Targa Resources (NYSE:TRGP) Stock Price Expected to Rise, Truist Financial Analyst Says

Targa Resources (NYSE:TRGP) had its price target hoisted by stock analysts at Truist Financial from $289.00 to $312.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the pipeline company’s stock. Truist Financial’s target price indicates a potential upside of 10.80% from the company’s previous close.

Several other equities research analysts have also issued reports on TRGP. US Capital Advisors lowered shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Citigroup reiterated a “buy” rating on shares of Targa Resources in a report on Wednesday, May 27th. Scotiabank raised their price objective on shares of Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 12th. UBS Group restated a “buy” rating and set a $318.00 target price on shares of Targa Resources in a research report on Thursday, July 9th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $281.00 target price on shares of Targa Resources in a research note on Tuesday, May 12th. Seventeen research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $284.27.

Targa Resources Stock Performance

NYSE TRGP opened at $281.58 on Wednesday. The stock has a market capitalization of $60.44 billion, a PE ratio of 28.47, a P/E/G ratio of 1.43 and a beta of 0.71. The business has a 50 day simple moving average of $265.98 and a two-hundred day simple moving average of $236.91. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. Targa Resources has a 1-year low of $144.14 and a 1-year high of $282.81.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The firm had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. On average, research analysts predict that Targa Resources will post 10.75 EPS for the current fiscal year.

Insider Buying and Selling at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the sale, the director owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.37% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of TRGP. Woodline Partners LP increased its stake in shares of Targa Resources by 40.7% during the first quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock valued at $3,693,000 after buying an additional 5,327 shares during the period. Focus Partners Wealth lifted its stake in Targa Resources by 157.4% in the first quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock worth $788,000 after acquiring an additional 2,404 shares during the period. Baird Financial Group Inc. lifted its stake in Targa Resources by 6.3% in the second quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company’s stock worth $644,000 after acquiring an additional 219 shares during the period. Brown Advisory Inc. grew its holdings in Targa Resources by 13.1% during the 2nd quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company’s stock worth $787,000 after acquiring an additional 524 shares in the last quarter. Finally, Cerity Partners LLC grew its holdings in Targa Resources by 11.0% during the 2nd quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company’s stock worth $5,550,000 after acquiring an additional 3,163 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

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.