Targa Resources (NYSE:TRGP) PT Raised to $202.00 at Morgan Stanley

Targa Resources (NYSE:TRGP) had its target price hoisted by equities research analysts at Morgan Stanley from $173.00 to $202.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the pipeline company’s stock. Morgan Stanley’s price target would indicate a potential upside of 21.72% from the stock’s previous close.

TRGP has been the subject of a number of other reports. Wells Fargo & Company increased their price target on Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Truist Financial lifted their target price on Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, August 5th. JPMorgan Chase & Co. upped their price target on shares of Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a report on Tuesday, July 2nd. Royal Bank of Canada lifted their price objective on shares of Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Scotiabank increased their target price on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 17th. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $152.79.

Targa Resources Price Performance

Shares of TRGP opened at $165.96 on Friday. Targa Resources has a one year low of $81.03 and a one year high of $169.92. The stock’s fifty day moving average is $152.97 and its 200-day moving average is $133.90. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. The firm has a market capitalization of $36.36 billion, a price-to-earnings ratio of 34.94, a price-to-earnings-growth ratio of 1.28 and a beta of 2.25.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.21 by $0.12. The firm had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same quarter last year, the company earned $1.44 EPS. Equities analysts anticipate that Targa Resources will post 5.92 EPS for the current year.

Insider Transactions at Targa Resources

In related news, CAO Julie H. Boushka sold 1,213 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the transaction, the chief accounting officer now directly owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Julie H. Boushka sold 1,213 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total transaction of $160,140.26. Following the transaction, the chief accounting officer now directly owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Paul W. Chung sold 916 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $136.35, for a total transaction of $124,896.60. Following the completion of the sale, the director now owns 238,591 shares of the company’s stock, valued at approximately $32,531,882.85. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 175,534 shares of company stock valued at $26,815,021 over the last quarter. Company insiders own 1.39% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Targa Resources during the 2nd quarter valued at about $29,000. DT Investment Partners LLC bought a new position in Targa Resources during the third quarter valued at approximately $29,000. UMB Bank n.a. raised its position in Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after acquiring an additional 222 shares in the last quarter. Whittier Trust Co. acquired a new stake in Targa Resources in the second quarter valued at approximately $44,000. Finally, Register Financial Advisors LLC bought a new stake in Targa Resources in the first quarter worth approximately $45,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

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.