Targa Resources (NYSE:TRGP) Price Target Raised to $175.00 at Truist Financial

Targa Resources (NYSE:TRGP) had its price objective lifted by Truist Financial from $150.00 to $175.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the pipeline company’s stock. Truist Financial’s target price indicates a potential downside of 5.93% from the company’s previous close.

A number of other brokerages have also recently commented on TRGP. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Morgan Stanley increased their target price on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. The Goldman Sachs Group lifted their price target on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Bank of America began coverage on Targa Resources in a report on Thursday, October 17th. They set a “buy” rating and a $182.00 price objective on the stock. Finally, Scotiabank lifted their target price on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 17th. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Targa Resources presently has a consensus rating of “Buy” and an average target price of $157.21.

Targa Resources Stock Performance

NYSE:TRGP opened at $186.04 on Tuesday. The company has a market capitalization of $40.76 billion, a P/E ratio of 39.17, a P/E/G ratio of 1.31 and a beta of 2.24. The business has a fifty day simple moving average of $157.18 and a two-hundred day simple moving average of $137.19. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. Targa Resources has a 1 year low of $81.03 and a 1 year high of $189.62.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.17. The company had revenue of $3.85 billion during the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same quarter last year, the firm posted $0.97 EPS. On average, analysts expect that Targa Resources will post 5.96 earnings per share for the current year.

Insider Buying and Selling

In other Targa Resources news, insider Gerald R. Shrader sold 3,000 shares of Targa Resources stock in a transaction dated 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 sale, the insider now owns 29,603 shares of the company’s stock, valued at $4,027,784.18. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Targa Resources news, Director Paul W. Chung sold 5,264 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $138.03, for a total transaction of $726,589.92. Following the transaction, the director now directly owns 232,827 shares in the company, valued at $32,137,110.81. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Gerald R. Shrader sold 3,000 shares of the business’s stock in a transaction that occurred 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 sale, the insider now owns 29,603 shares of the company’s stock, valued at approximately $4,027,784.18. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 160,764 shares of company stock worth $24,829,770. Corporate insiders own 1.44% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Targa Resources by 0.8% during the first quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock valued at $3,025,521,000 after buying an additional 201,817 shares during the last quarter. Blackstone Inc. increased its stake in Targa Resources by 2.7% in the 1st quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock worth $1,085,794,000 after purchasing an additional 252,729 shares during the period. Dimensional Fund Advisors LP lifted its position in Targa Resources by 13.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after purchasing an additional 271,444 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Targa Resources by 26.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock valued at $194,720,000 after purchasing an additional 360,675 shares during the period. Finally, Truist Financial Corp grew its holdings in shares of Targa Resources by 5.9% in the second quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company’s stock worth $108,010,000 after purchasing an additional 46,864 shares during the last quarter. Hedge funds and other 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.