Targa Resources (NYSE:TRGP) Price Target Raised to $244.00

Targa Resources (NYSE:TRGP) had its target price boosted by Morgan Stanley from $202.00 to $244.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the pipeline company’s stock. Morgan Stanley’s price target would indicate a potential upside of 24.96% from the company’s previous close.

Several other research firms have also recently commented on TRGP. Stifel Nicolaus lifted their target price 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. Wells Fargo & Company upped their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Citigroup increased their price target on shares of Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. Royal Bank of Canada increased their price target on shares of Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a research report on Monday, March 3rd. Finally, US Capital Advisors cut shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Targa Resources currently has an average rating of “Buy” and an average target price of $209.43.

Targa Resources Price Performance

Shares of NYSE:TRGP traded up $4.96 during trading on Monday, hitting $195.26. 555,326 shares of the company were exchanged, compared to its average volume of 1,576,547. The business’s 50 day moving average is $199.06 and its 200-day moving average is $181.60. The company has a market capitalization of $42.59 billion, a P/E ratio of 34.02, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources has a 1-year low of $106.04 and a 1-year high of $218.51.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $4.48 billion. Equities analysts forecast that Targa Resources will post 8.15 earnings per share for the current year.

Insider Activity

In related news, 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 value of $5,750,856.54. Following the transaction, the insider now directly owns 227,269 shares of the company’s stock, valued at approximately $43,731,100.98. The trade was a 11.62 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the transaction, the chief executive officer now directly owns 725,628 shares in the company, valued at approximately $141,555,510.24. This represents a 6.31 % decrease in their ownership of the stock. 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 ninety days. Corporate insiders own 1.39% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

Large investors have recently modified their holdings of the stock. Ameriflex Group Inc. bought a new position in Targa Resources in the 4th quarter valued at $31,000. Colonial Trust Co SC grew its position in Targa Resources by 5,400.0% in the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock valued at $29,000 after acquiring an additional 162 shares during the last quarter. Atala Financial Inc bought a new position in Targa Resources in the 4th quarter valued at $31,000. Cary Street Partners Financial LLC bought a new position in Targa Resources in the 4th quarter valued at $31,000. Finally, Rakuten Securities Inc. grew its position in Targa Resources by 394.6% in the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after acquiring an additional 146 shares during the last quarter. 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.