Targa Resources (NYSE:TRGP) Given New $225.00 Price Target at Truist Financial

Targa Resources (NYSE:TRGP) had its price target upped by stock analysts at Truist Financial from $175.00 to $225.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the pipeline company’s stock. Truist Financial’s target price suggests a potential upside of 14.77% from the company’s previous close.

Several other equities analysts also recently issued reports on the company. Bank of America initiated coverage on Targa Resources in a research report on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price on the stock. Morgan Stanley increased their price objective on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. UBS Group lifted their target price on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday. Royal Bank of Canada increased their price target on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Finally, Barclays lifted their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $169.79.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $196.04 on Friday. Targa Resources has a fifty-two week low of $81.03 and a fifty-two week high of $197.14. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The company has a market cap of $42.75 billion, a PE ratio of 35.45, a P/E/G ratio of 0.77 and a beta of 2.24. The business has a 50-day simple moving average of $163.51 and a two-hundred day simple moving average of $140.77.

Targa Resources (NYSE:TRGP) last released its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The company had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same period last year, the business earned $0.97 EPS. As a group, equities analysts expect that Targa Resources will post 6.19 EPS for the current fiscal year.

Insider Activity

In related news, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the sale, the insider now directly owns 82,979 shares in the company, valued at approximately $15,793,393.07. The trade was a 26.55 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the sale, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,760 shares of company stock worth $30,026,712 in the last ninety days. Company insiders own 1.39% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

Several hedge funds and other institutional investors have recently modified their holdings of the business. Wellington Management Group LLP increased its holdings in shares of Targa Resources by 4.4% in the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock valued at $2,235,927,000 after purchasing an additional 633,589 shares during the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in shares of Targa Resources in the 2nd quarter worth $72,345,000. American Century Companies Inc. raised its holdings in shares of Targa Resources by 239.1% during the 2nd quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock worth $101,877,000 after acquiring an additional 557,832 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Targa Resources by 26.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock valued at $194,720,000 after acquiring an additional 360,675 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Targa Resources by 13.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after purchasing an additional 271,444 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved 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, storing, terminaling, purchasing, and selling crude oil.