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

Targa Resources (NYSE:TRGP) had its price target hoisted by stock analysts at Barclays from $171.00 to $204.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the pipeline company’s stock. Barclays‘s price target would suggest a potential upside of 4.18% from the company’s current price.

A number of other equities research analysts have also issued reports on TRGP. Truist Financial cut their price target on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, December 13th. Bank of America started coverage on shares of Targa Resources in a report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target on the stock. Morgan Stanley raised their price target on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. The Goldman Sachs Group raised their price target on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Finally, UBS Group lifted their target price on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research note on Friday, November 15th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $189.21.

Targa Resources Trading Up 1.3 %

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

Targa Resources (NYSE:TRGP) last issued its 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 company had revenue of $3.85 billion for 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 quarter last year, the company earned $0.97 EPS. Research analysts expect that Targa Resources will post 6.26 EPS for the current fiscal year.

Insider Activity at Targa Resources

In other news, insider D. Scott Pryor sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the transaction, the insider now owns 82,979 shares in the company, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Julie H. Boushka sold 3,260 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. This represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. 1.39% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MML Investors Services LLC lifted its position in Targa Resources by 65.1% during the third quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock valued at $3,791,000 after purchasing an additional 10,100 shares during the period. Caxton Associates LP bought a new position in Targa Resources during the second quarter valued at approximately $2,323,000. Nordea Investment Management AB lifted its position in Targa Resources by 85.7% during the fourth quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock valued at $5,070,000 after purchasing an additional 13,167 shares during the period. Braun Stacey Associates Inc. bought a new position in Targa Resources during the third quarter valued at approximately $11,042,000. Finally, Metis Global Partners LLC lifted its position in Targa Resources by 12.7% during the third quarter. Metis Global Partners LLC now owns 25,569 shares of the pipeline company’s stock valued at $3,784,000 after purchasing an additional 2,890 shares during the period. 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.