Targa Resources - TRGP Stock Forecast, Price & News

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. The company operates in two segments, Gathering and Processing, and Logistics and Transportation. It engages 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. The company is also involved in the purchase and resale of NGL products; and wholesale of propane, as well as provision of related logistics services to multi-state retailers, independent retailers, and other end-users. In addition, it offers NGL balancing services; and transportation services to refineries and petrochemical companies in the Gulf Coast area, as well as purchases, markets, and resells natural gas. The company operates approximately 28,400 miles of natural gas pipelines, including 42 owned and operated processing plants; and owns or operates a total of 34 storage wells with a gross storage capacity of approximately 76 million barrels. As of December 31, 2021, it leased and managed approximately 648 railcars; 119 transport tractors; and two company-owned pressurized NGL barges. The company was incorporated in 2005 and is headquartered in Houston, Texas.

Targa Resources Stock Down 1.2 %

Shares of NYSE:TRGP traded down $0.86 during mid-day trading on Friday, reaching $69.53. The company had a trading volume of 1,346,140 shares, compared to its average volume of 1,337,494. The stock has a fifty day moving average of $64.44 and a two-hundred day moving average of $67.85. Targa Resources has a 12-month low of $40.52 and a 12-month high of $81.50. The company has a market capitalization of $15.75 billion, a price-to-earnings ratio of 79.01 and a beta of 2.46. The company has a debt-to-equity ratio of 1.60, a quick ratio of 0.62 and a current ratio of 0.69.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 15th. Shareholders of record on Friday, July 29th will be issued a dividend of $0.35 per share. The ex-dividend date is Thursday, July 28th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.01%. Targa Resources's payout ratio is presently 159.09%.

Analysts Set New Price Targets

Several analysts recently weighed in on TRGP shares. Morgan Stanley upped their price target on Targa Resources from $103.00 to $105.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 20th. Barclays cut their price target on Targa Resources from $92.00 to $87.00 and set an "overweight" rating for the company in a research note on Wednesday, July 20th. Mizuho lifted their price target on Targa Resources from $87.00 to $91.00 and gave the stock a "buy" rating in a research report on Tuesday. Royal Bank of Canada raised their price objective on shares of Targa Resources from $90.00 to $100.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 12th. Finally, Wells Fargo & Company decreased their price target on shares of Targa Resources to $83.00 and set an "overweight" rating for the company in a research note on Friday, May 20th. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $81.91.

Insider Buying and Selling at Targa Resources

In related news, Director Paul W. Chung sold 3,568 shares of Targa Resources stock in a transaction dated Monday, May 16th. The stock was sold at an average price of $73.34, for a total value of $261,677.12. Following the completion of the sale, the director now directly owns 240,641 shares in the company, valued at $17,648,610.94. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Regina Gregory sold 6,494 shares of Targa Resources stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $67.39, for a total transaction of $437,630.66. Following the transaction, the insider now owns 55,592 shares in the company, valued at approximately $3,746,344.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul W. Chung sold 3,568 shares of Targa Resources stock in a transaction dated Monday, May 16th. The shares were sold at an average price of $73.34, for a total value of $261,677.12. Following the transaction, the director now owns 240,641 shares in the company, valued at approximately $17,648,610.94. The disclosure for this sale can be found here. Over the last three months, insiders sold 30,062 shares of company stock valued at $2,125,908. 1.10% of the stock is currently owned by company insiders.