Targa Resources (NYSE:TRGP) Price Target Raised to $128.00 at Royal Bank of Canada

Targa Resources (NYSE:TRGP - Free Report) had its target price hoisted by Royal Bank of Canada from $123.00 to $128.00 in a report published on Thursday, Benzinga reports. The brokerage currently has an outperform rating on the pipeline company's stock.

A number of other brokerages have also recently issued reports on TRGP. Truist Financial increased their price objective on shares of Targa Resources from $105.00 to $120.00 and gave the company a buy rating in a research note on Wednesday, March 20th. JPMorgan Chase & Co. increased their target price on Targa Resources from $122.00 to $125.00 and gave the stock an overweight rating in a research note on Wednesday, March 6th. Scotiabank increased their price objective on shares of Targa Resources from $112.00 to $128.00 and gave the stock a sector outperform rating in a research note on Monday, April 15th. UBS Group cut their price target 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. Finally, Mizuho lifted their price objective on shares of Targa Resources from $105.00 to $130.00 and gave the company a buy rating in a research note on Wednesday, April 3rd. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $121.50.

Targa Resources Stock Performance

Shares of Targa Resources stock traded up $0.55 on Thursday, reaching $116.13. 1,256,939 shares of the company were exchanged, compared to its average volume of 1,695,284. Targa Resources has a 1-year low of $67.36 and a 1-year high of $117.87. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.62 and a current ratio of 0.70. The firm has a market cap of $25.75 billion, a price-to-earnings ratio of 24.02 and a beta of 2.19. The company's 50-day moving average is $112.23 and its two-hundred day moving average is $96.46.

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 (EPS) for the quarter, missing the consensus estimate of $1.49 by ($0.26). The company had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.50 billion. Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. As a group, research analysts expect that Targa Resources will post 5.61 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th were issued a $0.75 dividend. The ex-dividend date was Monday, April 29th. This is a positive change from Targa Resources's previous quarterly dividend of $0.50. This represents a $3.00 annualized dividend and a yield of 2.58%. Targa Resources's dividend payout ratio is 61.73%.

Insider Activity

In other Targa Resources news, insider D. Scott Pryor sold 20,000 shares of Targa Resources stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $113.13, for a total value of $2,262,600.00. Following the completion of the sale, the insider now owns 136,098 shares of the company's stock, valued at approximately $15,396,766.74. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Targa Resources news, Director Charles R. Crisp sold 7,000 shares of the company's stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $112.54, for a total transaction of $787,780.00. Following the sale, the director now directly owns 95,471 shares in the company, valued at $10,744,306.34. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $113.13, for a total transaction of $2,262,600.00. Following the transaction, the insider now owns 136,098 shares in the company, valued at $15,396,766.74. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 114,657 shares of company stock worth $11,680,978. Insiders own 1.44% of the company's stock.

Institutional Investors Weigh In On Targa Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Signaturefd LLC grew its position in Targa Resources by 4.7% in the third quarter. Signaturefd LLC now owns 5,408 shares of the pipeline company's stock worth $464,000 after acquiring an additional 244 shares during the period. Morgan Stanley boosted its position in shares of Targa Resources by 16.1% during the 3rd quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company's stock worth $325,003,000 after purchasing an additional 524,794 shares during the period. Quadrature Capital Ltd raised its holdings in shares of Targa Resources by 364.0% in the 3rd quarter. Quadrature Capital Ltd now owns 88,834 shares of the pipeline company's stock valued at $7,615,000 after buying an additional 69,690 shares during the period. Spirit of America Management Corp NY increased its stake in Targa Resources by 21.6% during the fourth quarter. Spirit of America Management Corp NY now owns 57,500 shares of the pipeline company's stock worth $4,995,000 after purchasing an additional 10,200 shares during the period. Finally, Nordea Investment Management AB grew its holdings in shares of Targa Resources by 32.8% in the third quarter. Nordea Investment Management AB now owns 18,001 shares of the pipeline company's stock valued at $1,543,000 after purchasing an additional 4,447 shares in the last quarter. Institutional investors and hedge funds 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.