Scotiabank Raises Targa Resources (NYSE:TRGP) Price Target to $128.00

Targa Resources (NYSE:TRGPGet Free Report) had its price objective boosted by stock analysts at Scotiabank from $112.00 to $128.00 in a research note issued on Monday, Benzinga reports. The firm presently has a “sector outperform” rating on the pipeline company’s stock. Scotiabank’s price objective suggests a potential upside of 10.87% from the company’s previous close.

A number of other analysts have also commented on TRGP. JPMorgan Chase & Co. lifted their price objective on Targa Resources from $122.00 to $125.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 6th. Truist Financial boosted their target price on Targa Resources from $105.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Barclays boosted their target price on Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. UBS Group decreased their target price on Targa Resources from $109.00 to $108.00 and set a “buy” rating for the company in a research report on Thursday, January 18th. Finally, Citigroup lifted their price objective on Targa Resources from $104.00 to $112.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. One investment analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $116.82.

View Our Latest Stock Report on Targa Resources

Targa Resources Price Performance

Shares of Targa Resources stock traded up $0.76 during trading on Monday, reaching $115.45. The company’s stock had a trading volume of 611,905 shares, compared to its average volume of 1,720,845. The stock has a 50-day moving average price of $103.22 and a two-hundred day moving average price of $91.82. The company has a current ratio of 0.79, a quick ratio of 0.66 and a debt-to-equity ratio of 2.68. Targa Resources has a one year low of $67.36 and a one year high of $117.61. The stock has a market capitalization of $25.69 billion, a P/E ratio of 31.41 and a beta of 2.21.

Targa Resources (NYSE:TRGPGet Free Report) last announced its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). The firm had revenue of $4.24 billion during the quarter, compared to analyst estimates of $4.50 billion. Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. As a group, sell-side analysts anticipate that Targa Resources will post 5.75 EPS for the current fiscal year.

Insider Transactions at Targa Resources

In related news, CAO Julie H. Boushka sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total transaction of $244,150.00. Following the transaction, the chief accounting officer now directly owns 71,808 shares of the company’s stock, valued at approximately $7,012,769.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Targa Resources news, insider Robert Muraro sold 10,000 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $97.31, for a total value of $973,100.00. Following the transaction, the insider now directly owns 219,451 shares of the company’s stock, valued at approximately $21,354,776.81. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Julie H. Boushka sold 2,500 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total value of $244,150.00. Following the completion of the transaction, the chief accounting officer now directly owns 71,808 shares in the company, valued at $7,012,769.28. The disclosure for this sale can be found here. Insiders have sold a total of 81,966 shares of company stock worth $7,987,215 in the last 90 days. Corporate insiders own 1.44% of the company’s stock.

Institutional Trading of Targa Resources

Several large investors have recently modified their holdings of the stock. Moneta Group Investment Advisors LLC lifted its position in shares of Targa Resources by 104,219.5% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 25,241,143 shares of the pipeline company’s stock worth $1,855,224,000 after buying an additional 25,216,947 shares during the last quarter. BlackRock Inc. lifted its position in shares of Targa Resources by 1.9% during the 1st quarter. BlackRock Inc. now owns 18,748,593 shares of the pipeline company’s stock worth $1,367,710,000 after buying an additional 348,951 shares during the last quarter. Blackstone Inc. lifted its position in shares of Targa Resources by 60.4% during the 4th quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock worth $820,290,000 after buying an additional 3,554,989 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Targa Resources by 5.1% during the 3rd quarter. Wellington Management Group LLP now owns 8,319,024 shares of the pipeline company’s stock worth $713,107,000 after buying an additional 401,144 shares during the last quarter. Finally, State Street Corp lifted its position in shares of Targa Resources by 14.4% during the 1st quarter. State Street Corp now owns 7,836,957 shares of the pipeline company’s stock worth $591,455,000 after buying an additional 986,283 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

About Targa Resources

(Get Free Report)

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.

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Analyst Recommendations for Targa Resources (NYSE:TRGP)

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