Wells Fargo & Company Issues Positive Forecast for Targa Resources (NYSE:TRGP) Stock Price

Targa Resources (NYSE:TRGP) had its price objective raised by investment analysts at Wells Fargo & Company from $190.00 to $204.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the pipeline company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 18.24% from the company’s current price.

Several other brokerages have also recently weighed in on TRGP. Stifel Nicolaus boosted their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Royal Bank of Canada upped their price target on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Morgan Stanley raised their price objective on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Barclays upped their target price on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Finally, Bank of America initiated coverage on shares of Targa Resources in a report on Thursday, October 17th. They set a “buy” rating and a $182.00 price target for the company. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Targa Resources currently has a consensus rating of “Buy” and an average price target of $181.43.

Targa Resources Trading Up 0.3 %

Shares of TRGP stock opened at $172.53 on Wednesday. Targa Resources has a twelve month low of $81.03 and a twelve month high of $209.87. The stock’s fifty day simple moving average is $183.38 and its 200 day simple moving average is $153.95. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The firm has a market capitalization of $37.62 billion, a P/E ratio of 31.20, a P/E/G ratio of 0.73 and a beta of 2.28.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The company had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the prior year, the firm posted $0.97 earnings per share. As a group, sell-side analysts predict that Targa Resources will post 6.26 EPS for the current fiscal year.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, 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 transaction of $621,812.40. Following the completion of the sale, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the transaction, the insider now owns 82,979 shares in the company, valued at $15,793,393.07. This represents a 26.55 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 183,260 shares of company stock worth $29,661,212. 1.39% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Targa Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. Strategic Investment Solutions Inc. IL purchased a new position in Targa Resources during the 2nd quarter worth $29,000. DT Investment Partners LLC bought a new position in shares of Targa Resources during the third quarter valued at about $29,000. UMB Bank n.a. boosted its holdings in Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 222 shares during the last quarter. Prospera Private Wealth LLC bought a new stake in Targa Resources in the 3rd quarter worth about $35,000. Finally, Whittier Trust Co. purchased a new stake in Targa Resources in the 2nd quarter valued at about $44,000. 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.