Targa Resources, Inc. (NYSE:TRGP - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $261.95 and last traded at $259.6890, with a volume of 941334 shares traded. The stock had previously closed at $258.98.
Analyst Upgrades and Downgrades
A number of analysts have issued reports on the stock. Citigroup boosted their price target on shares of Targa Resources from $200.00 to $262.00 and gave the stock a "buy" rating in a research note on Tuesday, February 24th. Weiss Ratings upgraded shares of Targa Resources from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, January 29th. Wells Fargo & Company boosted their price target on shares of Targa Resources from $248.00 to $264.00 and gave the stock an "overweight" rating in a research note on Friday, March 13th. UBS Group boosted their price target on shares of Targa Resources from $228.00 to $280.00 and gave the stock a "buy" rating in a research note on Tuesday, March 24th. Finally, TD Cowen boosted their price target on shares of Targa Resources from $192.00 to $220.00 and gave the stock a "hold" rating in a research note on Monday, February 23rd. Fourteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $259.93.
Check Out Our Latest Report on TRGP
Targa Resources Stock Performance
The firm has a market capitalization of $55.78 billion, a price-to-earnings ratio of 30.23, a P/E/G ratio of 1.67 and a beta of 0.75. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21. The stock has a 50-day moving average price of $241.32 and a 200 day moving average price of $202.80.
Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, topping analysts' consensus estimates of $2.35 by $0.16. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%.The business had revenue of $4.06 billion during the quarter, compared to the consensus estimate of $4.12 billion. On average, analysts forecast that Targa Resources, Inc. will post 10.32 EPS for the current year.
Targa Resources Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Thursday, April 30th will be given a dividend of $1.25 per share. This is a boost from Targa Resources's previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Thursday, April 30th. Targa Resources's dividend payout ratio is presently 58.21%.
Insider Buying and Selling at Targa Resources
In other news, Director Charles R. Crisp sold 1,359 shares of the business's stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $229.30, for a total transaction of $311,618.70. Following the completion of the transaction, the director directly owned 77,094 shares of the company's stock, valued at approximately $17,677,654.20. The trade was a 1.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Patrick J. Mcdonie sold 31,537 shares of the business's stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $239.36, for a total value of $7,548,696.32. Following the transaction, the insider directly owned 305,163 shares of the company's stock, valued at approximately $73,043,815.68. This represents a 9.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 104,929 shares of company stock valued at $24,692,134. 1.37% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Targa Resources
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Independent Financial Group LLC acquired a new position in Targa Resources in the first quarter valued at approximately $228,000. Wealthfront Advisers LLC boosted its holdings in Targa Resources by 25.6% in the first quarter. Wealthfront Advisers LLC now owns 24,187 shares of the pipeline company's stock valued at $6,064,000 after purchasing an additional 4,931 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Targa Resources by 11.7% in the first quarter. Bank of New York Mellon Corp now owns 1,462,045 shares of the pipeline company's stock valued at $366,578,000 after purchasing an additional 152,761 shares in the last quarter. MASTERINVEST Kapitalanlage GmbH acquired a new position in Targa Resources in the first quarter valued at approximately $217,000. Finally, Ethos Financial Group LLC acquired a new position in Targa Resources in the first quarter valued at approximately $215,000. 92.13% of the stock is owned by institutional investors and hedge funds.
About Targa Resources
(
Get Free Report)
Targa Resources Corporation NYSE: TRGP is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.
The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.
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