Barclays Forecasts Strong Price Appreciation for Targa Resources (NYSE:TRGP) Stock

Targa Resources (NYSE:TRGP) had its target price increased by equities researchers at Barclays from $171.00 to $204.00 in a report issued on Monday,Benzinga reports. The firm currently has an “overweight” rating on the pipeline company’s stock. Barclays‘s price target suggests a potential upside of 1.55% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Truist Financial cut their price target on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a report on Friday, December 13th. The Goldman Sachs Group lifted their target price on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Scotiabank initiated coverage on shares of Targa Resources in a research report on Friday, January 10th. They set a “sector outperform” rating and a $218.00 price target for the company. UBS Group upped their target price on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Finally, Morgan Stanley raised their target price on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. One equities 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 presently has a consensus rating of “Buy” and a consensus price target of $189.21.

Targa Resources Trading Up 1.7 %

NYSE:TRGP opened at $200.89 on Monday. The stock has a fifty day moving average price of $190.21 and a two-hundred day moving average price of $162.26. 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 stock has a market capitalization of $43.81 billion, a price-to-earnings ratio of 36.33, a PEG ratio of 0.73 and a beta of 2.30. Targa Resources has a 1 year low of $81.03 and a 1 year high of $209.87.

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

Insiders Place Their Bets

In related news, insider D. Scott Pryor sold 30,000 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the transaction, the insider now directly owns 82,979 shares in the company, valued at $15,793,393.07. This represents a 26.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction 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 sale, the chief accounting officer now owns 35,143 shares in the company, valued at $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.39% of the stock is owned by company insiders.

Institutional Trading of Targa Resources

Several hedge funds have recently bought and sold shares of TRGP. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Targa Resources in the second quarter valued at approximately $29,000. DT Investment Partners LLC bought a new position in Targa Resources in the 3rd quarter worth approximately $29,000. Prospera Private Wealth LLC acquired a new stake in Targa Resources in the 3rd quarter valued at approximately $35,000. Rosenberg Matthew Hamilton raised its stake in Targa Resources by 49.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after acquiring an additional 89 shares in the last quarter. Finally, Huntington National Bank boosted its position in Targa Resources by 22.9% during the 3rd quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock worth $71,000 after acquiring an additional 89 shares during the period. 92.13% of the stock is currently owned by institutional investors.

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.