of Targa Resources stock in a transaction on Monday, May 13th. The shares were sold at an average price of $113.13, for a total value of $2,262,600.00. Following the completion of the sale, the insider now directly owns 136,098 shares of the company’s stock, valued at $15,396,766.74. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Charles R. Crisp sold 7,000 shares of Targa Resources stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $112.54, for a total transaction of $787,780.00. Following the completion of the sale, the director now directly owns 95,471 shares of the company’s stock, valued at $10,744,306.34. The disclosure for this sale can be found here. Insiders sold 52,691 shares of company stock valued at $6,197,632 over the last quarter. Insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Massmutual Trust Co. FSB ADV grew its holdings in shares of Targa Resources by 17.2% during 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 last quarter. Gulf International Bank UK Ltd grew its holdings in shares of Targa Resources by 0.6% during 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 last quarter. Global Retirement Partners LLC grew its holdings in shares of Targa Resources by 0.5% during the first quarter. Global Retirement Partners LLC now owns 24,515 shares of the pipeline company’s stock valued at $2,745,000 after buying an additional 116 shares during the last quarter. Greenleaf Trust grew its holdings in shares of Targa Resources by 2.2% during the first quarter. Greenleaf Trust now owns 6,013 shares of the pipeline company’s stock valued at $673,000 after buying an additional 128 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Targa Resources by 15.1% during the first quarter. EverSource Wealth Advisors LLC now owns 977 shares of the pipeline company’s stock valued at $111,000 after buying an additional 128 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

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.