Targa Resources Corp. (NYSE:TRGP) Receives $131.08 Average PT from Analysts

Targa Resources Corp. (NYSE:TRGP) has been assigned a consensus recommendation of “Buy” from the thirteen brokerages that are presently covering the firm, Marketbeat Ratings reports. Thirteen analysts have rated the stock with a buy rating. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $131.08.

Several brokerages recently weighed in on TRGP. Stifel Nicolaus raised their price objective on shares of Targa Resources from $111.00 to $130.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. Royal Bank of Canada raised their price objective on shares of Targa Resources from $123.00 to $128.00 and gave the company an “outperform” rating in a research report on Thursday, May 16th. Scotiabank raised their price objective on shares of Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a research report on Monday, April 15th. Mizuho raised their price objective on shares of Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. Finally, Truist Financial raised 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.

Insiders Place Their Bets

In other Targa Resources news, insider Robert Muraro sold 10,000 shares of Targa Resources stock in a transaction on Monday, June 10th. The shares were sold at an average price of $120.08, for a total transaction of $1,200,800.00. Following the sale, the insider now owns 196,951 shares in the company, valued at $23,649,876.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Robert Muraro sold 10,000 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $120.08, for a total value of $1,200,800.00. Following the sale, the insider now owns 196,951 shares in the company, valued at approximately $23,649,876.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider D. Scott Pryor sold 20,000 shares of the business’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $113.13, for a total transaction of $2,262,600.00. Following the completion of the sale, the insider now owns 136,098 shares in the company, valued at approximately $15,396,766.74. The disclosure for this sale can be found here. Insiders have sold 52,691 shares of company stock worth $6,197,632 over the last 90 days. Corporate insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Institutional investors and hedge funds have recently made changes to their positions in the company. Blackstone Inc. raised its holdings in shares of Targa Resources by 60.4% in the fourth quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock valued at $820,290,000 after buying an additional 3,554,989 shares during the last quarter. Norges Bank bought a new position in shares of Targa Resources in the fourth quarter valued at about $187,123,000. Price T Rowe Associates Inc. MD raised its holdings in shares of 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 valued at $119,712,000 after buying an additional 962,073 shares during the last quarter. Morgan Stanley raised its holdings in shares of Targa Resources by 16.1% in the third quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock valued at $325,003,000 after buying an additional 524,794 shares during the last quarter. Finally, abrdn plc raised its holdings in shares of Targa Resources by 802.0% in the fourth quarter. abrdn plc now owns 484,917 shares of the pipeline company’s stock valued at $42,125,000 after buying an additional 431,156 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Performance

TRGP stock opened at $135.11 on Wednesday. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.62 and a current ratio of 0.70. The stock has a market cap of $29.96 billion, a P/E ratio of 27.80, a P/E/G ratio of 0.78 and a beta of 2.27. The firm has a 50 day simple moving average of $121.61 and a 200 day simple moving average of $107.11. Targa Resources has a 52 week low of $77.06 and a 52 week high of $135.47.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, May 2nd. The pipeline company reported $1.22 EPS for the quarter, missing the consensus estimate of $1.35 by ($0.13). The company had revenue of $4.56 billion for the quarter, compared to analyst estimates of $4.28 billion. Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. Research analysts anticipate that Targa Resources will post 5.27 earnings per share for the current fiscal year.

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.