Targa Resources, Inc. (NYSE:TRGP) reached a new 52-week high on February 7, 2024, with shares trading as high as $226.00 before closing at $222.76. The trading volume for the day was 35,589 shares, reflecting robust investor interest. This marks a notable increase from the previous close of $223.89.
Analyst Ratings and Market Reactions
Recent analyst reports indicate a positive outlook for Targa Resources. Weiss Ratings upgraded the company’s stock from a “hold (C+)” to a “buy (B-)” rating on January 29, 2024. Similarly, the Royal Bank of Canada raised its target price from $213.00 to $218.00, assigning an “outperform” rating on December 3, 2023. UBS Group also reaffirmed a “buy” rating on January 9, 2024.
Adding to this momentum, Morgan Stanley set an ambitious target price of $266.00 while maintaining an “overweight” rating. Overall, MarketBeat data reveals that one analyst has assigned a “Strong Buy” rating, thirteen have given a “Buy” rating, and three maintain a “Hold” rating, resulting in an average rating of “Moderate Buy” with a consensus target price of $213.50.
Dividend Announcement and Insider Transactions
Targa Resources recently declared a quarterly dividend of $1.00, which was paid on February 13, 2024, to shareholders recorded as of January 30, 2024. This dividend represents an annualized figure of $4.00 and a yield of 1.8%. The company’s dividend payout ratio stands at 53.19%.
In related news, insider Gerald R. Shrader sold 2,750 shares on December 5, 2023, at an average price of $181.21, totaling approximately $498,327.50. Following this transaction, Shrader retains 29,561 shares, valued at around $5,356,748.81. This sale represents an 8.51% reduction in his ownership.
Institutional Investor Activity
Institutional investors have also been active in adjusting their positions in Targa Resources. Woodline Partners LP increased its stake by 40.7% during the first quarter, now holding 18,423 shares valued at $3,693,000. Focus Partners Wealth raised its holdings by 157.4%, acquiring an additional 2,404 shares and bringing its total to 3,931 shares worth $788,000.
Nordea Investment Management AB expanded its position by 260.2%, now owning 128,911 shares valued at $22,526,000. Other notable increases include Private Trust Co. NA, which raised its holdings by 57.1%, and Stratos Wealth Advisors LLC, which increased its holdings by 28.4%. Currently, institutional investors and hedge funds own approximately 92.13% of Targa Resources stock.
Targa Resources Corporation operates as a midstream energy company in the United States, providing services for the gathering, processing, transportation, storage, and marketing of natural gas and natural gas liquids. With a network that spans key U.S. regions, Targa continues to play a significant role in the energy sector.
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