Targa Resources’ (TRGP) “Buy” Rating Reiterated at Truist Financial

Targa Resources (NYSE:TRGP)‘s stock had its “buy” rating reissued by equities researchers at Truist Financial in a report released on Monday, Benzinga reports. They presently have a $345.00 price objective on the pipeline company’s stock, up from their prior price objective of $312.00. Truist Financial’s target price points to a potential upside of 18.10% from the stock’s current price.

A number of other equities research analysts have also recently commented on TRGP. Scotiabank upped their target price on shares of Targa Resources from $257.00 to $314.00 and gave the company an “outperform” rating in a report on Thursday, September 10th. Raymond James Financial set a $335.00 price target on Targa Resources in a report on Friday, August 7th. Mizuho boosted their price target on Targa Resources from $300.00 to $320.00 and gave the company an “outperform” rating in a research report on Friday, September 11th. Citigroup reaffirmed a “buy” rating on shares of Targa Resources in a research note on Wednesday, May 27th. Finally, UBS Group reaffirmed a “buy” rating and set a $318.00 price objective on shares of Targa Resources in a research report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating and eighteen have issued a Buy rating to the company’s stock. According to MarketBeat.com, Targa Resources currently has a consensus rating of “Buy” and an average target price of $317.24.

Targa Resources Stock Performance

Shares of TRGP opened at $292.12 on Monday. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01. The firm has a market cap of $62.64 billion, a PE ratio of 27.93, a price-to-earnings-growth ratio of 1.38 and a beta of 0.72. The company’s 50 day simple moving average is $281.86 and its 200-day simple moving average is $264.06. Targa Resources has a 12-month low of $144.14 and a 12-month high of $307.94.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating the consensus estimate of $2.83 by $0.71. The firm had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. As a group, equities analysts predict that Targa Resources will post 11.32 EPS for the current year.

Insider Transactions at Targa Resources

In related news, Director Charles Crisp sold 3,000 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total transaction of $870,690.00. Following the completion of the transaction, the director directly owned 62,292 shares of the company’s stock, valued at $18,079,007.16. This represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director S Davis sold 2,400 shares of the firm’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $299.67, for a total transaction of $719,208.00. Following the completion of the sale, the director owned 1,529 shares of the company’s stock, valued at approximately $458,195.43. The trade was a 61.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 7,216 shares of company stock worth $2,127,634 over the last ninety days. 1.37% of the stock is currently owned by company insiders.

Institutional Trading of Targa Resources

Institutional investors have recently modified their holdings of the business. Norges Bank purchased a new stake in shares of Targa Resources during the 4th quarter worth $735,758,000. Bank of America Corp DE purchased a new position in shares of Targa Resources in the 2nd quarter valued at about $734,846,000. Legal & General Group Plc acquired a new stake in shares of Targa Resources in the second quarter valued at about $336,575,000. Goldman Sachs Group Inc. boosted its holdings in Targa Resources by 48.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock worth $607,023,000 after buying an additional 1,075,246 shares in the last quarter. Finally, Canada Pension Plan Investment Board acquired a new position in Targa Resources during the second quarter worth about $275,702,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Company Profile

Targa Resources Corp. (NYSE: TRGP) is a midstream energy infrastructure company that gathers, processes, transports and fractionates natural gas and natural gas liquids (NGLs). Its operations connect producers with downstream markets and include natural gas gathering and processing, NGL fractionation, storage, transportation and marketing, as well as crude oil gathering and logistics.

The company operates an integrated network of pipelines, processing plants, fractionation facilities, storage assets and export infrastructure across the United States.