Wells Fargo & Company Boosts Targa Resources (NYSE:TRGP) Price Target to $153.00

Targa Resources (NYSE:TRGP) had its price target increased by Wells Fargo & Company from $124.00 to $153.00 in a report published on Monday, Benzinga reports. The firm currently has an overweight rating on the pipeline company’s stock.

Other analysts have also recently issued research reports about the stock. Scotiabank boosted their price objective on shares of Targa Resources from $128.00 to $142.00 and gave the stock a sector outperform rating in a research note on Wednesday, July 17th. Royal Bank of Canada increased their price objective on shares of Targa Resources from $123.00 to $128.00 and gave the stock an outperform rating in a research report on Thursday, May 16th. UBS Group lifted their target price on Targa Resources from $116.00 to $147.00 and gave the stock a buy rating in a report on Tuesday, June 11th. Barclays lifted their price target on shares of Targa Resources from $123.00 to $138.00 and gave the company an overweight rating in a research note on Wednesday, July 3rd. Finally, Stifel Nicolaus increased their price objective on shares of Targa Resources from $111.00 to $130.00 and gave the stock a buy rating in a research report on Tuesday, April 16th. One analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $138.62.

Targa Resources Price Performance

Shares of TRGP opened at $136.71 on Monday. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. The stock has a market cap of $29.95 billion, a PE ratio of 28.13, a PEG ratio of 0.69 and a beta of 2.27. Targa Resources has a 12-month low of $77.97 and a 12-month high of $139.35. The business has a 50-day simple moving average of $128.44 and a two-hundred day simple moving average of $113.41.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The company had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter in the prior year, the firm posted $1.44 earnings per share. Analysts anticipate that Targa Resources will post 5.51 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Wednesday, July 31st will be paid a dividend of $0.75 per share. The ex-dividend date is Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.19%. Targa Resources’s payout ratio is 61.73%.

Insiders Place Their Bets

In other news, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction dated 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 sale, the insider now directly owns 136,098 shares of the company’s stock, valued at $15,396,766.74. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider D. Scott Pryor sold 20,000 shares of the company’s stock in a transaction 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 transaction, the insider now owns 136,098 shares of the company’s stock, valued at $15,396,766.74. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Robert Muraro sold 10,000 shares of Targa Resources stock in a transaction on Monday, June 10th. The shares were sold at an average price of $120.08, for a total value of $1,200,800.00. Following the sale, the insider now directly owns 196,951 shares of the company’s stock, valued at approximately $23,649,876.08. The disclosure for this sale can be found here. Insiders sold a total of 41,213 shares of company stock worth $4,926,609 in the last quarter. 1.39% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. UMB Bank n.a. lifted its position in Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 222 shares during the last quarter. Spire Wealth Management raised its position in Targa Resources by 2,400.0% during the first quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock valued at $31,000 after purchasing an additional 264 shares in the last quarter. Addison Advisors LLC bought a new stake in Targa Resources during the fourth quarter worth about $27,000. Whittier Trust Co. purchased a new position in shares of Targa Resources in the 2nd quarter worth about $44,000. Finally, Register Financial Advisors LLC bought a new position in shares of Targa Resources during the 1st quarter valued at about $45,000. 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.