Targa Resources (NYSE:TRGP) Reaches New 12-Month High – Here’s What Happened

Targa Resources, Inc. (NYSE:TRGP)’s stock price reached a new 52-week high during mid-day trading on Wednesday. The stock traded as high as $308.07 and last traded at $308.4420, with a volume of 210,267 shares changing hands. The stock had previously closed at $302.61.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. The Goldman Sachs Group reiterated a “buy” rating and set a $322.00 target price on shares of Targa Resources in a research report on Tuesday, October 13th. Citigroup raised their price objective on Targa Resources from $303.00 to $325.00 and gave the company a “buy” rating in a research note on Tuesday, October 13th. BMO Capital Markets lifted their price target on shares of Targa Resources from $303.00 to $328.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 21st. Truist Financial reissued a “buy” rating and set a $345.00 target price (up from $312.00) on shares of Targa Resources in a research note on Monday, September 21st. Finally, Stifel Nicolaus set a $335.00 price objective on shares of Targa Resources in a research note on Friday, October 9th. One investment analyst has rated the stock with a Strong Buy rating and twenty-one have given a Buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $325.47.

Targa Resources Price Performance

The stock has a 50 day simple moving average of $289.63 and a two-hundred day simple moving average of $256.84. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The firm has a market cap of $65.82 billion, a PE ratio of 29.31, a price-to-earnings-growth ratio of 1.25 and a beta of 0.80.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The firm had revenue of $4.44 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Sell-side analysts expect that Targa Resources, Inc. will post 11.42 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 17th. Stockholders of record on Friday, October 30th will be paid a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, October 30th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.6%. Targa Resources’s payout ratio is currently 47.80%.

Insiders Place Their Bets

In other news, Director Paul Chung sold 1,816 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total value of $537,735.76. Following the transaction, the director owned 44,000 shares in the company, valued at $13,028,840. This trade represents a 3.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director S Davis sold 2,400 shares of Targa Resources stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $299.67, for a total value of $719,208.00. Following the completion of the sale, the director directly owned 1,529 shares in the company, valued at $458,195.43. This represents a 61.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 7,216 shares of company stock worth $2,127,634. Corporate insiders own 1.37% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

A number of hedge funds have recently modified their holdings of TRGP. Childress Capital Advisors LLC increased its position in Targa Resources by 39.3% in the third quarter. Childress Capital Advisors LLC now owns 4,843 shares of the pipeline company’s stock worth $1,309,000 after buying an additional 1,367 shares in the last quarter. BOKF NA increased its holdings in Targa Resources by 16.2% in the 3rd quarter. BOKF NA now owns 19,769 shares of the pipeline company’s stock worth $5,344,000 after acquiring an additional 2,762 shares in the last quarter. Hanseatic Management Services Inc. increased its holdings in Targa Resources by 4.0% in the 3rd quarter. Hanseatic Management Services Inc. now owns 1,888 shares of the pipeline company’s stock worth $510,000 after acquiring an additional 72 shares in the last quarter. North Dakota State Investment Board raised its stake in Targa Resources by 2.9% during the 3rd quarter. North Dakota State Investment Board now owns 6,501 shares of the pipeline company’s stock worth $1,757,000 after acquiring an additional 185 shares during the period. Finally, Asset Management One Co. Ltd. lifted its holdings in Targa Resources by 0.7% during the third quarter. Asset Management One Co. Ltd. now owns 90,810 shares of the pipeline company’s stock valued at $24,547,000 after purchasing an additional 588 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Company Profile

Targa Resources Corp. is a Houston-based midstream energy company that owns, operates and develops infrastructure used to gather, process, transport, store and fractionate natural gas and natural gas liquids (NGLs). Its operations support producers and other energy companies by connecting hydrocarbon supplies with domestic and international markets.

The company’s services include natural gas gathering and processing, NGL recovery, fractionation and storage, crude oil gathering, and the transportation and logistics of NGLs and related products.