Wells Fargo & Company Raises Targa Resources (NYSE:TRGP) Price Target to $124.00

Targa Resources (NYSE:TRGP) had its target price lifted by Wells Fargo & Company from $109.00 to $124.00 in a research report report published on Friday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the pipeline company’s stock.

Other equities research analysts have also recently issued reports about the company. JPMorgan Chase & Co. upped their price target on Targa Resources from $122.00 to $125.00 and gave the company an overweight rating in a research report on Wednesday, March 6th. Barclays upped their target price on shares of Targa Resources from $116.00 to $122.00 and gave the stock an overweight rating in a report on Tuesday, April 9th. 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 report on Wednesday, April 3rd. Scotiabank increased their price objective on Targa Resources from $112.00 to $128.00 and gave the stock a sector outperform rating in a research report on Monday, April 15th. Finally, Royal Bank of Canada lifted their price objective on Targa Resources from $106.00 to $109.00 and gave the company an outperform rating in a research note on Monday, February 26th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $119.92.

Targa Resources Stock Performance

Shares of TRGP stock opened at $112.31 on Friday. Targa Resources has a 12 month low of $67.36 and a 12 month high of $117.87. The stock has a market capitalization of $24.99 billion, a P/E ratio of 23.11 and a beta of 2.19. The company has a current ratio of 0.79, a quick ratio of 0.66 and a debt-to-equity ratio of 2.68. The firm’s 50 day moving average is $110.02 and its 200 day moving average is $94.98.

Targa Resources (NYSE:TRGP) last posted its quarterly 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 24.50% and a net margin of 6.86%. The company had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $4.50 billion. On average, sell-side analysts anticipate that Targa Resources will post 5.72 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.67%. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date is Monday, April 29th. Targa Resources’s dividend payout ratio (DPR) is currently 61.73%.

Insiders Place Their Bets

In related news, CAO Julie H. Boushka sold 2,500 shares of Targa Resources stock in a transaction 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 transaction, the chief accounting officer now owns 71,808 shares in the company, valued at approximately $7,012,769.28. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CFO Jennifer R. Kneale sold 26,061 shares of the stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 227,663 shares of the company’s stock, valued at $22,165,269.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Julie H. Boushka sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total transaction of $244,150.00. Following the completion of the transaction, the chief accounting officer now owns 71,808 shares in the company, valued at approximately $7,012,769.28. The disclosure for this sale can be found here. Insiders sold a total of 81,966 shares of company stock valued at $7,987,215 over the last quarter. 1.39% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Targa Resources

Institutional investors have recently added to or reduced their stakes in the company. Massmutual Trust Co. FSB ADV lifted its stake in Targa Resources by 17.2% in the first quarter. Massmutual Trust Co. FSB ADV now owns 633 shares of the pipeline company’s stock worth $71,000 after acquiring an additional 93 shares during the period. Gulf International Bank UK Ltd lifted its position in shares of Targa Resources by 0.6% in the 1st quarter. Gulf International Bank UK Ltd now owns 17,695 shares of the pipeline company’s stock worth $1,981,000 after purchasing an additional 100 shares during the period. Global Retirement Partners LLC boosted its stake in shares of Targa Resources by 0.5% during the 1st quarter. Global Retirement Partners LLC now owns 24,515 shares of the pipeline company’s stock valued at $2,745,000 after purchasing an additional 116 shares in the last quarter. Greenleaf Trust increased its position 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 period. Finally, Harvest Fund Management Co. Ltd raised its stake in Targa Resources by 36.1% in the third quarter. Harvest Fund Management Co. Ltd now owns 565 shares of the pipeline company’s stock worth $48,000 after buying an additional 150 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

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.