Targa Resources (NYSE:TRGP) Given New $190.00 Price Target at Wells Fargo & Company

Targa Resources (NYSE:TRGP) had its price target hoisted by analysts at Wells Fargo & Company from $153.00 to $190.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the pipeline company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 1.69% from the company’s previous close.

TRGP has been the subject of several other research reports. Bank of America initiated coverage on shares of Targa Resources in a report on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price for the company. Scotiabank lifted their price objective on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 17th. The Goldman Sachs Group boosted their price target on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Royal Bank of Canada boosted their price target on shares of Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Finally, Morgan Stanley boosted their price target on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Targa Resources currently has an average rating of “Buy” and a consensus target price of $157.21.

Targa Resources Price Performance

TRGP traded up $9.44 during trading on Wednesday, hitting $186.84. 131,276 shares of the company traded hands, compared to its average volume of 1,641,642. The company has a market cap of $40.93 billion, a PE ratio of 39.33, a P/E/G ratio of 1.31 and a beta of 2.24. The stock’s 50-day simple moving average is $156.35 and its two-hundred day simple moving average is $136.85. Targa Resources has a 1 year low of $81.03 and a 1 year high of $187.15. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The business had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same period last year, the company posted $0.97 EPS. As a group, sell-side analysts anticipate that Targa Resources will post 5.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Targa Resources news, insider Gerald R. Shrader sold 3,000 shares of the company’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $136.06, for a total transaction of $408,180.00. Following the completion of the transaction, the insider now directly owns 29,603 shares in the company, valued at approximately $4,027,784.18. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares of the company’s stock, valued at $25,504,736.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Gerald R. Shrader sold 3,000 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $136.06, for a total transaction of $408,180.00. Following the sale, the insider now directly owns 29,603 shares of the company’s stock, valued at $4,027,784.18. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 173,405 shares of company stock worth $26,529,984. Company insiders own 1.44% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

A number of large investors have recently modified their holdings of TRGP. Zurich Insurance Group Ltd FI purchased a new stake in shares of Targa Resources during the second quarter worth $72,345,000. American Century Companies Inc. grew its holdings in shares of Targa Resources by 239.1% in the second quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock valued at $101,877,000 after purchasing an additional 557,832 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Targa Resources by 26.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock valued at $194,720,000 after purchasing an additional 360,675 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Targa Resources by 13.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after purchasing an additional 271,444 shares during the period. Finally, Blackstone Inc. grew its holdings in shares of Targa Resources by 2.7% in the first quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock valued at $1,085,794,000 after purchasing an additional 252,729 shares during the period. Hedge funds and other 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.