Targa Resources (NYSE:TRGP) Sets New 12-Month High at $116.78

Targa Resources Corp. (NYSE:TRGP - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $116.78 and last traded at $116.68, with a volume of 462673 shares changing hands. The stock had previously closed at $115.97.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. increased their price target on Targa Resources from $122.00 to $125.00 and gave the company an "overweight" rating in a research note on Wednesday, March 6th. Royal Bank of Canada increased their price target on Targa Resources from $106.00 to $109.00 and gave the company an "outperform" rating in a research note on Monday, February 26th. Mizuho increased their price target on Targa Resources from $105.00 to $130.00 and gave the company a "buy" rating in a research note on Wednesday, April 3rd. The Goldman Sachs Group increased their price target on Targa Resources from $105.00 to $117.00 and gave the company a "buy" rating in a research note on Thursday. Finally, Truist Financial increased their price objective on Targa Resources from $105.00 to $120.00 and gave the company a "buy" rating in a research report on Wednesday, March 20th. One research analyst has rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $115.10.

Targa Resources Price Performance

The stock has a fifty day moving average price of $100.33 and a 200-day moving average price of $90.76. The company has a market cap of $25.81 billion, a PE ratio of 31.60 and a beta of 2.21. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.79 and a quick ratio of 0.66.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results 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). The business had revenue of $4.24 billion during the quarter, compared to analysts' expectations of $4.50 billion. Targa Resources had a net margin of 5.20% and a return on equity of 18.64%. On average, equities analysts expect that Targa Resources Corp. will post 5.75 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, February 15th. Stockholders of record on Wednesday, January 31st were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date was Tuesday, January 30th. Targa Resources's dividend payout ratio (DPR) is presently 54.50%.

Insider Transactions at Targa Resources

In other news, insider D. Scott Pryor sold 10,000 shares of the company's stock in a transaction 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 transaction, the insider now directly owns 156,098 shares of the company's stock, valued at $15,141,506. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Joe Bob Perkins sold 33,405 shares of the firm's stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total value of $3,262,666.35. Following the sale, the director now directly owns 38,440 shares of the company's stock, valued at $3,754,434.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider D. Scott Pryor sold 10,000 shares of the firm's stock in a transaction dated 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 in the company, valued at $15,141,506. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 81,966 shares of company stock valued at $7,987,215. 1.44% of the stock is owned by insiders.

Institutional Investors Weigh In On Targa Resources

Hedge funds and other institutional investors have recently made changes to their positions in the business. Moneta Group Investment Advisors LLC lifted its stake in shares of Targa Resources by 104,219.5% in the fourth 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 buying an additional 25,216,947 shares during the period. BlackRock Inc. lifted its stake in shares of Targa Resources by 1.9% in the first quarter. BlackRock Inc. now owns 18,748,593 shares of the pipeline company's stock valued at $1,367,710,000 after buying an additional 348,951 shares during the period. Blackstone Inc. lifted its stake 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 valued at $820,290,000 after buying an additional 3,554,989 shares during the period. Wellington Management Group LLP lifted its stake in shares of Targa Resources by 5.1% in the third quarter. Wellington Management Group LLP now owns 8,319,024 shares of the pipeline company's stock valued at $713,107,000 after buying an additional 401,144 shares during the period. Finally, State Street Corp lifted its stake in shares of Targa Resources by 14.4% in the first quarter. State Street Corp now owns 7,836,957 shares of the pipeline company's stock valued at $591,455,000 after buying an additional 986,283 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

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.