Targa Resources (NYSE:TRGP) Price Target Raised to $211.00 at Barclays

Targa Resources (NYSE:TRGP) had its price objective increased by equities research analysts at Barclays from $204.00 to $211.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the pipeline company’s stock. Barclays‘s price objective would suggest a potential upside of 6.97% from the stock’s previous close.

Other research analysts have also issued reports about the stock. Royal Bank of Canada lifted their price objective on shares of Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a research note on Monday, March 3rd. The Goldman Sachs Group lifted their price objective on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Wells Fargo & Company boosted their price target on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Scotiabank dropped their price target on shares of 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. Finally, Mizuho boosted their price target on shares of Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. One investment 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.com, the company currently has an average rating of “Buy” and a consensus target price of $211.00.

Targa Resources Trading Down 1.1 %

NYSE TRGP opened at $197.25 on Friday. 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 firm has a market cap of $43.02 billion, a PE ratio of 34.36, a P/E/G ratio of 0.61 and a beta of 2.32. Targa Resources has a one year low of $110.09 and a one year high of $218.51. The firm’s fifty day moving average is $199.77 and its two-hundred day moving average is $183.11.

Targa Resources (NYSE:TRGP) last posted 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 business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. Analysts expect that Targa Resources will post 8.15 earnings per share for the current year.

Insider Buying and Selling

In other Targa Resources news, CEO Matthew J. Meloy sold 48,837 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the sale, the chief executive officer now owns 725,628 shares of the company’s stock, valued at $141,555,510.24. This represents a 6.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider D. Scott Pryor sold 35,000 shares of the company’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the sale, the insider now directly owns 82,139 shares in the company, valued at $16,206,024.70. This trade represents a 29.88 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 115,914 shares of company stock valued at $22,613,288. Corporate insiders own 1.39% of the company’s stock.

Institutional Trading of Targa Resources

Several institutional investors and hedge funds have recently modified their holdings of TRGP. Natixis Advisors LLC lifted its holdings in shares of Targa Resources by 81.0% in the third quarter. Natixis Advisors LLC now owns 45,818 shares of the pipeline company’s stock valued at $6,782,000 after purchasing an additional 20,501 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of Targa Resources by 51.1% in the third quarter. Thrivent Financial for Lutherans now owns 14,106 shares of the pipeline company’s stock valued at $2,087,000 after purchasing an additional 4,769 shares in the last quarter. Prospera Financial Services Inc lifted its holdings in shares of Targa Resources by 73.3% in the third quarter. Prospera Financial Services Inc now owns 11,984 shares of the pipeline company’s stock valued at $1,774,000 after purchasing an additional 5,067 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Targa Resources in the third quarter valued at approximately $1,175,000. Finally, Avior Wealth Management LLC raised its position in shares of Targa Resources by 76.7% in the third quarter. Avior Wealth Management LLC now owns 2,361 shares of the pipeline company’s stock valued at $349,000 after buying an additional 1,025 shares during the last quarter. 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.