Targa Resources (NYSE:TRGP) Price Target Increased to $130.00 by Analysts at Stifel Nicolaus

Targa Resources (NYSE:TRGP) had its price objective increased by Stifel Nicolaus from $111.00 to $130.00 in a research report sent to investors on Tuesday morning, Benzinga reports. Stifel Nicolaus currently has a buy rating on the pipeline company’s stock.

Several other research analysts have also recently issued reports on the stock. UBS Group decreased their target price on shares of Targa Resources from $109.00 to $108.00 and set a buy rating for the company in a report on Thursday, January 18th. Barclays increased their target price on Targa Resources from $116.00 to $122.00 and gave the company an overweight rating in a research note on Tuesday, April 9th. JPMorgan Chase & Co. boosted their price target on Targa Resources from $122.00 to $125.00 and gave the stock an overweight rating in a research note on Wednesday, March 6th. The Goldman Sachs Group increased their price objective on Targa Resources from $105.00 to $117.00 and gave the company a buy rating in a research report on Thursday, April 4th. Finally, Truist Financial boosted their target price on Targa Resources from $105.00 to $120.00 and gave the stock a buy rating in a research report on Wednesday, March 20th. One analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Buy and a consensus price target of $117.92.

Targa Resources Stock Performance

Targa Resources stock opened at $114.07 on Tuesday. Targa Resources has a twelve month low of $67.36 and a twelve month high of $117.61. The company has a quick ratio of 0.66, a current ratio of 0.79 and a debt-to-equity ratio of 2.68. The company has a market capitalization of $25.39 billion, a P/E ratio of 31.08 and a beta of 2.21. The stock’s 50 day moving average is $104.36 and its 200 day moving average is $92.21.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, February 15th. The pipeline company reported $1.23 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 company had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $4.50 billion. On average, equities research analysts predict that Targa Resources will post 5.75 earnings per share for the current fiscal 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 issued a dividend of $0.75 per share. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date is Monday, April 29th. Targa Resources’s dividend payout ratio is currently 54.50%.

Insider Transactions at Targa Resources

In related news, CAO Julie H. Boushka sold 2,500 shares of the firm’s 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 transaction, the chief accounting officer now directly owns 71,808 shares of the company’s stock, valued at approximately $7,012,769.28. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CAO Julie H. Boushka sold 2,500 shares of the 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 sale, the chief accounting officer now directly owns 71,808 shares of the company’s stock, valued at approximately $7,012,769.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Robert Muraro sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $97.31, for a total transaction of $973,100.00. Following the sale, the insider now owns 219,451 shares in the company, valued at approximately $21,354,776.81. The disclosure for this sale can be found here. Insiders have sold 81,966 shares of company stock worth $7,987,215 in the last 90 days. 1.44% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Targa Resources

Institutional investors and hedge funds have recently bought and sold shares of the business. Moneta Group Investment Advisors LLC raised its stake in Targa Resources by 104,219.5% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 25,241,143 shares of the pipeline company’s stock valued at $1,855,224,000 after purchasing an additional 25,216,947 shares during the period. Deutsche Bank AG raised its position in shares of Targa Resources by 200.4% during the third quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock valued at $478,063,000 after buying an additional 3,720,270 shares during the last quarter. Blackstone Inc. lifted its holdings in shares of Targa Resources by 60.4% in the fourth quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock worth $820,290,000 after buying an additional 3,554,989 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Targa Resources by 424.5% during the first quarter. Wellington Management Group LLP now owns 3,777,797 shares of the pipeline company’s stock worth $285,110,000 after acquiring an additional 3,057,486 shares during the last quarter. Finally, Norges Bank purchased a new position in Targa Resources during the fourth quarter valued at $187,123,000. 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.