Barclays Issues Pessimistic Forecast for Targa Resources (NYSE:TRGP) Stock Price

Targa Resources (NYSE:TRGP) had its target price cut by equities research analysts at Barclays from $206.00 to $178.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the pipeline company’s stock. Barclays‘s target price indicates a potential upside of 8.15% from the company’s current price.

A number of other equities research analysts have also issued reports on the company. Scotiabank lowered their target price on Targa Resources from $201.00 to $199.00 and set a “sector outperform” rating for the company in a research note on Tuesday, April 29th. UBS Group lowered their price objective on shares of Targa Resources from $259.00 to $228.00 and set a “buy” rating for the company in a research report on Thursday, May 15th. US Capital Advisors raised shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. The Goldman Sachs Group decreased their target price on shares of Targa Resources from $218.00 to $194.00 and set a “buy” rating for the company in a research note on Monday, May 5th. Finally, Truist Financial lifted their price target on shares of Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Tuesday, March 18th. Thirteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Targa Resources currently has an average rating of “Buy” and an average price target of $199.64.

Targa Resources Stock Down 0.7%

TRGP opened at $164.59 on Tuesday. Targa Resources has a 1 year low of $113.65 and a 1 year high of $218.51. The firm has a 50 day moving average price of $176.83 and a 200 day moving average price of $188.32. 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 company has a market cap of $35.70 billion, a PE ratio of 28.67, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.04 by ($1.13). The business had revenue of $4.56 billion during the quarter, compared to analyst estimates of $5.01 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Sell-side analysts expect that Targa Resources will post 8.15 earnings per share for the current year.

Insider Activity

In related news, CEO Matthew J. Meloy sold 48,837 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the transaction, the chief executive officer now directly owns 725,628 shares in the company, valued at $141,555,510.24. This trade represents a 6.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of the business’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the sale, the director now owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. The trade was a 43.03% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 115,914 shares of company stock worth $22,613,288. 1.34% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Targa Resources

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of Targa Resources by 1.6% during the first quarter. Vanguard Group Inc. now owns 27,584,275 shares of the pipeline company’s stock valued at $5,529,820,000 after purchasing an additional 423,667 shares during the last quarter. Wellington Management Group LLP boosted its position in Targa Resources by 7.5% during the 1st quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company’s stock valued at $2,764,673,000 after purchasing an additional 962,631 shares during the period. Geode Capital Management LLC grew its stake in Targa Resources by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company’s stock worth $1,056,187,000 after buying an additional 212,986 shares during the last quarter. Invesco Ltd. increased its position in Targa Resources by 3.2% in the first quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company’s stock worth $915,338,000 after buying an additional 139,780 shares during the period. Finally, GQG Partners LLC increased its position in Targa Resources by 64.0% in the first quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company’s stock worth $724,560,000 after buying an additional 1,410,747 shares during the period. 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.