Targa Resources (NYSE:TRGP – Get Free Report) had its price objective lifted by research analysts at Truist Financial from $120.00 to $125.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the pipeline company’s stock. Truist Financial’s target price would indicate a potential upside of 5.92% from the company’s previous close.
A number of other research analysts have also recently issued reports on the stock. Stifel Nicolaus increased their target price on shares of Targa Resources from $111.00 to $130.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. JPMorgan Chase & Co. raised their price objective on shares of Targa Resources from $130.00 to $140.00 and gave the stock an “overweight” rating in a research note on Friday. Scotiabank raised their price objective on shares of Targa Resources from $112.00 to $128.00 and gave the stock a “sector outperform” rating in a research note on Monday, April 15th. Wells Fargo & Company lifted their target price on shares of Targa Resources from $109.00 to $124.00 and gave the stock an “overweight” rating in a research note on Friday, May 3rd. Finally, Mizuho upped their price objective on shares of Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, April 3rd. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $123.17.
Read Our Latest Stock Analysis on TRGP
Targa Resources Price Performance
Shares of NYSE:TRGP opened at $118.01 on Monday. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 2.73. The company has a market cap of $26.17 billion, a P/E ratio of 24.28, a PEG ratio of 0.69 and a beta of 2.21. Targa Resources has a 52 week low of $69.44 and a 52 week high of $119.68. The company has a 50-day moving average price of $114.99 and a 200 day moving average price of $100.20.
Targa Resources (NYSE:TRGP – Get Free Report) last issued its earnings results on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.13). Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. The company had revenue of $4.56 billion during the quarter, compared to analysts’ expectations of $4.28 billion. Research analysts predict that Targa Resources will post 5.33 earnings per share for the current year.
Insider Buying and Selling
In related news, insider D. Scott Pryor sold 20,000 shares of Targa Resources stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $113.13, for a total value of $2,262,600.00. Following the completion of the transaction, the insider now directly owns 136,098 shares in the company, valued at $15,396,766.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Targa Resources news, insider D. Scott Pryor sold 20,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $113.13, for a total value of $2,262,600.00. Following the transaction, the insider now owns 136,098 shares of the company’s stock, valued at $15,396,766.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ershel C. Redd, Jr. sold 3,000 shares of the firm’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $113.10, for a total transaction of $339,300.00. Following the completion of the transaction, the director now directly owns 28,223 shares in the company, valued at approximately $3,192,021.30. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,691 shares of company stock worth $3,693,763. Corporate insiders own 1.44% of the company’s stock.
Institutional Investors Weigh In On Targa Resources
Several hedge funds and other institutional investors have recently added to or reduced their stakes in TRGP. Deutsche Bank AG raised its holdings in Targa Resources by 200.4% during the third quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock worth $478,063,000 after purchasing an additional 3,720,270 shares in the last quarter. Blackstone Inc. grew its position in Targa Resources by 60.4% in the fourth quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock worth $820,290,000 after buying an additional 3,554,989 shares during the last quarter. Norges Bank acquired a new position in Targa Resources in the fourth quarter worth approximately $187,123,000. Price T Rowe Associates Inc. MD grew its position in Targa Resources by 231.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock worth $119,712,000 after buying an additional 962,073 shares during the last quarter. Finally, Truist Financial Corp grew its position in Targa Resources by 11,513.7% in the third quarter. Truist Financial Corp now owns 636,429 shares of the pipeline company’s stock worth $54,555,000 after buying an additional 630,949 shares during the last quarter. 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.
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