Barclays Issues Positive Forecast for Targa Resources (NYSE:TRGP) Stock Price

Targa Resources (NYSE:TRGP) had its price target boosted by research analysts at Barclays from $171.00 to $204.00 in a report released on Monday,Benzinga reports. The firm currently has an “overweight” rating on the pipeline company’s stock. Barclays‘s target price suggests a potential upside of 4.18% from the company’s previous close.

Several other research firms have also recently weighed in on TRGP. Stifel Nicolaus raised their target price on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Royal Bank of Canada raised their target price on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Scotiabank initiated coverage on shares of Targa Resources in a research note on Friday. They set a “sector outperform” rating and a $218.00 target price for the company. Wells Fargo & Company raised their target price on shares of Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Finally, Truist Financial cut their target price on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research note on Friday, December 13th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $189.21.

Targa Resources Price Performance

Shares of NYSE TRGP traded up $2.52 during midday trading on Monday, reaching $195.82. The stock had a trading volume of 129,959 shares, compared to its average volume of 1,271,529. The stock has a 50-day moving average of $189.18 and a 200-day moving average of $161.27. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The company has a market capitalization of $42.70 billion, a price-to-earnings ratio of 35.41, a price-to-earnings-growth ratio of 0.73 and a beta of 2.30. Targa Resources has a 12-month low of $81.03 and a 12-month high of $209.87.

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, topping analysts’ consensus estimates of $1.58 by $0.17. The firm had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period in the prior year, the company posted $0.97 earnings per share. As a group, research analysts anticipate that Targa Resources will post 6.26 EPS for the current fiscal year.

Insider Transactions at Targa Resources

In related news, CAO Julie H. Boushka sold 3,260 shares of Targa Resources 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 completion of the sale, the chief accounting officer now owns 35,143 shares in the company, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the sale, 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 disclosure for this sale can be found here. Company insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Czech National Bank increased its position in Targa Resources by 5.9% during the 4th quarter. Czech National Bank now owns 47,281 shares of the pipeline company’s stock valued at $8,440,000 after purchasing an additional 2,653 shares during the period. Graypoint LLC purchased a new position in Targa Resources during the 4th quarter valued at about $238,000. Wealth Enhancement Advisory Services LLC increased its position in Targa Resources by 1.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 13,529 shares of the pipeline company’s stock valued at $2,415,000 after purchasing an additional 158 shares during the period. Range Financial Group LLC increased its position in Targa Resources by 36.8% during the 4th quarter. Range Financial Group LLC now owns 2,216 shares of the pipeline company’s stock valued at $396,000 after purchasing an additional 596 shares during the period. Finally, Diversified Trust Co increased its position in Targa Resources by 133.4% during the 4th quarter. Diversified Trust Co now owns 11,475 shares of the pipeline company’s stock valued at $2,048,000 after purchasing an additional 6,558 shares during the period. Institutional investors own 92.13% of the company’s stock.

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.