Mizuho Cuts Targa Resources (NYSE:TRGP) Price Target to $218.00

Targa Resources (NYSE:TRGP - Free Report) had its price objective trimmed by Mizuho from $226.00 to $218.00 in a research note issued to investors on Monday morning,Benzinga reports. The firm currently has an outperform rating on the pipeline company's stock.

Several other equities research analysts have also recently weighed in on TRGP. Truist Financial upped their price target on shares of Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research report on Tuesday, March 18th. Royal Bank of Canada upped their price target on shares of Targa Resources from $220.00 to $221.00 and gave the stock an "outperform" rating in a research report on Monday, March 3rd. US Capital Advisors raised shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Scotiabank decreased their target price on shares of Targa Resources from $218.00 to $210.00 and set a "sector outperform" rating for the company in a research report on Thursday, March 6th. Finally, Citigroup increased their target price on shares of Targa Resources from $218.00 to $227.00 and gave the company a "buy" rating in a research report on Tuesday, February 25th. Thirteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $209.29.

Targa Resources Trading Down 4.1 %

TRGP stock traded down $7.36 during mid-day trading on Monday, reaching $170.75. The company had a trading volume of 3,170,397 shares, compared to its average volume of 1,738,733. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The company has a market capitalization of $37.15 billion, a PE ratio of 29.75, a price-to-earnings-growth ratio of 0.61 and a beta of 1.75. The firm has a 50 day moving average of $184.43 and a 200 day moving average of $188.27. Targa Resources has a 12 month low of $110.09 and a 12 month high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The business had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.48 billion. On average, equities analysts predict that Targa Resources will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a dividend, which will be paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st will be issued a $1.00 dividend. The ex-dividend date is Wednesday, April 30th. This represents a dividend yield of 2.34%. Targa Resources's dividend payout ratio is currently 69.69%.

Insider Buying and Selling

In other Targa Resources news, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the sale, the insider now directly owns 227,269 shares of the company's stock, valued at approximately $43,731,100.98. This trade represents a 11.62 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider D. Scott Pryor sold 35,000 shares of the business's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the transaction, the insider now directly owns 82,139 shares of the company's stock, valued at approximately $16,206,024.70. This trade represents a 29.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock valued at $22,613,288 over the last 90 days. Insiders own 1.34% of the company's stock.

Institutional Trading of Targa Resources

Hedge funds have recently modified their holdings of the stock. Cornerstone Planning Group LLC boosted its stake in shares of Targa Resources by 578.9% in the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after buying an additional 110 shares during the last quarter. Ameriflex Group Inc. purchased a new stake in shares of Targa Resources in the fourth quarter worth about $31,000. Colonial Trust Co SC boosted its stake in shares of Targa Resources by 5,400.0% in the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock worth $29,000 after buying an additional 162 shares during the last quarter. Atala Financial Inc purchased a new stake in shares of Targa Resources in the fourth quarter worth about $31,000. Finally, Cary Street Partners Financial LLC purchased a new stake in shares of Targa Resources in the fourth quarter worth about $31,000. 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.