Targa Resources (NYSE:TRGP) Price Target Raised to $124.00 at Wells Fargo & Company

Targa Resources (NYSE:TRGP) had its price target boosted by equities researchers at Wells Fargo & Company from $109.00 to $124.00 in a research report issued on Friday, Benzinga reports. The firm presently has an “overweight” rating on the pipeline company’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 10.41% from the stock’s current price.

TRGP has been the subject of several other research reports. Barclays boosted their price objective on shares of Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. Stifel Nicolaus upped their price objective on shares of Targa Resources from $111.00 to $130.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. Truist Financial raised their price objective on Targa Resources from $105.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. The Goldman Sachs Group upped their target price on Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a research report on Thursday, April 4th. Finally, JPMorgan Chase & Co. lifted their price target on Targa Resources from $122.00 to $125.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 6th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $119.92.

Targa Resources Stock Down 0.6 %

NYSE:TRGP traded down $0.68 during midday trading on Friday, reaching $112.31. The company had a trading volume of 1,752,498 shares, compared to its average volume of 1,738,889. The firm has a market capitalization of $24.99 billion, a price-to-earnings ratio of 30.60 and a beta of 2.19. The stock’s fifty day simple moving average is $109.72 and its 200-day simple moving average is $94.71. Targa Resources has a 12-month low of $67.36 and a 12-month high of $117.87. 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 (NYSE:TRGP) last released 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). Targa Resources had a net margin of 5.20% and a return on equity of 18.64%. The business had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $4.50 billion. On average, sell-side analysts anticipate that Targa Resources will post 5.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Targa Resources news, insider D. Scott Pryor sold 10,000 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $97.00, for a total transaction of $970,000.00. Following the transaction, the insider now owns 156,098 shares of the company’s stock, valued at approximately $15,141,506. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CAO Julie H. Boushka sold 2,500 shares of the company’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total value of $244,150.00. Following the completion of the sale, the chief accounting officer now owns 71,808 shares of the company’s stock, valued at $7,012,769.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider D. Scott Pryor sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $97.00, for a total value of $970,000.00. Following the transaction, the insider now directly owns 156,098 shares in the company, valued at $15,141,506. The disclosure for this sale can be found here. Insiders sold a total of 81,966 shares of company stock valued at $7,987,215 over the last three months. 1.39% of the stock is currently owned by company insiders.

Institutional Trading of Targa Resources

A number of hedge funds have recently made changes to their positions in the company. Signaturefd LLC boosted its holdings in Targa Resources by 4.7% in the third quarter. Signaturefd LLC now owns 5,408 shares of the pipeline company’s stock valued at $464,000 after purchasing an additional 244 shares during the last quarter. Morgan Stanley boosted its stake in shares of Targa Resources by 16.1% during the 3rd quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock valued at $325,003,000 after buying an additional 524,794 shares during the last quarter. Quadrature Capital Ltd grew its position in shares of Targa Resources by 364.0% during the third quarter. Quadrature Capital Ltd now owns 88,834 shares of the pipeline company’s stock worth $7,615,000 after buying an additional 69,690 shares in the last quarter. Spirit of America Management Corp NY increased its stake in shares of Targa Resources by 21.6% in the fourth quarter. Spirit of America Management Corp NY now owns 57,500 shares of the pipeline company’s stock worth $4,995,000 after buying an additional 10,200 shares during the last quarter. Finally, Nordea Investment Management AB increased its stake in shares of Targa Resources by 32.8% in the third quarter. Nordea Investment Management AB now owns 18,001 shares of the pipeline company’s stock worth $1,543,000 after buying an additional 4,447 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

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.