Targa Resources (NYSE:TRGP) Stock Price Expected to Rise, Mizuho Analyst Says

Targa Resources (NYSE:TRGP) had its target price lifted by equities research analysts at Mizuho from $207.00 to $260.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the pipeline company’s stock. Mizuho’s target price indicates a potential upside of 8.80% from the company’s current price.

Several other research analysts also recently commented on TRGP. The Goldman Sachs Group reissued a “buy” rating and set a $242.00 price objective on shares of Targa Resources in a report on Friday, February 20th. Weiss Ratings upgraded Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 29th. Wells Fargo & Company lifted their target price on Targa Resources from $248.00 to $264.00 and gave the stock an “overweight” rating in a report on Friday, March 13th. TD Cowen boosted their price objective on shares of Targa Resources from $192.00 to $220.00 and gave the company a “hold” rating in a research report on Monday, February 23rd. Finally, Stifel Nicolaus upped their price objective on Targa Resources from $213.00 to $243.00 and gave the company a “buy” rating in a research report on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Targa Resources currently has an average rating of “Moderate Buy” and a consensus price target of $246.54.

Targa Resources Trading Up 2.1%

NYSE TRGP traded up $4.99 during trading on Thursday, hitting $238.97. The company had a trading volume of 1,298,463 shares, compared to its average volume of 1,438,091. The company’s fifty day moving average is $214.15 and its 200-day moving average is $184.68. The company has a market cap of $51.37 billion, a price-to-earnings ratio of 27.76, a price-to-earnings-growth ratio of 1.58 and a beta of 0.84. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 5.21. Targa Resources has a one year low of $144.14 and a one year high of $250.00.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.35 by $0.16. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. The firm had revenue of $4.06 billion during the quarter, compared to analyst estimates of $4.12 billion. On average, sell-side analysts predict that Targa Resources will post 8.15 earnings per share for the current year.

Insider Activity

In other Targa Resources news, insider D. Scott Pryor sold 17,500 shares of Targa Resources stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total transaction of $4,006,100.00. Following the sale, the insider owned 31,938 shares of the company’s stock, valued at $7,311,246.96. The trade was a 35.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Patrick J. Mcdonie sold 31,537 shares of the stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the completion of the sale, the insider directly owned 305,163 shares of the company’s stock, valued at approximately $73,043,815.68. This trade represents a 9.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 104,929 shares of company stock worth $24,692,134. Company insiders own 1.34% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Several hedge funds have recently modified their holdings of the stock. Olistico Wealth LLC acquired a new position in Targa Resources during the 4th quarter worth approximately $27,000. Atlantic Union Bankshares Corp purchased a new position in Targa Resources during the 4th quarter valued at about $27,000. Miller Capital Partners Inc. purchased a new stake in Targa Resources in the 4th quarter valued at approximately $30,000. Leonteq Securities AG purchased a new stake in Targa Resources during the 4th quarter worth about $31,000. Finally, Peoples Financial Services CORP. acquired a new position in shares of Targa Resources in the third quarter valued at approximately $34,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.