Shares of Targa Resources Corp (NYSE:TRGP) reached a new 52-week high on Tuesday . The company traded as high as $55.06 and last traded at $54.66, with a volume of 47344 shares trading hands. The stock had previously closed at $54.60.
A number of analysts have recently weighed in on TRGP shares. Citigroup increased their price objective on Targa Resources from $55.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, July 31st. Robert W. Baird set a $62.00 target price on Targa Resources and gave the company a “buy” rating in a report on Wednesday, August 15th. Royal Bank of Canada upped their target price on Targa Resources from $60.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, August 10th. SunTrust Banks set a $56.00 target price on Targa Resources and gave the company a “hold” rating in a report on Friday. Finally, Stifel Nicolaus set a $53.00 target price on Targa Resources and gave the company a “buy” rating in a report on Friday, May 4th. Twelve equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $55.71.
The company has a quick ratio of 0.64, a current ratio of 0.73 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $12.16 billion, a PE ratio of -126.86 and a beta of 2.02.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 15th. Shareholders of record on Wednesday, August 1st were issued a $0.91 dividend. The ex-dividend date was Tuesday, July 31st. This represents a $3.64 dividend on an annualized basis and a yield of 6.69%. Targa Resources’s dividend payout ratio (DPR) is -846.51%.
In other Targa Resources news, CAO John Richard Klein sold 2,092 shares of the stock in a transaction on Tuesday, August 14th. The stock was sold at an average price of $53.52, for a total value of $111,963.84. Following the completion of the transaction, the chief accounting officer now owns 24,972 shares in the company, valued at $1,336,501.44. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.76% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Green Square Capital LLC bought a new position in Targa Resources in the second quarter worth $266,000. Laurel Wealth Advisors Inc. purchased a new stake in shares of Targa Resources in the second quarter worth $201,000. Andra AP fonden purchased a new stake in shares of Targa Resources in the second quarter worth $1,539,000. Schroder Investment Management Group purchased a new stake in shares of Targa Resources in the second quarter worth $1,836,000. Finally, Global X Management Co LLC grew its stake in shares of Targa Resources by 0.7% in the second quarter. Global X Management Co LLC now owns 619,417 shares of the pipeline company’s stock worth $30,655,000 after acquiring an additional 4,290 shares during the last quarter. Institutional investors and hedge funds own 91.43% of the company’s stock.
Targa Resources Company Profile (NYSE:TRGP)
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 Marketing. The company engages in gathering, compressing, treating, processing, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.
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