Raymond James Increases Targa Resources (NYSE:TRGP) Price Target to $36.00

Targa Resources (NYSE:TRGP) had its target price boosted by investment analysts at Raymond James from $26.00 to $36.00 in a research report issued to clients and investors on Tuesday, AR Network reports. The firm currently has a “strong-buy” rating on the pipeline company’s stock. Raymond James’ price target indicates a potential upside of 17.30% from the stock’s current price.

A number of other research analysts have also recently weighed in on TRGP. Wells Fargo & Company upgraded Targa Resources from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $23.00 to $29.00 in a report on Monday, November 30th. JPMorgan Chase & Co. boosted their price objective on Targa Resources from $33.00 to $37.00 and gave the stock an “overweight” rating in a research note on Monday, December 21st. Morgan Stanley boosted their price objective on Targa Resources from $22.00 to $36.00 and gave the stock an “overweight” rating in a research note on Friday, December 11th. ValuEngine upgraded Targa Resources from a “sell” rating to a “hold” rating in a research note on Monday, November 23rd. Finally, Barclays boosted their price objective on Targa Resources from $25.00 to $32.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 8th. Seven analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $27.89.

Shares of Targa Resources stock opened at $30.69 on Tuesday. Targa Resources has a twelve month low of $3.66 and a twelve month high of $41.74. The stock has a market capitalization of $7.03 billion, a P/E ratio of -3.68 and a beta of 2.95. The company has a current ratio of 0.93, a quick ratio of 0.76 and a debt-to-equity ratio of 1.21. The business’s fifty day moving average price is $26.86 and its 200 day moving average price is $20.02.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, November 5th. The pipeline company reported $0.16 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.07. Targa Resources had a positive return on equity of 3.89% and a negative net margin of 22.86%. The firm had revenue of $2.12 billion for the quarter, compared to analysts’ expectations of $1.90 billion. As a group, sell-side analysts predict that Targa Resources will post 1.31 EPS for the current year.

In related news, Director James W. Whalen sold 5,000 shares of the business’s stock in a transaction dated Thursday, January 7th. The stock was sold at an average price of $30.00, for a total value of $150,000.00. Following the completion of the sale, the director now directly owns 184,279 shares of the company’s stock, valued at $5,528,370. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director James W. Whalen sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 15th. The shares were sold at an average price of $27.50, for a total value of $275,000.00. Following the transaction, the director now directly owns 202,279 shares of the company’s stock, valued at $5,562,672.50. The disclosure for this sale can be found here. 1.54% of the stock is owned by insiders.

Several large investors have recently bought and sold shares of the company. US Bancorp DE grew its holdings in shares of Targa Resources by 4.0% during the third quarter. US Bancorp DE now owns 12,951 shares of the pipeline company’s stock valued at $182,000 after purchasing an additional 502 shares during the last quarter. World Asset Management Inc grew its holdings in shares of Targa Resources by 6.8% during the third quarter. World Asset Management Inc now owns 11,118 shares of the pipeline company’s stock valued at $156,000 after purchasing an additional 712 shares during the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC grew its holdings in shares of Targa Resources by 12.7% during the third quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 7,944 shares of the pipeline company’s stock valued at $111,000 after purchasing an additional 897 shares during the last quarter. SL Advisors LLC grew its holdings in shares of Targa Resources by 4.3% during the third quarter. SL Advisors LLC now owns 24,414 shares of the pipeline company’s stock valued at $343,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Neo Ivy Capital Management grew its holdings in shares of Targa Resources by 62.8% during the third quarter. Neo Ivy Capital Management now owns 3,069 shares of the pipeline company’s stock valued at $43,000 after purchasing an additional 1,184 shares during the last quarter. 80.94% of the stock is owned by institutional investors.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company engages 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; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.

Further Reading: Percentage Decliners

Analyst Recommendations for Targa Resources (NYSE:TRGP)

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