Targa Resources (NYSE:TRGP) Price Target Raised to $124.00

Targa Resources (NYSE:TRGP) had its price objective upped by research analysts at Wells Fargo & Company from $109.00 to $124.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the pipeline company’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 10.41% from the company’s current price.

TRGP has been the topic of several other research reports. Mizuho boosted their price target on shares of Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. JPMorgan Chase & Co. boosted their price target on shares of Targa Resources from $122.00 to $125.00 and gave the company an “overweight” rating in a research report on Wednesday, March 6th. Truist Financial boosted their price target on shares of Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Stifel Nicolaus boosted their price target on shares of Targa Resources from $111.00 to $130.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. Finally, The Goldman Sachs Group upped their price objective on shares of Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $119.92.

Targa Resources Trading Down 0.6 %

Shares of NYSE:TRGP traded down $0.68 during midday trading on Friday, hitting $112.31. 1,752,498 shares of the stock traded hands, compared to its average volume of 1,738,889. The stock has a market capitalization of $24.99 billion, a PE ratio of 30.60 and a beta of 2.19. The business’s 50 day moving average is $109.72 and its two-hundred day moving average is $94.71. The company has a quick ratio of 0.66, a current ratio of 0.79 and a debt-to-equity ratio of 2.68. Targa Resources has a one year low of $67.36 and a one year high of $117.87.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.49 by ($0.26). The firm had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.50 billion. Targa Resources had a net margin of 5.20% and a return on equity of 18.64%. As a group, research analysts forecast that Targa Resources will post 5.72 earnings per share for the current year.

Insider Activity

In related news, insider Robert Muraro sold 10,000 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $97.31, for a total transaction of $973,100.00. Following the transaction, the insider now owns 219,451 shares in the company, valued at $21,354,776.81. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CFO Jennifer R. Kneale sold 26,061 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $97.36, for a total transaction of $2,537,298.96. Following the transaction, the chief financial officer now owns 227,663 shares in the company, valued at $22,165,269.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Robert Muraro sold 10,000 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $97.31, for a total transaction of $973,100.00. Following the completion of the transaction, the insider now owns 219,451 shares in the company, valued at $21,354,776.81. The disclosure for this sale can be found here. Insiders have sold a total of 81,966 shares of company stock worth $7,987,215 over the last 90 days. 1.39% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Spire Wealth Management raised its position in Targa Resources by 2,400.0% in the first quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock worth $31,000 after acquiring an additional 264 shares during the period. Addison Advisors LLC bought a new position in Targa Resources in the fourth quarter worth approximately $27,000. VisionPoint Advisory Group LLC raised its position in Targa Resources by 111.2% in the third quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock worth $34,000 after acquiring an additional 209 shares during the period. Register Financial Advisors LLC bought a new position in Targa Resources in the first quarter worth approximately $45,000. Finally, EdgeRock Capital LLC bought a new position in Targa Resources in the fourth quarter worth approximately $42,000. 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.