Barclays Forecasts Strong Price Appreciation for Targa Resources (NYSE:TRGP) Stock

Targa Resources (NYSE:TRGP) had its price objective lifted by analysts at Barclays from $226.00 to $255.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the pipeline company’s stock. Barclays‘s target price suggests a potential upside of 1.67% from the stock’s current price.

A number of other equities analysts have also recently weighed in on TRGP. Scotiabank reissued an “outperform” rating on shares of Targa Resources in a research report on Tuesday, February 24th. UBS Group lifted their price target on shares of Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, March 24th. Royal Bank Of Canada lifted their price target on shares of Targa Resources from $218.00 to $260.00 and gave the stock an “outperform” rating in a research report on Friday, February 27th. Truist Financial initiated coverage on shares of Targa Resources in a research report on Tuesday, March 24th. They set a “buy” rating and a $279.00 price target on the stock. Finally, Wells Fargo & Company lifted their price target on shares of Targa Resources from $248.00 to $264.00 and gave the stock an “overweight” rating in a research report on Friday, March 13th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $256.71.

Targa Resources Trading Up 2.1%

Shares of NYSE TRGP traded up $5.16 during midday trading on Tuesday, reaching $250.81. 469,257 shares of the stock were exchanged, compared to its average volume of 1,469,055. The business has a 50-day simple moving average of $230.01 and a two-hundred day simple moving average of $192.19. The company has a market capitalization of $53.87 billion, a price-to-earnings ratio of 29.20, a P/E/G ratio of 1.60 and a beta of 0.81. Targa Resources has a 12 month low of $144.14 and a 12 month high of $253.87. The company has a debt-to-equity ratio of 5.21, a current ratio of 0.67 and a quick ratio of 0.55.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates of $2.35 by $0.16. The company had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. As a group, equities research analysts expect that Targa Resources will post 8.15 EPS for the current year.

Insider Buying and Selling at Targa Resources

In related news, insider Robert Muraro sold 24,589 shares of the firm’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $241.34, for a total transaction of $5,934,309.26. Following the sale, the insider directly owned 197,401 shares in the company, valued at $47,640,757.34. This trade represents a 11.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider D. Scott Pryor sold 17,500 shares of the firm’s stock in a transaction on Wednesday, February 25th. The stock was 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 in the company, valued at approximately $7,311,246.96. The trade was a 35.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 104,929 shares of company stock valued at $24,692,134 over the last quarter. 1.34% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Targa Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Atlantic Union Bankshares Corp acquired a new stake in Targa Resources in the 4th quarter valued at $27,000. Olistico Wealth LLC acquired a new stake in Targa Resources in the 4th quarter valued at $27,000. Miller Capital Partners Inc. acquired a new stake in Targa Resources in the 4th quarter valued at $30,000. Leonteq Securities AG acquired a new stake in Targa Resources in the 4th quarter valued at $31,000. Finally, Peoples Financial Services CORP. acquired a new stake in Targa Resources in the 3rd quarter valued at $34,000. 92.13% of the stock is currently 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.