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

Targa Resources (NYSE:TRGP - Free Report) had its price target increased by Scotiabank from $112.00 to $128.00 in a research report sent to investors on Monday, Benzinga reports. They currently have a sector outperform rating on the pipeline company's stock.

Several other research firms have also recently weighed in on TRGP. UBS Group dropped their price target on Targa Resources from $109.00 to $108.00 and set a buy rating for the company in a report on Thursday, January 18th. JPMorgan Chase & Co. lifted their price objective on Targa Resources from $122.00 to $125.00 and gave the company an overweight rating in a report on Wednesday, March 6th. Truist Financial lifted their price objective on Targa Resources from $105.00 to $120.00 and gave the company a buy rating in a report on Wednesday, March 20th. Barclays lifted their price objective on Targa Resources from $116.00 to $122.00 and gave the company an overweight rating in a report on Tuesday, April 9th. Finally, Mizuho lifted their price objective on Targa Resources from $105.00 to $130.00 and gave the company a buy rating in a report on Wednesday, April 3rd. One investment analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Targa Resources currently has an average rating of Buy and a consensus target price of $116.82.

Targa Resources Stock Performance

NYSE:TRGP traded down $0.35 during mid-day trading on Monday, hitting $114.34. 1,899,223 shares of the stock were exchanged, compared to its average volume of 1,739,653. The stock has a market capitalization of $25.45 billion, a price-to-earnings ratio of 31.16 and a beta of 2.21. The firm's 50-day simple moving average is $103.80 and its 200 day simple moving average is $92.01. The company has a debt-to-equity ratio of 2.68, a quick ratio of 0.66 and a current ratio of 0.79. Targa Resources has a fifty-two week low of $67.36 and a fifty-two week high of $117.61.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.26). The firm had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.50 billion. Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. As a group, equities analysts anticipate that Targa Resources will post 5.75 EPS for the current fiscal 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 given a dividend of $0.75 per share. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a yield of 2.62%. This is a positive change from Targa Resources's previous quarterly dividend of $0.50. Targa Resources's payout ratio is currently 54.50%.

Insider Buying and Selling

In related news, CAO Julie H. Boushka sold 2,500 shares of the business's stock in a transaction 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 sale, 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 Securities & Exchange Commission, which is available at this hyperlink. In other Targa Resources news, CAO Julie H. Boushka sold 2,500 shares of the company's stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total value of $244,150.00. Following the sale, the chief accounting officer now owns 71,808 shares in the company, valued at approximately $7,012,769.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Robert Muraro sold 10,000 shares of the company's stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $97.31, for a total value of $973,100.00. Following the completion of 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. Insiders own 1.44% of the company's stock.

Institutional Investors Weigh In On Targa Resources

A number of institutional investors have recently made changes to their positions in TRGP. Cetera Advisor Networks LLC bought a new stake in shares of Targa Resources during the 1st quarter valued at about $250,000. PNC Financial Services Group Inc. boosted its position in shares of Targa Resources by 5.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 14,741 shares of the pipeline company's stock valued at $1,112,000 after purchasing an additional 737 shares in the last quarter. Sei Investments Co. boosted its position in shares of Targa Resources by 11.6% during the 1st quarter. Sei Investments Co. now owns 186,471 shares of the pipeline company's stock valued at $14,072,000 after purchasing an additional 19,372 shares in the last quarter. Brighton Jones LLC bought a new stake in shares of Targa Resources during the 1st quarter valued at about $249,000. Finally, Covestor Ltd raised its stake in Targa Resources by 91.8% during the 1st quarter. Covestor Ltd now owns 1,429 shares of the pipeline company's stock worth $108,000 after buying an additional 684 shares during the period. Institutional investors 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.