Targa Resources (NYSE:TRGP) Given New $325.00 Price Target at Scotiabank

Targa Resources (NYSE:TRGP) had its price target lifted by equities researchers at Scotiabank from $319.00 to $325.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has a “sector outperform” rating on the pipeline company’s stock. Scotiabank‘s target price suggests a potential upside of 16.12% from the company’s current price.

Several other research analysts also recently commented on TRGP. Jefferies Financial Group cut their price objective on shares of Targa Resources from $326.00 to $311.00 and set a “buy” rating for the company in a report on Friday. BMO Capital Markets raised their price target on Targa Resources from $303.00 to $328.00 and gave the stock an “outperform” rating in a report on Wednesday, October 21st. Royal Bank Of Canada lifted their price target on Targa Resources from $312.00 to $338.00 and gave the company an “outperform” rating in a research report on Thursday, August 27th. Truist Financial restated a “buy” rating and issued a $345.00 target price (up from $312.00) on shares of Targa Resources in a research note on Monday, September 21st. Finally, Raymond James Financial set a $344.00 target price on Targa Resources in a research note on Thursday. Two analysts have rated the stock with a Strong Buy rating and twenty have assigned a Buy rating to the stock. According to MarketBeat, Targa Resources currently has a consensus rating of “Buy” and an average target price of $326.21.

Targa Resources Stock Performance

Shares of NYSE TRGP traded up $6.26 during mid-day trading on Tuesday, reaching $279.89. 234,597 shares of the company’s stock were exchanged, compared to its average volume of 1,304,201. The firm has a market capitalization of $60.02 billion, a price-to-earnings ratio of 24.79, a price-to-earnings-growth ratio of 1.17 and a beta of 0.76. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. Targa Resources has a 52 week low of $166.18 and a 52 week high of $316.60. The firm has a 50-day moving average price of $289.01 and a two-hundred day moving average price of $261.76.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, November 5th. The pipeline company reported $3.04 earnings per share for the quarter, beating analysts’ consensus estimates of $2.74 by $0.30. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The firm had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $4.77 billion. Analysts predict that Targa Resources will post 11.51 EPS for the current year.

Insider Transactions at Targa Resources

In other Targa Resources news, Director Waters S. Iv Davis sold 2,400 shares of Targa Resources stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $299.67, for a total value of $719,208.00. Following the transaction, the director directly owned 1,529 shares of the company’s stock, valued at $458,195.43. The trade was a 61.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul W. Chung sold 1,816 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total value of $537,735.76. Following the completion of the sale, the director owned 44,000 shares of the company’s stock, valued at $13,028,840. The trade was a 3.96% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 7,216 shares of company stock worth $2,127,634. Company insiders own 1.37% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. HighTower Advisors LLC increased its stake in shares of Targa Resources by 0.6% in the third quarter. HighTower Advisors LLC now owns 176,895 shares of the pipeline company’s stock worth $47,816,000 after buying an additional 1,037 shares during the period. Silver Oak Securities Incorporated bought a new stake in Targa Resources during the third quarter worth about $792,000. Bessemer Group Inc. grew its stake in shares of Targa Resources by 4.4% in the 3rd quarter. Bessemer Group Inc. now owns 2,873 shares of the pipeline company’s stock worth $776,000 after buying an additional 121 shares during the last quarter. Hantz Financial Services Inc. grew its stake in shares of Targa Resources by 15.4% in the third quarter. Hantz Financial Services Inc. now owns 929 shares of the pipeline company’s stock worth $251,000 after acquiring an additional 124 shares during the last quarter. Finally, Harbour Investments Inc. increased its stake in Targa Resources by 22.0% during the 3rd quarter. Harbour Investments Inc. now owns 942 shares of the pipeline company’s stock valued at $255,000 after purchasing an additional 170 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Company Profile

Targa Resources Corp. is a midstream energy company that gathers, processes, transports and stores natural gas and natural gas liquids (NGLs), and provides services for crude oil. Its infrastructure connects oil and gas producers with pipelines, processing facilities, fractionators, storage sites and domestic and international markets.

The company’s services include natural gas gathering, compression and processing; NGL transportation and fractionation; and crude oil gathering and terminaling.