Targa Resources (NYSE:TRGP) Given New $211.00 Price Target at Barclays

Targa Resources (NYSE:TRGP) had its price objective lifted by stock analysts at Barclays from $204.00 to $211.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the pipeline company’s stock. Barclays‘s target price would indicate a potential upside of 6.52% from the company’s previous close.

Other equities analysts have also recently issued research reports about the stock. Citigroup boosted their price objective on shares of Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. The Goldman Sachs Group upped their price target 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. 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. Wells Fargo & Company boosted their price target on Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Finally, Morgan Stanley increased their price objective on Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a report on Monday. One investment 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 stock. Based on data from MarketBeat, Targa Resources presently has an average rating of “Buy” and a consensus target price of $211.00.

Targa Resources Stock Performance

Shares of TRGP traded down $1.44 during trading hours on Friday, hitting $198.09. The company’s stock had a trading volume of 782,320 shares, compared to its average volume of 1,571,872. Targa Resources has a 52-week low of $109.13 and a 52-week high of $218.51. The company has a market cap of $43.20 billion, a price-to-earnings ratio of 34.51, a PEG ratio of 0.61 and a beta of 2.32. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The business has a 50 day simple moving average of $199.70 and a two-hundred day simple moving average of $182.53.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.48 billion. On average, equities analysts expect that Targa Resources will post 8.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Jennifer R. Kneale sold 29,887 shares of Targa Resources stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the sale, the insider now owns 227,269 shares in the company, valued at $43,731,100.98. This trade represents a 11.62 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Matthew J. Meloy sold 48,837 shares of the firm’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 transaction of $9,527,121.96. Following the transaction, the chief executive officer now directly owns 725,628 shares in the company, valued at approximately $141,555,510.24. This trade represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock valued at $22,613,288 over the last three months. 1.39% of the stock is owned by company insiders.

Hedge Funds Weigh In On Targa Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC grew its stake in Targa Resources by 134.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 31,299 shares of the pipeline company’s stock valued at $5,587,000 after purchasing an additional 17,928 shares during the last quarter. Lansforsakringar Fondforvaltning AB publ purchased a new stake in Targa Resources in the 4th quarter worth approximately $11,903,000. Copia Wealth Management acquired a new stake in Targa Resources during the fourth quarter valued at $37,000. Siemens Fonds Invest GmbH lifted its stake in shares of Targa Resources by 547.5% in the fourth quarter. Siemens Fonds Invest GmbH now owns 14,899 shares of the pipeline company’s stock worth $2,659,000 after buying an additional 12,598 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Targa Resources during the 4th quarter valued at about $29,768,000. 92.13% of the stock is currently owned by institutional investors.

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.