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

Targa Resources (NYSE:TRGP) had its price objective increased by Barclays from $171.00 to $204.00 in a report issued on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the pipeline company’s stock.

A number of other research analysts have also recently commented on TRGP. Scotiabank assumed coverage on Targa Resources in a research note on Friday, January 10th. They set a “sector outperform” rating and a $218.00 price target on the stock. Morgan Stanley increased their target price on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Royal Bank of Canada lifted their target price on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Stifel Nicolaus increased their price target on shares of Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Finally, The Goldman Sachs Group lifted their price objective on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $189.21.

Targa Resources Stock Up 1.9 %

Shares of TRGP opened at $205.25 on Monday. The company’s 50-day moving average price is $190.21 and its 200 day moving average price is $162.26. Targa Resources has a 12-month low of $81.03 and a 12-month high of $209.87. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The firm has a market cap of $44.76 billion, a P/E ratio of 37.12, a price-to-earnings-growth ratio of 0.59 and a beta of 2.30.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. The business had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period in the previous year, the firm earned $0.97 EPS. On average, sell-side analysts forecast that Targa Resources will post 6.4 earnings per share for the current year.

Insider Activity at Targa Resources

In other news, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.74, for a total transaction of $621,812.40. Following the transaction, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction 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 completion of the transaction, the insider now directly owns 82,979 shares in the company, valued at $15,793,393.07. The trade was a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.44% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Buckley Wealth Management LLC raised its holdings in shares of Targa Resources by 0.7% in the third quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company’s stock valued at $1,469,000 after buying an additional 65 shares during the last quarter. Coldstream Capital Management Inc. raised its stake in Targa Resources by 0.9% during the 3rd quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock valued at $1,153,000 after acquiring an additional 66 shares during the last quarter. Massmutual Trust Co. FSB ADV raised its stake in Targa Resources by 9.8% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock valued at $138,000 after acquiring an additional 83 shares during the last quarter. Prime Capital Investment Advisors LLC lifted its position in Targa Resources by 4.0% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock worth $321,000 after acquiring an additional 84 shares during the period. Finally, Huntington National Bank grew its stake in shares of Targa Resources by 22.9% in the 3rd quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock valued at $71,000 after purchasing an additional 89 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

About Targa Resources

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.