Targa Resources (NYSE:TRGP) Price Target Raised to $138.00

Targa Resources (NYSE:TRGP) had its price objective increased by equities research analysts at Barclays from $123.00 to $138.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the pipeline company’s stock. Barclays‘s price objective points to a potential upside of 3.29% from the stock’s previous close.

Other analysts also recently issued reports about the company. Scotiabank upped their price objective on Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a research note on Monday, April 15th. Truist Financial lifted their price objective on shares of Targa Resources from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, June 10th. Mizuho upped their price objective on shares of Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. Stifel Nicolaus raised their target price on shares of Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Finally, The Goldman Sachs Group boosted their price target on shares of Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a research note on Thursday, April 4th. One analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Targa Resources presently has a consensus rating of “Moderate Buy” and an average target price of $131.08.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $133.60 on Wednesday. The firm’s fifty day simple moving average is $119.35 and its 200-day simple moving average is $105.16. Targa Resources has a 12 month low of $74.95 and a 12 month high of $133.78. The stock has a market capitalization of $29.62 billion, a price-to-earnings ratio of 27.49, a PEG ratio of 0.77 and a beta of 2.27. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, May 2nd. The pipeline company reported $1.22 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 business had revenue of $4.56 billion during the quarter, compared to analyst estimates of $4.28 billion. As a group, equities analysts forecast that Targa Resources will post 5.27 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO Julie H. Boushka sold 2,691 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $113.00, for a total value of $304,083.00. Following the completion of the transaction, the chief accounting officer now owns 57,228 shares in the company, valued at $6,466,764. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CAO Julie H. Boushka sold 2,691 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total value of $304,083.00. Following the sale, the chief accounting officer now directly owns 57,228 shares of the company’s stock, valued at approximately $6,466,764. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Charles R. Crisp sold 7,000 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $112.54, for a total transaction of $787,780.00. Following the transaction, the director now owns 95,471 shares of the company’s stock, valued at $10,744,306.34. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 52,691 shares of company stock valued at $6,197,632. 1.44% of the stock is owned by insiders.

Institutional Investors Weigh In On Targa Resources

A number of large investors have recently bought and sold shares of TRGP. LPL Financial LLC boosted its stake in shares of Targa Resources by 8.3% during the third quarter. LPL Financial LLC now owns 57,779 shares of the pipeline company’s stock valued at $4,953,000 after acquiring an additional 4,426 shares during the last quarter. Trexquant Investment LP purchased a new stake in shares of Targa Resources during the third quarter worth about $335,000. Qube Research & Technologies Ltd raised its position in shares of Targa Resources by 131.2% in the third quarter. Qube Research & Technologies Ltd now owns 67,606 shares of the pipeline company’s stock valued at $5,795,000 after buying an additional 38,369 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in shares of Targa Resources by 63.0% during the third quarter. Advisors Asset Management Inc. now owns 6,801 shares of the pipeline company’s stock valued at $583,000 after buying an additional 2,629 shares during the period. Finally, Royal London Asset Management Ltd. boosted its position in Targa Resources by 4.6% during the third quarter. Royal London Asset Management Ltd. now owns 64,302 shares of the pipeline company’s stock worth $5,513,000 after acquiring an additional 2,849 shares during the last quarter. Institutional investors and hedge funds 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.