Targa Resources (NYSE:TRGP) Reaches New 52-Week High at $79.70

Shares of Targa Resources Corp. (NYSE:TRGPGet Rating) reached a new 52-week high during trading on Tuesday . The company traded as high as $79.70 and last traded at $79.44, with a volume of 14001 shares. The stock had previously closed at $78.80.

A number of equities analysts have commented on the stock. Evercore ISI raised shares of Targa Resources from an “in-line” rating to an “outperform” rating and set a $62.00 price target for the company in a research note on Monday, February 7th. Barclays boosted their price target on shares of Targa Resources from $66.00 to $72.00 and gave the stock an “overweight” rating in a research note on Thursday, January 20th. Citigroup boosted their price target on shares of Targa Resources from $66.00 to $67.00 in a research note on Monday, January 10th. StockNews.com started coverage on shares of Targa Resources in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Finally, TheStreet cut shares of Targa Resources from a “b-” rating to a “c” rating in a research note on Thursday, March 3rd. Two research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $68.42.

The company has a current ratio of 0.77, a quick ratio of 0.70 and a debt-to-equity ratio of 1.24. The firm has a market capitalization of $18.08 billion, a P/E ratio of -716.30 and a beta of 2.68. The company’s fifty day simple moving average is $69.65 and its 200 day simple moving average is $60.00.

Targa Resources (NYSE:TRGPGet Rating) last issued its quarterly earnings data on Thursday, February 24th. The pipeline company reported $0.51 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.65 by ($0.14). Targa Resources had a return on equity of 9.74% and a net margin of 0.42%. The company had revenue of $5.44 billion during the quarter, compared to the consensus estimate of $4.88 billion. On average, analysts predict that Targa Resources Corp. will post 3.29 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 16th. Shareholders of record on Friday, April 29th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.77%. Targa Resources’s dividend payout ratio (DPR) is presently -1,272.61%.

In other news, Director Joe Bob Perkins sold 27,944 shares of the company’s stock in a transaction dated Thursday, April 14th. The shares were sold at an average price of $78.38, for a total value of $2,190,250.72. Following the sale, the director now directly owns 151,018 shares of the company’s stock, valued at approximately $11,836,790.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Rene R. Joyce sold 15,000 shares of the company’s stock in a transaction dated Thursday, March 3rd. The stock was sold at an average price of $67.86, for a total transaction of $1,017,900.00. The disclosure for this sale can be found here. Insiders sold a total of 45,094 shares of company stock worth $3,375,872 over the last ninety days. Insiders own 1.10% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. IFM Investors Pty Ltd purchased a new stake in Targa Resources during the 1st quarter valued at about $2,268,000. Ritholtz Wealth Management grew its position in Targa Resources by 39.2% during the 1st quarter. Ritholtz Wealth Management now owns 10,963 shares of the pipeline company’s stock valued at $827,000 after purchasing an additional 3,087 shares during the last quarter. IBM Retirement Fund purchased a new stake in Targa Resources during the 1st quarter valued at about $268,000. Gateway Investment Advisers LLC purchased a new stake in Targa Resources during the 1st quarter valued at about $3,034,000. Finally, Baldwin Brothers LLC MA grew its position in Targa Resources by 37.0% during the 1st quarter. Baldwin Brothers LLC MA now owns 12,968 shares of the pipeline company’s stock valued at $979,000 after purchasing an additional 3,500 shares during the last quarter. 88.49% of the stock is currently owned by institutional investors.

About Targa Resources (NYSE:TRGP)

Targa Resources Corp. provides midstream natural gas and natural gas liquids services. It also provides gathering, storing, and terminaling crude oil, and storing, terminaling, and selling refined petroleum products. It operates through the following business segments: Gathering and Processing, and Logistics and Transportation.

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