Barclays Has Lowered Expectations for Targa Resources (NYSE:TRGP) Stock Price

Targa Resources (NYSE:TRGP) had its price objective dropped by equities research analysts at Barclays from $211.00 to $206.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the pipeline company’s stock. Barclays‘s target price suggests a potential upside of 32.09% from the company’s previous close.

TRGP has been the subject of a number of other research reports. Royal Bank of Canada upped their target price on Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a report on Monday, March 3rd. Truist Financial upped their price objective on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, March 18th. The Goldman Sachs Group raised their price objective on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Scotiabank reduced their target price on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a report on Thursday, March 6th. Finally, Citigroup upped their price target on shares of Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Targa Resources has a consensus rating of “Buy” and an average price target of $210.64.

Targa Resources Price Performance

Shares of Targa Resources stock traded down $4.61 during midday trading on Wednesday, hitting $155.96. 903,266 shares of the company traded hands, compared to its average volume of 1,817,768. The stock has a market cap of $33.93 billion, a price-to-earnings ratio of 27.15, a PEG ratio of 0.61 and a beta of 1.75. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The firm’s fifty day moving average price is $194.63 and its 200-day moving average price is $186.70. Targa Resources has a 12 month low of $110.09 and a 12 month high of $218.51.

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

Insider Buying and Selling at Targa Resources

In other news, insider D. Scott Pryor sold 35,000 shares of the business’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the transaction, the insider now directly owns 82,139 shares of the company’s stock, valued at $16,206,024.70. The trade was a 29.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Waters S. Iv Davis sold 2,190 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total value of $429,809.40. Following the sale, the director now directly owns 2,899 shares of the company’s stock, valued at $568,957.74. This represents a 43.03 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 115,914 shares of company stock valued at $22,613,288. 1.39% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Snowden Capital Advisors LLC increased its stake in Targa Resources by 2.0% in the fourth quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company’s stock valued at $473,000 after purchasing an additional 53 shares in the last quarter. Coldstream Capital Management Inc. grew its stake in shares of Targa Resources by 0.9% in the 3rd quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock valued at $1,153,000 after buying an additional 66 shares during the period. Fisher Asset Management LLC grew its stake in shares of Targa Resources by 3.1% in the 4th quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company’s stock valued at $396,000 after buying an additional 67 shares during the period. Mather Group LLC. increased its position in Targa Resources by 2.3% in the 4th quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company’s stock valued at $540,000 after buying an additional 68 shares in the last quarter. Finally, Keybank National Association OH raised its stake in Targa Resources by 0.4% during the 4th quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company’s stock worth $3,470,000 after buying an additional 70 shares during the period. Institutional investors and hedge funds 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.