Targa Resources (NYSE:TRGP) Now Covered by Bank of America

Analysts at Bank of America began coverage on shares of Targa Resources (NYSE:TRGP) in a research note issued on Thursday, Marketbeat.com reports. The firm set a “buy” rating and a $182.00 price target on the pipeline company’s stock. Bank of America‘s price objective suggests a potential upside of 11.83% from the company’s previous close.

A number of other brokerages also recently issued reports on TRGP. Royal Bank of Canada raised their target price on Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a research note on Wednesday. Truist Financial lifted their target price on shares of Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Wells Fargo & Company increased their price target on shares of Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. The Goldman Sachs Group lifted their price target on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Finally, JPMorgan Chase & Co. increased their price objective on Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 2nd. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $148.36.

Targa Resources Stock Performance

NYSE:TRGP opened at $162.75 on Thursday. The company has a market cap of $35.66 billion, a P/E ratio of 34.26, a P/E/G ratio of 1.32 and a beta of 2.25. Targa Resources has a twelve month low of $81.03 and a twelve month high of $167.79. The company’s 50-day moving average price is $150.42 and its 200-day moving average price is $132.16. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. The business had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same period last year, the company posted $1.44 EPS. On average, sell-side analysts forecast that Targa Resources will post 5.9 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Gerald R. Shrader sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $136.06, for a total transaction of $408,180.00. Following the sale, the insider now directly owns 29,603 shares of the company’s stock, valued at $4,027,784.18. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Gerald R. Shrader sold 3,000 shares of the business’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $136.06, for a total transaction of $408,180.00. Following the completion of the transaction, the insider now directly owns 29,603 shares of the company’s stock, valued at $4,027,784.18. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the sale, the chief accounting officer now directly owns 52,257 shares in the company, valued at $6,898,969.14. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 175,534 shares of company stock valued at $26,815,021. 1.44% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Raymond James & Associates lifted its position in shares of Targa Resources by 4.8% during the 3rd quarter. Raymond James & Associates now owns 239,805 shares of the pipeline company’s stock worth $35,494,000 after purchasing an additional 10,970 shares during the last quarter. Capital Investment Advisors LLC acquired a new stake in Targa Resources in the third quarter valued at $420,000. Blue Trust Inc. lifted its holdings in Targa Resources by 75.1% during the 3rd quarter. Blue Trust Inc. now owns 2,611 shares of the pipeline company’s stock worth $386,000 after buying an additional 1,120 shares during the last quarter. Stratos Wealth Advisors LLC acquired a new position in shares of Targa Resources during the 3rd quarter worth about $237,000. Finally, Aaron Wealth Advisors LLC increased its holdings in shares of Targa Resources by 8.2% in the 3rd quarter. Aaron Wealth Advisors LLC now owns 3,078 shares of the pipeline company’s stock valued at $456,000 after acquiring an additional 232 shares during the last quarter. Hedge funds and other institutional investors 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.