TD Cowen Increases Targa Resources (NYSE:TRGP) Price Target to $245.00

Targa Resources (NYSE:TRGP) had its price target lifted by equities researchers at TD Cowen from $236.00 to $245.00 in a research note issued on Monday. The firm currently has a “hold” rating on the pipeline company’s stock. TD Cowen’s target price would suggest a potential downside of 1.25% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the company. The Goldman Sachs Group increased their price target on Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a report on Monday, April 20th. BMO Capital Markets reissued an “outperform” rating and issued a $241.00 price objective on shares of Targa Resources in a research report on Friday, February 20th. Seaport Research Partners restated a “neutral” rating on shares of Targa Resources in a research note on Monday, May 4th. Morgan Stanley raised their price target on shares of Targa Resources from $298.00 to $327.00 and gave the company an “overweight” rating in a research report on Tuesday, April 7th. Finally, Weiss Ratings upgraded Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 29th. Fourteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $263.93.

Targa Resources Price Performance

NYSE TRGP opened at $248.10 on Monday. The company has a market capitalization of $53.25 billion, a PE ratio of 25.09, a price-to-earnings-growth ratio of 1.60 and a beta of 0.75. Targa Resources has a fifty-two week low of $144.14 and a fifty-two week high of $261.95. The business’s fifty day moving average is $242.08 and its 200 day moving average is $204.25. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.68 billion. Sell-side analysts predict that Targa Resources will post 10.32 earnings per share for the current year.

Insider Activity at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 24,589 shares of the company’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $241.34, for a total transaction of $5,934,309.26. Following the transaction, the insider directly owned 197,401 shares in the company, valued at $47,640,757.34. This represents a 11.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Jennifer R. Kneale sold 29,509 shares of the company’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $230.12, for a total value of $6,790,611.08. Following the transaction, the president owned 235,260 shares in the company, valued at $54,138,031.20. This trade represents a 11.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 104,929 shares of company stock valued at $24,692,134 over the last ninety days. 1.37% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in TRGP. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Targa Resources in the first quarter valued at $52,000. Amova Asset Management Americas Inc. raised its stake in shares of Targa Resources by 3.6% in the first quarter. Amova Asset Management Americas Inc. now owns 5,391 shares of the pipeline company’s stock valued at $1,352,000 after acquiring an additional 188 shares in the last quarter. Alta Advisers Ltd acquired a new stake in shares of Targa Resources in the first quarter valued at $206,000. Meeder Asset Management Inc. raised its stake in shares of Targa Resources by 12,773.4% in the first quarter. Meeder Asset Management Inc. now owns 12,101 shares of the pipeline company’s stock valued at $3,034,000 after acquiring an additional 12,007 shares in the last quarter. Finally, Swiss National Bank raised its stake in shares of Targa Resources by 6.8% in the first quarter. Swiss National Bank now owns 630,000 shares of the pipeline company’s stock valued at $157,960,000 after acquiring an additional 40,300 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.