Targa Resources (NYSE:TRGP) Given New $338.00 Price Target at Citigroup

Targa Resources (NYSE:TRGP) had its price target raised by stock analysts at Citigroup from $325.00 to $338.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the pipeline company’s stock. Citigroup‘s price target points to a potential upside of 27.72% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. Barclays boosted their target price on shares of Targa Resources from $284.00 to $294.00 and gave the stock an “overweight” rating in a report on Thursday, October 8th. BMO Capital Markets increased their price target on shares of Targa Resources from $303.00 to $328.00 and gave the company an “outperform” rating in a research note on Wednesday, October 21st. JPMorgan Chase & Co. lifted their price objective on shares of Targa Resources from $315.00 to $351.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. Morgan Stanley lifted their price objective on shares of Targa Resources from $343.00 to $359.00 and gave the company an “overweight” rating in a research report on Wednesday, September 16th. Finally, Scotiabank restated an “outperform” rating and set a $319.00 price objective on shares of Targa Resources in a research note on Thursday, October 15th. Two research analysts have rated the stock with a Strong Buy rating and twenty have given a Buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $326.37.

Targa Resources Stock Down 2.6%

NYSE TRGP traded down $7.17 during trading hours on Friday, hitting $264.65. 2,564,176 shares of the company traded hands, compared to its average volume of 1,301,405. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The business’s 50-day moving average is $289.81 and its 200-day moving average is $260.95. The stock has a market capitalization of $56.75 billion, a price-to-earnings ratio of 25.30, a P/E/G ratio of 1.17 and a beta of 0.76. Targa Resources has a twelve month low of $166.18 and a twelve month high of $316.60.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, November 5th. The pipeline company reported $3.04 earnings per share for the quarter, topping the consensus estimate of $2.74 by $0.30. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. The firm had revenue of $5.60 billion for the quarter, compared to analyst estimates of $4.77 billion. Sell-side analysts anticipate that Targa Resources will post 11.48 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Charles Crisp sold 3,000 shares of the company’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total value of $870,690.00. Following the transaction, the director owned 62,292 shares in the company, valued at approximately $18,079,007.16. This represents a 4.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director S Davis sold 2,400 shares of the 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 transaction, the director directly owned 1,529 shares in the company, valued at approximately $458,195.43. This represents a 61.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 7,216 shares of company stock valued at $2,127,634. Company insiders own 1.37% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

A number of large investors have recently made changes to their positions in the company. First Eagle Investment Management LLC raised its holdings in shares of Targa Resources by 381.0% during the second quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company’s stock valued at $27,000 after purchasing an additional 80 shares during the period. Jones Financial Companies Lllp acquired a new stake in Targa Resources in the second quarter valued at approximately $32,000. Compass Financial Management LLC bought a new stake in shares of Targa Resources during the second quarter valued at approximately $33,000. CoreCap Advisors LLC increased its holdings in shares of Targa Resources by 245.9% during the second quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company’s stock valued at $34,000 after acquiring an additional 91 shares in the last quarter. Finally, Virtus Advisers LLC acquired a new position in shares of Targa Resources during the second quarter worth approximately $35,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources News Roundup

Here are the key news stories impacting Targa Resources this week:

• Positive Sentiment: Third-quarter adjusted earnings were $3.04 per share, above analyst estimates of roughly $2.74–$2.81 and up from $2.20 a year earlier. Revenue reached $5.60 billion, also topping estimates. Q3 earnings and revenue beat estimates
• Positive Sentiment: Targa expects its 2027 common dividend to increase 20%, and declared a $1.25 dividend, reinforcing the company’s cash-return outlook. Quarterly results and dividend outlook
• Positive Sentiment: The company ordered equipment for a plant expansion and announced Train 14, a new natural gas liquids fractionator. The projects could add capacity and support future growth. Plant expansion and Train 14 announcement
• Negative Sentiment: Despite the earnings beat and dividend news, TRGP shares declined around the results. One report noted a sharp drop on the SEC filing day, but the coverage provided no clear explanation for the selling. Stock movement around filing day

Targa Resources Company Profile

Targa Resources Corp. is a midstream energy company that gathers, processes, transports and stores natural gas and natural gas liquids (NGLs), and provides services for crude oil. Its infrastructure connects oil and gas producers with pipelines, processing facilities, fractionators, storage sites and domestic and international markets.

The company’s services include natural gas gathering, compression and processing; NGL transportation and fractionation; and crude oil gathering and terminaling.