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

Targa Resources (NYSE:TRGP) had its price objective hoisted by stock analysts at Truist Financial from $220.00 to $235.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the pipeline company’s stock. Truist Financial’s price objective would suggest a potential upside of 18.15% from the company’s current price.

A number of other research analysts have also recently commented on TRGP. Royal Bank of Canada boosted their price objective on Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a research note on Monday, March 3rd. Scotiabank reduced their price objective on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a research note on Thursday, March 6th. The Goldman Sachs Group boosted their price objective on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Mizuho boosted their price target on Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Finally, Barclays boosted their price target on Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $210.50.

Targa Resources Price Performance

TRGP stock opened at $198.90 on Tuesday. The stock has a 50-day moving average price of $199.54 and a two-hundred day moving average price of $182.41. Targa Resources has a 12-month low of $108.65 and a 12-month high of $218.51. 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 company has a market cap of $43.38 billion, a PE ratio of 34.65, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. As a group, research analysts predict that Targa Resources will post 8.15 EPS for the current year.

Insider Activity at Targa Resources

In other news, CEO Matthew J. Meloy sold 48,837 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the transaction, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at approximately $141,555,510.24. This represents a 6.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Waters S. Iv Davis sold 2,190 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the transaction, the director now directly owns 2,899 shares of the company’s stock, valued at $568,957.74. This trade represents a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock valued at $22,613,288 over the last three months. 1.39% of the stock is owned by insiders.

Hedge Funds Weigh In On Targa Resources

Institutional investors have recently made changes to their positions in the stock. Colonial Trust Co SC grew its holdings in Targa Resources by 5,400.0% in the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock worth $29,000 after buying an additional 162 shares in the last quarter. Atala Financial Inc bought a new position in Targa Resources in the 4th quarter worth approximately $31,000. Cary Street Partners Financial LLC bought a new position in Targa Resources in the 4th quarter worth approximately $31,000. Ameriflex Group Inc. bought a new position in Targa Resources in the 4th quarter worth approximately $31,000. Finally, Rakuten Securities Inc. grew its holdings in Targa Resources by 394.6% in the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock worth $33,000 after buying an additional 146 shares in the last quarter. 92.13% of the stock is owned by 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.