Targa Resources (NYSE:TRGP) Price Target Raised to $246.00 at UBS Group

Targa Resources (NYSE:TRGP) had its target price raised by UBS Group from $182.00 to $246.00 in a research note released on Friday,Benzinga reports. The brokerage currently has a buy rating on the pipeline company’s stock.

A number of other brokerages have also weighed in on TRGP. The Goldman Sachs Group upped their price objective on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Truist Financial increased their target price on Targa Resources from $150.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Morgan Stanley boosted their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Barclays raised their price target on Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 15th. Finally, Wells Fargo & Company upped their price objective on Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Targa Resources presently has an average rating of “Buy” and a consensus target price of $169.79.

Targa Resources Stock Up 2.3 %

Shares of NYSE:TRGP traded up $4.47 during trading on Friday, hitting $196.04. 1,376,500 shares of the company were exchanged, compared to its average volume of 1,648,823. 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 has a 12-month low of $81.03 and a 12-month high of $197.14. The stock has a market capitalization of $42.75 billion, a P/E ratio of 35.45, a PEG ratio of 0.77 and a beta of 2.24. The firm’s 50 day moving average price is $163.51 and its 200-day moving average price is $140.77.

Targa Resources (NYSE:TRGP) last announced its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The business had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same period last year, the firm posted $0.97 earnings per share. On average, research analysts predict that Targa Resources will post 6.19 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is currently 54.25%.

Insider Transactions at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the transaction, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. This represents a 1.41 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the sale, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. This represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 185,760 shares of company stock valued at $30,026,712. Insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Several institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its position in shares of Targa Resources by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 5,717,487 shares of the pipeline company’s stock valued at $843,680,000 after purchasing an additional 97,583 shares in the last quarter. MidWestOne Financial Group Inc. boosted its position in Targa Resources by 9.1% during the 3rd quarter. MidWestOne Financial Group Inc. now owns 3,167 shares of the pipeline company’s stock worth $469,000 after acquiring an additional 263 shares during the period. M&T Bank Corp grew its position in Targa Resources by 9.5% during the third quarter. M&T Bank Corp now owns 35,597 shares of the pipeline company’s stock valued at $5,269,000 after purchasing an additional 3,094 shares in the last quarter. Barclays PLC increased its stake in shares of Targa Resources by 19.5% in the third quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company’s stock worth $153,124,000 after acquiring an additional 168,602 shares during the last quarter. Finally, Geller Advisors LLC raised its stake in shares of Targa Resources by 21.0% during the 3rd quarter. Geller Advisors LLC now owns 2,374 shares of the pipeline company’s stock worth $351,000 after purchasing an additional 412 shares in the last quarter. 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.