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

Targa Resources (NYSE:TRGP) had its price objective boosted by equities research analysts at Barclays from $171.00 to $204.00 in a report issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the pipeline company’s stock. Barclays‘s price objective suggests a potential upside of 1.55% from the company’s previous close.

Several other research firms have also weighed in on TRGP. UBS Group raised their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Truist Financial reduced their target price on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a report on Friday, December 13th. Morgan Stanley upped their price target on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Stifel Nicolaus raised their price objective on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Finally, Scotiabank initiated coverage on Targa Resources in a report on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 target price on the stock. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $189.21.

Targa Resources Stock Performance

TRGP opened at $200.89 on Monday. Targa Resources has a 1-year low of $81.03 and a 1-year high of $209.87. The company has a market capitalization of $43.81 billion, a price-to-earnings ratio of 36.33, a price-to-earnings-growth ratio of 0.73 and a beta of 2.30. The business has a 50 day moving average price of $190.21 and a two-hundred day moving average price of $162.26. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

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, beating the consensus estimate of $1.58 by $0.17. The business 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 27.59% and a net margin of 7.65%. During the same quarter in the prior year, the firm posted $0.97 earnings per share. Research analysts predict that Targa Resources will post 6.26 EPS for the current fiscal year.

Insider Activity at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the transaction, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at $6,703,175.82. The trade was a 8.49 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the sale, the insider now directly owns 82,979 shares of the company’s stock, valued at $15,793,393.07. This trade represents a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.39% of the stock is owned by insiders.

Hedge Funds Weigh In On Targa Resources

Several institutional investors and hedge funds have recently modified their holdings of TRGP. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Targa Resources during the second quarter worth $29,000. DT Investment Partners LLC purchased a new position in Targa Resources in the third quarter valued at about $29,000. Prospera Private Wealth LLC acquired a new position in Targa Resources in the 3rd quarter worth about $35,000. Rosenberg Matthew Hamilton raised its stake in shares of Targa Resources by 49.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after purchasing an additional 89 shares in the last quarter. Finally, Huntington National Bank lifted its holdings in shares of Targa Resources by 22.9% during the 3rd quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock valued at $71,000 after buying an additional 89 shares during the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

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.