Targa Resources (NYSE:TRGP) PT Lowered to $83.00 at Wells Fargo & Company

Targa Resources (NYSE:TRGPGet Rating) had its target price cut by Wells Fargo & Company to $83.00 in a research note issued to investors on Friday, Stock Target Advisor reports. They currently have an overweight rating on the pipeline company’s stock.

Other analysts also recently issued reports about the stock. Barclays boosted their target price on shares of Targa Resources from $66.00 to $72.00 and gave the company an overweight rating in a research note on Thursday, January 20th. Mizuho raised shares of Targa Resources from a neutral rating to a buy rating and boosted their target price for the company from $58.00 to $85.00 in a research note on Friday, March 18th. Morgan Stanley boosted their price target on shares of Targa Resources from $74.00 to $103.00 and gave the company an overweight rating in a report on Tuesday, April 26th. Truist Financial boosted their price target on shares of Targa Resources from $69.00 to $78.00 in a report on Wednesday, March 2nd. Finally, TheStreet cut shares of Targa Resources from a b- rating to a c rating in a report on Thursday, March 3rd. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Buy and an average target price of $74.42.

NYSE TRGP opened at $69.26 on Friday. The stock has a market capitalization of $15.79 billion, a P/E ratio of -119.41 and a beta of 2.52. Targa Resources has a 1 year low of $37.13 and a 1 year high of $81.50. The business’s fifty day moving average is $73.88 and its two-hundred day moving average is $63.24. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.62 and a current ratio of 0.65.

Targa Resources (NYSE:TRGPGet Rating) last posted its quarterly earnings results on Thursday, May 5th. The pipeline company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by ($0.83). The company had revenue of $4.96 billion during the quarter, compared to the consensus estimate of $6.07 billion. Targa Resources had a negative net margin of 0.22% and a positive return on equity of 8.24%. During the same period in the prior year, the company posted $0.53 EPS. On average, research analysts forecast that Targa Resources will post 3.8 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 16th. Stockholders of record on Friday, April 29th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.02%. Targa Resources’s dividend payout ratio is currently -241.38%.

In related news, Director Joe Bob Perkins sold 2,150 shares of the stock in a transaction dated Tuesday, April 12th. The shares were sold at an average price of $78.01, for a total value of $167,721.50. Following the completion of the transaction, the director now owns 213,868 shares of the company’s stock, valued at $16,683,842.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction dated Wednesday, May 18th. The stock was sold at an average price of $71.33, for a total transaction of $1,426,600.00. Following the completion of the transaction, the insider now directly owns 81,233 shares of the company’s stock, valued at approximately $5,794,349.89. The disclosure for this sale can be found here. Insiders have sold 78,662 shares of company stock valued at $5,865,149 in the last ninety days. 1.10% of the stock is owned by company insiders.

A number of institutional investors have recently modified their holdings of TRGP. Dimensional Fund Advisors LP grew its stake in shares of Targa Resources by 0.8% during the third quarter. Dimensional Fund Advisors LP now owns 2,665,632 shares of the pipeline company’s stock valued at $131,184,000 after purchasing an additional 21,146 shares during the last quarter. Roosevelt Investment Group LLC bought a new stake in shares of Targa Resources during the fourth quarter valued at approximately $261,000. Crossmark Global Holdings Inc. grew its stake in shares of Targa Resources by 28.9% during the fourth quarter. Crossmark Global Holdings Inc. now owns 20,438 shares of the pipeline company’s stock valued at $1,068,000 after purchasing an additional 4,580 shares during the last quarter. Cibc World Markets Corp bought a new stake in shares of Targa Resources during the fourth quarter valued at approximately $6,948,000. Finally, Qube Research & Technologies Ltd grew its stake in shares of Targa Resources by 273.2% during the fourth quarter. Qube Research & Technologies Ltd now owns 139,700 shares of the pipeline company’s stock valued at $7,298,000 after purchasing an additional 102,270 shares during the last quarter. 91.93% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Company Profile (Get Rating)

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. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company 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, purchasing, storing, terminaling, and selling crude oil.

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