Targa Resources (NYSE:TRGP) Price Target Raised to $235.00 at Truist Financial

Targa Resources (NYSE:TRGP) had its target price boosted by equities researchers at Truist Financial from $220.00 to $235.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the pipeline company’s stock. Truist Financial’s price target suggests a potential upside of 19.54% from the company’s current price.

TRGP has been the subject of several other research reports. Barclays upped their price objective on shares of Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Citigroup upped their price objective on shares of Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. Mizuho boosted their target price on Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Morgan Stanley boosted their target price on Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, The Goldman Sachs Group boosted their target price on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $210.50.

Targa Resources Price Performance

TRGP traded down $0.02 on Tuesday, hitting $196.58. 95,413 shares of the stock were exchanged, compared to its average volume of 1,573,745. Targa Resources has a 12 month low of $106.04 and a 12 month high of $218.51. The business has a 50-day moving average of $199.28 and a two-hundred day moving average of $181.96. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The firm has a market capitalization of $42.88 billion, a price-to-earnings ratio of 34.25, a PEG ratio of 0.61 and a beta of 2.32.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Sell-side analysts forecast that Targa Resources will post 8.15 EPS for the current fiscal year.

Insider Activity

In other Targa Resources news, insider D. Scott Pryor sold 35,000 shares of the stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the sale, the insider now owns 82,139 shares of the company’s stock, valued at approximately $16,206,024.70. This represents a 29.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the sale, the insider now directly owns 227,269 shares of the company’s stock, valued at $43,731,100.98. This represents a 11.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock valued at $22,613,288 over the last quarter. 1.39% of the stock is owned by company insiders.

Institutional Trading of Targa Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Colonial Trust Co SC boosted its holdings in shares of Targa Resources by 5,400.0% during the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock worth $29,000 after buying an additional 162 shares in the last quarter. Atala Financial Inc bought a new position in shares of Targa Resources during the 4th quarter worth approximately $31,000. Cary Street Partners Financial LLC bought a new position in shares of Targa Resources during the 4th quarter worth approximately $31,000. Ameriflex Group Inc. bought a new position in shares of Targa Resources during the 4th quarter worth approximately $31,000. Finally, Rakuten Securities Inc. boosted its holdings in shares of Targa Resources by 394.6% during the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock worth $33,000 after buying an additional 146 shares in 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.