Targa Resources (NYSE:TRGP) Sets New 12-Month High – Time to Buy?

Targa Resources Corp. (NYSE:TRGP) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $211.68 and last traded at $211.68, with a volume of 552 shares changing hands. The stock had previously closed at $207.31.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. The Goldman Sachs Group boosted their price target on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Barclays increased their price target on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Stifel Nicolaus lifted their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Truist Financial upped their price objective on shares of Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a report on Friday, November 15th. Finally, Bank of America assumed coverage on shares of Targa Resources in a report on Thursday, October 17th. They set a “buy” rating and a $182.00 target price for the company. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $176.50.

Targa Resources Stock Performance

The company has a market capitalization of $44.36 billion, a price-to-earnings ratio of 36.78, a price-to-earnings-growth ratio of 0.82 and a beta of 2.24. The firm has a fifty day simple moving average of $171.40 and a 200 day simple moving average of $145.62. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. The firm had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter last year, the company earned $0.97 EPS. On average, analysts anticipate that Targa Resources Corp. will post 6.23 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.47%. The ex-dividend date was Thursday, October 31st. Targa Resources’s payout ratio is 54.25%.

Insiders Place Their Bets

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the sale, the insider now directly owns 174,451 shares in the company, valued at $25,504,736.20. This represents a 1.41 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joe Bob Perkins sold 150,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the director now directly owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This represents a 57.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 185,760 shares of company stock valued at $30,026,712 in the last 90 days. 1.39% of the stock is owned by insiders.

Institutional Trading of Targa Resources

Hedge funds and other institutional investors have recently modified their holdings of the business. DT Investment Partners LLC purchased a new position in Targa Resources during the third quarter worth about $29,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Targa Resources in the 2nd quarter worth approximately $29,000. UMB Bank n.a. lifted its holdings in shares of Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after acquiring an additional 222 shares during the last quarter. Prospera Private Wealth LLC purchased a new position in shares of Targa Resources during the 3rd quarter worth approximately $35,000. Finally, Whittier Trust Co. acquired a new stake in Targa Resources in the 2nd quarter valued at approximately $44,000. 92.13% of the stock is owned by institutional investors and hedge funds.

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.