Targa Resources (NYSE:TRGP) Stock Price Expected to Rise, Barclays Analyst Says

Targa Resources (NYSE:TRGP) had its target price upped by Barclays from $171.00 to $204.00 in a research note published on Monday,Benzinga reports. They currently have an overweight rating on the pipeline company’s stock.

A number of other brokerages have also issued reports on TRGP. Morgan Stanley upped their price target on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. The Goldman Sachs Group upped their target price on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Truist Financial reduced their target price on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research note on Friday, December 13th. Bank of America initiated coverage on Targa Resources in a research note on Thursday, October 17th. They set a “buy” rating and a $182.00 price target on the stock. Finally, Scotiabank initiated coverage on Targa Resources in a research note on Friday. They issued a “sector outperform” rating and a $218.00 price objective for the company. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Targa Resources currently has an average rating of “Buy” and an average target price of $189.21.

Targa Resources Stock Performance

Shares of TRGP opened at $197.26 on Monday. Targa Resources has a 12 month low of $81.03 and a 12 month high of $209.87. The stock has a fifty day moving average price of $189.74 and a 200-day moving average price of $161.75. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The firm has a market cap of $43.02 billion, a PE ratio of 35.67, a P/E/G ratio of 0.73 and a beta of 2.30.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping 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 business had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter last year, the company earned $0.97 earnings per share. Equities research analysts predict that Targa Resources will post 6.26 earnings per share for the current fiscal year.

Insider Activity at Targa Resources

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 firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Large investors have recently modified their holdings of the business. Wellington Management Group LLP boosted its position in shares of Targa Resources by 4.4% during the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock valued at $2,235,927,000 after acquiring an additional 633,589 shares during the last quarter. Zurich Insurance Group Ltd FI purchased a new stake in shares of Targa Resources in the 2nd quarter valued at approximately $72,345,000. Dimensional Fund Advisors LP lifted its holdings in shares of Targa Resources by 13.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after acquiring an additional 271,444 shares during the last quarter. National Bank of Canada FI boosted its position in shares of Targa Resources by 75.4% during the 3rd quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock worth $89,413,000 after purchasing an additional 259,776 shares during the period. Finally, Robeco Institutional Asset Management B.V. boosted its position in shares of Targa Resources by 599.1% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company’s stock worth $42,619,000 after purchasing an additional 246,762 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Company Profile

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.