Targa Resources (NYSE:TRGP) Price Target Raised to $225.00 at Truist Financial

Targa Resources (NYSE:TRGP) had its price objective upped by investment analysts at Truist Financial from $175.00 to $225.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the pipeline company’s stock. Truist Financial’s target price would suggest a potential upside of 15.63% from the company’s previous close.

A number of other equities research analysts also recently weighed in on the stock. Wells Fargo & Company raised their target price on shares of Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group increased their target price on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Argus raised shares of Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Royal Bank of Canada lifted their price objective on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a report on Monday. Finally, Barclays increased their target price on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $169.79.

Targa Resources Stock Performance

Targa Resources stock traded up $3.02 during midday trading on Friday, reaching $194.59. The stock had a trading volume of 251,737 shares, compared to its average volume of 1,643,497. Targa Resources has a 12 month low of $81.03 and a 12 month high of $197.14. The firm’s 50-day moving average price is $161.69 and its 200 day moving average price is $139.86. The firm has a market capitalization of $42.43 billion, a PE ratio of 35.19, a P/E/G ratio of 0.77 and a beta of 2.24. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. The business had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same period in the previous year, the business posted $0.97 EPS. As a group, research analysts predict that Targa Resources will post 6.19 earnings per share for the current fiscal year.

Insider Activity

In other news, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the transaction, the insider now owns 82,979 shares of the company’s stock, valued at $15,793,393.07. The trade was a 26.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total transaction of $621,812.40. Following the sale, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. This represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,760 shares of company stock worth $30,026,712 in the last quarter. 1.39% of the stock is owned by company insiders.

Hedge Funds Weigh In On Targa Resources

A number of hedge funds have recently added to or reduced their stakes in the company. Buckley Wealth Management LLC raised its stake in shares of Targa Resources by 0.7% in the third quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company’s stock worth $1,469,000 after purchasing an additional 65 shares during the last quarter. Massmutual Trust Co. FSB ADV raised its position in Targa Resources by 9.8% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock worth $138,000 after buying an additional 83 shares during the last quarter. Prime Capital Investment Advisors LLC lifted its stake in Targa Resources by 4.0% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock valued at $321,000 after acquiring an additional 84 shares during the period. Fifth Third Bancorp boosted its holdings in shares of Targa Resources by 1.0% during the 2nd quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock valued at $1,148,000 after acquiring an additional 89 shares during the last quarter. Finally, Huntington National Bank boosted 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 acquiring an additional 89 shares during the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

About Targa Resources

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.