Targa Resources (NYSE:TRGP) Price Target Increased to $122.00 by Analysts at Barclays

Targa Resources (NYSE:TRGP) had its price objective hoisted by stock analysts at Barclays from $116.00 to $122.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the pipeline company’s stock. Barclays‘s target price indicates a potential upside of 6.41% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. JPMorgan Chase & Co. upped their target price on Targa Resources from $122.00 to $125.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 6th. The Goldman Sachs Group upped their price target on shares of Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. Truist Financial upped their price target on shares of Targa Resources from $105.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Royal Bank of Canada upped their price target on shares of Targa Resources from $106.00 to $109.00 and gave the stock an “outperform” rating in a report on Monday, February 26th. Finally, Mizuho upped their price target on shares of Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Targa Resources presently has an average rating of “Buy” and a consensus target price of $115.70.

Targa Resources Stock Up 0.2 %

NYSE TRGP opened at $114.65 on Tuesday. The business has a fifty day moving average price of $102.06 and a two-hundred day moving average price of $91.37. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.79 and a quick ratio of 0.66. Targa Resources has a fifty-two week low of $67.36 and a fifty-two week high of $116.92. The stock has a market capitalization of $25.51 billion, a PE ratio of 31.24 and a beta of 2.21.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.26). Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. The business had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.50 billion. Equities analysts expect that Targa Resources will post 5.75 earnings per share for the current fiscal year.

Insider Activity at Targa Resources

In other Targa Resources news, Director Joe Bob Perkins sold 33,405 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the completion of the sale, the director now directly owns 38,440 shares in the company, valued at approximately $3,754,434.80. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Targa Resources news, Director Joe Bob Perkins sold 33,405 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the completion of the sale, the director now directly owns 38,440 shares in the company, valued at approximately $3,754,434.80. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Robert Muraro sold 10,000 shares of the stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $97.31, for a total transaction of $973,100.00. Following the transaction, the insider now directly owns 219,451 shares in the company, valued at approximately $21,354,776.81. The disclosure for this sale can be found here. Insiders sold 81,966 shares of company stock worth $7,987,215 over the last three months. Company insiders own 1.44% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

A number of institutional investors and hedge funds have recently made changes to their positions in TRGP. Addison Advisors LLC bought a new position in Targa Resources in the 4th quarter valued at about $27,000. Harbour Investments Inc. lifted its position in Targa Resources by 51.3% in the 3rd quarter. Harbour Investments Inc. now owns 357 shares of the pipeline company’s stock valued at $31,000 after acquiring an additional 121 shares in the last quarter. Quarry LP bought a new position in Targa Resources in the 1st quarter valued at about $33,000. VisionPoint Advisory Group LLC lifted its position in Targa Resources by 111.2% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock valued at $34,000 after acquiring an additional 209 shares in the last quarter. Finally, EdgeRock Capital LLC bought a new position in Targa Resources in the 4th quarter valued at about $42,000. 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.