Barclays Increases Targa Resources (NYSE:TRGP) Price Target to $138.00

Targa Resources (NYSE:TRGP) had its price objective raised by investment analysts at Barclays from $123.00 to $138.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the pipeline company’s stock. Barclays‘s price target would indicate a potential upside of 3.29% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on the stock. Truist Financial raised their target price on shares of Targa Resources from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, June 10th. Morgan Stanley lifted their price objective on Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a report on Monday, June 10th. UBS Group increased their target price on Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. Wells Fargo & Company boosted their price target on Targa Resources from $109.00 to $124.00 and gave the company an “overweight” rating in a research note on Friday, May 3rd. Finally, Stifel Nicolaus increased their price objective on shares of Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. One investment analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Targa Resources has a consensus rating of “Moderate Buy” and an average target price of $131.08.

Targa Resources Trading Up 2.0 %

Shares of NYSE:TRGP opened at $133.60 on Wednesday. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62. Targa Resources has a 1 year low of $74.95 and a 1 year high of $133.78. The company has a market cap of $29.62 billion, a P/E ratio of 27.49, a PEG ratio of 0.77 and a beta of 2.27. The stock’s fifty day moving average price is $119.35 and its 200-day moving average price is $105.16.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.35 by ($0.13). The company had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $4.28 billion. Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. Sell-side analysts expect that Targa Resources will post 5.27 earnings per share for the current year.

Insider Activity at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 2,691 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $113.00, for a total value of $304,083.00. Following the completion of the transaction, the chief accounting officer now directly owns 57,228 shares in the company, valued at approximately $6,466,764. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Targa Resources news, CAO Julie H. Boushka sold 2,691 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total value of $304,083.00. Following the sale, the chief accounting officer now owns 57,228 shares in the company, valued at approximately $6,466,764. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Charles R. Crisp sold 7,000 shares of the stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $112.54, for a total transaction of $787,780.00. Following the transaction, the director now directly owns 95,471 shares of the company’s stock, valued at approximately $10,744,306.34. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,691 shares of company stock valued at $6,197,632. 1.44% of the stock is owned by company insiders.

Hedge Funds Weigh In On Targa Resources

Institutional investors have recently added to or reduced their stakes in the company. Spire Wealth Management raised its position in shares of Targa Resources by 2,400.0% during the 1st quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock valued at $31,000 after buying an additional 264 shares in the last quarter. Addison Advisors LLC bought a new stake in shares of Targa Resources in the 4th quarter valued at approximately $27,000. VisionPoint Advisory Group LLC boosted its holdings in shares of Targa Resources by 111.2% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock worth $34,000 after purchasing an additional 209 shares during the period. Register Financial Advisors LLC bought a new position in shares of Targa Resources during the 1st quarter valued at approximately $45,000. Finally, EdgeRock Capital LLC purchased a new stake in Targa Resources during the 4th quarter valued at $42,000. 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.