Wells Fargo & Company Issues Positive Forecast for Targa Resources (NYSE:TRGP) Stock Price

Targa Resources (NYSE:TRGP) had its price target lifted by investment analysts at Wells Fargo & Company from $204.00 to $220.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the pipeline company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 9.60% from the stock’s previous close.

Several other equities research analysts have also recently commented on the company. Mizuho raised their target price on Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research note on Thursday. Royal Bank of Canada raised their target price on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Scotiabank started coverage on Targa Resources in a report on Friday, January 10th. They set a “sector outperform” rating and a $218.00 price target for the company. US Capital Advisors cut Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Finally, Barclays upped their target price on shares of Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Targa Resources has an average rating of “Buy” and a consensus target price of $197.21.

Targa Resources Price Performance

TRGP stock opened at $200.73 on Friday. Targa Resources has a 1 year low of $95.88 and a 1 year high of $218.51. The stock has a market cap of $43.77 billion, a price-to-earnings ratio of 37.06, a P/E/G ratio of 0.62 and a beta of 2.29. 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 company has a 50 day simple moving average of $195.58 and a 200 day simple moving average of $175.41.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. Research analysts anticipate that Targa Resources will post 6.36 EPS for the current fiscal year.

Institutional Trading of Targa Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of TRGP. Sequoia Financial Advisors LLC increased its stake in Targa Resources by 21.6% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 4,590 shares of the pipeline company’s stock worth $679,000 after acquiring an additional 815 shares during the last quarter. International Assets Investment Management LLC grew its stake in Targa Resources by 14,163.5% in the 3rd quarter. International Assets Investment Management LLC now owns 204,254 shares of the pipeline company’s stock worth $30,232,000 after buying an additional 202,822 shares in the last quarter. Great Lakes Retirement Inc. bought a new position in shares of Targa Resources in the 3rd quarter worth $547,000. Hennion & Walsh Asset Management Inc. lifted its stake in Targa Resources by 59.1% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 13,840 shares of the pipeline company’s stock worth $2,048,000 after purchasing an additional 5,143 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Targa Resources by 36.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 74,841 shares of the pipeline company’s stock worth $11,077,000 after purchasing an additional 19,902 shares in 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.