Targa Resources (NYSE:TRGP) Raised to Strong-Buy at US Capital Advisors

Targa Resources (NYSE:TRGP) was upgraded by equities research analysts at US Capital Advisors from a “hold” rating to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

Several other brokerages have also commented on TRGP. Barclays lowered their price objective on shares of Targa Resources from $211.00 to $206.00 and set an “overweight” rating on the stock in a research report on Wednesday. Truist Financial upped their price objective on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, March 18th. The Goldman Sachs Group boosted their target price on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Royal Bank of Canada increased their price target on Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a research note on Monday, March 3rd. Finally, Scotiabank dropped their price objective on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a report on Thursday, March 6th. Thirteen research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $210.64.

Targa Resources Stock Down 5.2 %

TRGP stock traded down $8.97 during mid-day trading on Monday, reaching $164.68. 800,014 shares of the company traded hands, compared to its average volume of 1,874,253. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The firm’s 50 day moving average price is $193.55 and its 200 day moving average price is $186.73. The stock has a market cap of $35.83 billion, a price-to-earnings ratio of 28.73, a P/E/G ratio of 0.61 and a beta of 1.75. Targa Resources has a fifty-two week low of $110.09 and a fifty-two week high of $218.51.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. As a group, equities research analysts predict that Targa Resources will post 8.15 EPS for the current fiscal year.

Insider Buying and Selling at Targa Resources

In related news, Director Waters S. Iv Davis sold 2,190 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the sale, the director now directly owns 2,899 shares of the company’s stock, valued at $568,957.74. This trade represents a 43.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jennifer R. Kneale sold 29,887 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the transaction, the insider now directly owns 227,269 shares of the company’s stock, valued at approximately $43,731,100.98. This represents a 11.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock valued at $22,613,288 in the last 90 days. Corporate insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Several hedge funds have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Targa Resources during the 4th quarter valued at about $505,132,000. GQG Partners LLC bought a new stake in shares of Targa Resources in the 4th quarter worth approximately $393,335,000. Canada Pension Plan Investment Board boosted its stake in shares of Targa Resources by 981.8% in the 4th quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company’s stock valued at $204,223,000 after purchasing an additional 1,038,350 shares in the last quarter. GAMMA Investing LLC raised its position in Targa Resources by 22,699.0% in the 1st quarter. GAMMA Investing LLC now owns 928,377 shares of the pipeline company’s stock worth $186,112,000 after purchasing an additional 924,305 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Targa Resources in the fourth quarter worth $150,372,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources Company Profile

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.