Targa Resources (NYSE:TRGP) Given New $225.00 Price Target at Truist Financial

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

TRGP has been the topic of several other reports. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. The Goldman Sachs Group upped their price objective on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Royal Bank of Canada boosted their price target on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a report on Monday. Barclays increased their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Finally, Morgan Stanley lifted their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $169.79.

Targa Resources Stock Performance

TRGP stock traded up $3.02 during midday trading on Friday, reaching $194.59. 251,737 shares of the company’s stock traded hands, compared to its average volume of 1,643,497. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources has a 52-week low of $81.03 and a 52-week high of $197.14. The stock has a market cap of $42.43 billion, a P/E ratio of 35.19, a PEG ratio of 0.77 and a beta of 2.24. The stock’s 50-day moving average is $161.69 and its 200 day moving average is $139.86.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The business had revenue of $3.85 billion during 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 quarter in the prior year, the business posted $0.97 earnings per share. As a group, analysts anticipate that Targa Resources will post 6.19 EPS for the current year.

Insider Transactions at Targa Resources

In related news, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was 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 $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction that occurred on 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 directly 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. Over the last ninety days, insiders have sold 185,760 shares of company stock worth $30,026,712. Insiders own 1.39% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Targa Resources by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock worth $3,025,521,000 after acquiring an additional 201,817 shares during the period. Caxton Associates LP purchased a new position in shares of Targa Resources during the 2nd quarter valued at about $2,323,000. Cetera Investment Advisers raised its position in Targa Resources by 215.2% during the first quarter. Cetera Investment Advisers now owns 31,052 shares of the pipeline company’s stock valued at $3,478,000 after acquiring an additional 21,200 shares in the last quarter. California State Teachers Retirement System grew its stake in shares of Targa Resources by 6.5% during the 1st quarter. California State Teachers Retirement System now owns 444,530 shares of the pipeline company’s stock worth $49,783,000 after purchasing an additional 27,164 shares during the period. Finally, Virtu Financial LLC acquired a new position in shares of Targa Resources in the 1st quarter valued at $1,151,000. Institutional investors and hedge funds 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.