Targa Resources (NYSE:TRGP) Stock Gets Price Target Bump from Citigroup

Targa Resources (NYSE:TRGP) had its price objective lifted by equities research analysts at Citigroup from $303.00 to $325.00 in a research report issued to clients and investors on Monday. Citigroup’s price target suggests a potential upside of 11.72% from the stock’s previous close.

TRGP has been the topic of a number of other reports. Royal Bank Of Canada raised their target price on Targa Resources from $312.00 to $338.00 and gave the company an “outperform” rating in a research note on Thursday, August 27th. Raymond James Financial set a $335.00 price target on shares of Targa Resources in a research report on Friday, August 7th. Erste Group Bank started coverage on shares of Targa Resources in a report on Thursday, June 25th. They issued a “buy” rating on the stock. Truist Financial reaffirmed a “buy” rating and issued a $345.00 price objective (up from $312.00) on shares of Targa Resources in a report on Monday, September 21st. Finally, Scotiabank lifted their price objective on shares of Targa Resources from $257.00 to $314.00 and gave the company an “outperform” rating in a research report on Thursday, September 10th. One research analyst has rated the stock with a Strong Buy rating and twenty-one have given a Buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $317.85.

Targa Resources Stock Performance

NYSE:TRGP traded up $4.21 during midday trading on Monday, reaching $290.90. 295,404 shares of the company traded hands, compared to its average volume of 1,300,637. Targa Resources has a twelve month low of $144.14 and a twelve month high of $307.94. The firm has a market capitalization of $62.38 billion, a price-to-earnings ratio of 27.82, a price-to-earnings-growth ratio of 1.35 and a beta of 0.80. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. The company has a fifty day moving average price of $283.48 and a 200 day moving average price of $268.66.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, topping analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. The firm had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. On average, analysts expect that Targa Resources will post 11.30 EPS for the current fiscal year.

Insider Activity at Targa Resources

In other Targa Resources news, Director Charles R. Crisp sold 3,000 shares of the business’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total transaction of $870,690.00. Following the completion of the transaction, the director owned 62,292 shares in the company, valued at approximately $18,079,007.16. The trade was a 4.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Paul W. Chung sold 1,816 shares of the business’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total value of $537,735.76. Following the transaction, the director owned 44,000 shares of the company’s stock, valued at $13,028,840. This trade represents a 3.96% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 7,216 shares of company stock worth $2,127,634 in the last three months. 1.37% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE acquired a new stake in Targa Resources in the second quarter worth about $734,846,000. Legal & General Group Plc bought a new position in Targa Resources in the 2nd quarter valued at about $336,575,000. Canada Pension Plan Investment Board bought a new position in Targa Resources in the 2nd quarter valued at about $275,702,000. Hsbc Holdings PLC bought a new stake in Targa Resources in the second quarter worth about $274,660,000. Finally, Kayne Anderson Capital Advisors LP acquired a new stake in Targa Resources in the 2nd quarter valued at about $260,337,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources Company Profile

Targa Resources Corp. (NYSE: TRGP) is a Houston-based midstream energy company that owns, operates and develops infrastructure for gathering, processing, transporting, storing and exporting natural gas, natural gas liquids (NGLs), crude oil and refined petroleum products. Its operations connect producers with domestic and international markets across key U.S. energy-producing regions.

The company’s assets include natural gas gathering and processing systems, NGL pipelines, fractionation facilities, storage assets and export terminals.