Targa Resources (NYSE:TRGP) Stock Price Expected to Rise, Barclays Analyst Says

Targa Resources (NYSE:TRGP - Free Report) had its target price boosted by Barclays from $178.00 to $195.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the pipeline company's stock.

Other research analysts also recently issued research reports about the stock. Truist Financial lifted their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a research report on Tuesday, March 18th. The Goldman Sachs Group dropped their target price on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Morgan Stanley upped their price objective on shares of Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a research report on Monday, March 17th. Mizuho set a $212.00 price objective on shares of Targa Resources and gave the company an "outperform" rating in a research note on Tuesday, May 20th. Finally, UBS Group dropped their target price on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a research report on Thursday, May 15th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Targa Resources currently has a consensus rating of "Buy" and an average price target of $209.57.

Targa Resources Price Performance

Targa Resources stock traded up $1.08 during trading hours on Thursday, hitting $171.82. 174,778 shares of the stock were exchanged, compared to its average volume of 1,947,701. The company has a debt-to-equity ratio of 6.04, a quick ratio of 0.57 and a current ratio of 0.65. The stock has a market capitalization of $37.27 billion, a P/E ratio of 31.64, a P/E/G ratio of 0.61 and a beta of 1.07. Targa Resources has a 12 month low of $122.56 and a 12 month high of $218.51. The business's 50-day moving average is $166.34 and its two-hundred day moving average is $182.08.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). The business had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. Equities research analysts expect that Targa Resources will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Thursday, July 31st will be paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.33%. This is a boost from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's payout ratio is currently 73.66%.

Institutional Investors Weigh In On Targa Resources

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in Targa Resources by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 27,584,275 shares of the pipeline company's stock worth $5,529,820,000 after purchasing an additional 423,667 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Targa Resources by 7.5% in the first quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company's stock valued at $2,764,673,000 after purchasing an additional 962,631 shares in the last quarter. Geode Capital Management LLC lifted its position in Targa Resources by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company's stock worth $1,056,187,000 after buying an additional 212,986 shares during the last quarter. Invesco Ltd. lifted its position in shares of Targa Resources by 3.2% during the first quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company's stock worth $915,338,000 after purchasing an additional 139,780 shares during the last quarter. Finally, GQG Partners LLC increased its stake in shares of Targa Resources by 64.0% during the first quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company's stock valued at $724,560,000 after buying an additional 1,410,747 shares during the period. 92.13% of the stock is currently owned by institutional investors.

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.