Targa Resources (NYSE:TRGP) Price Target Raised to $128.00 at Scotiabank

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

A number of other equities analysts have also issued reports on TRGP. Citigroup increased their price objective on Targa Resources from $104.00 to $112.00 and gave the stock a buy rating in a report on Wednesday, February 21st. JPMorgan Chase & Co. increased their price objective on Targa Resources from $122.00 to $125.00 and gave the stock an overweight rating in a report on Wednesday, March 6th. Royal Bank of Canada increased their price objective on Targa Resources from $106.00 to $109.00 and gave the stock an outperform rating in a report on Monday, February 26th. Barclays increased their price target on Targa Resources from $116.00 to $122.00 and gave the company an overweight rating in a research note on Tuesday, April 9th. Finally, Truist Financial increased their price target on Targa Resources from $105.00 to $120.00 and gave the company a buy rating in a research note on Wednesday, March 20th. One equities research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Buy and an average target price of $116.82.

Targa Resources Stock Down 0.3 %

NYSE:TRGP opened at $114.34 on Monday. The firm has a market capitalization of $25.45 billion, a PE ratio of 31.16 and a beta of 2.21. The stock has a 50 day moving average of $103.80 and a 200-day moving average of $92.01. Targa Resources has a 52 week low of $67.36 and a 52 week high of $117.61. The company has a current ratio of 0.79, a quick ratio of 0.66 and a debt-to-equity ratio of 2.68.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data 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). Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. The business had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $4.50 billion. Analysts predict that Targa Resources will post 5.75 EPS for the current year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be given a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 2.62%. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date is Monday, April 29th. Targa Resources’s payout ratio is currently 54.50%.

Insiders Place Their Bets

In other Targa Resources news, insider D. Scott Pryor sold 10,000 shares of the business’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 sale, the insider now directly owns 156,098 shares of the company’s stock, valued at $15,141,506. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Targa Resources news, insider D. Scott Pryor sold 10,000 shares of the business’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 sale, the insider now directly owns 156,098 shares of the company’s stock, valued at $15,141,506. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jennifer R. Kneale sold 26,061 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $97.36, for a total transaction of $2,537,298.96. Following the sale, the chief financial officer now directly owns 227,663 shares of the company’s stock, valued at $22,165,269.68. The disclosure for this sale can be found here. Insiders sold 81,966 shares of company stock valued at $7,987,215 over the last ninety days. Corporate insiders own 1.44% of the company’s stock.

Institutional Trading of Targa Resources

Large investors have recently modified their holdings of the company. Addison Advisors LLC bought a new stake in shares of Targa Resources during the 4th quarter worth $27,000. Harbour Investments Inc. raised its stake in Targa Resources by 51.3% during the 3rd quarter. Harbour Investments Inc. now owns 357 shares of the pipeline company’s stock valued at $31,000 after purchasing an additional 121 shares during the last quarter. VisionPoint Advisory Group LLC raised its stake in Targa Resources by 111.2% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock valued at $34,000 after purchasing an additional 209 shares during the last quarter. Quarry LP acquired a new position in Targa Resources during the 1st quarter valued at $33,000. Finally, EdgeRock Capital LLC acquired a new position in shares of Targa Resources in the 4th quarter valued at $42,000. 92.13% of the stock is owned by institutional investors.

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.