Targa Resources (NYSE:TRGP) PT Raised to $124.00 at Wells Fargo & Company

Targa Resources (NYSE:TRGP) had its price target lifted by equities research analysts at Wells Fargo & Company from $109.00 to $124.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the pipeline company’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 10.41% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. Royal Bank of Canada boosted their target price on shares of Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a research note on Monday, February 26th. Truist Financial boosted their target price on shares of Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Citigroup boosted their target price on shares of Targa Resources from $104.00 to $112.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Stifel Nicolaus boosted their target price on shares of Targa Resources from $111.00 to $130.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. Finally, JPMorgan Chase & Co. lifted their price target on Targa Resources from $122.00 to $125.00 and gave the company an “overweight” rating in a report on Wednesday, March 6th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $119.92.

Targa Resources Stock Down 0.6 %

TRGP opened at $112.31 on Friday. Targa Resources has a fifty-two week low of $67.36 and a fifty-two week high of $117.87. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.79 and a quick ratio of 0.66. The firm’s fifty day moving average price is $110.02 and its two-hundred day moving average price is $94.93. The company has a market capitalization of $24.99 billion, a P/E ratio of 23.11 and a beta of 2.19.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). Targa Resources had a return on equity of 24.50% and a net margin of 6.86%. The business had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.50 billion. On average, analysts anticipate that Targa Resources will post 5.72 EPS for the current year.

Insiders Place Their Bets

In other Targa Resources news, CAO Julie H. Boushka sold 2,500 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total transaction of $244,150.00. Following the completion of the sale, the chief accounting officer now directly owns 71,808 shares of the company’s stock, valued at approximately $7,012,769.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Jennifer R. Kneale sold 26,061 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $97.36, for a total transaction of $2,537,298.96. Following the completion of the transaction, the chief financial officer now directly owns 227,663 shares in the company, valued at approximately $22,165,269.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Julie H. Boushka sold 2,500 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total value of $244,150.00. Following the transaction, the chief accounting officer now owns 71,808 shares of the company’s stock, valued at $7,012,769.28. The disclosure for this sale can be found here. In the last three months, insiders sold 81,966 shares of company stock valued at $7,987,215. 1.39% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Targa Resources

Several institutional investors have recently modified their holdings of the stock. Team Hewins LLC acquired a new position in shares of Targa Resources during the 1st quarter worth about $205,000. Signaturefd LLC grew its position in shares of Targa Resources by 34.6% in the 1st quarter. Signaturefd LLC now owns 7,774 shares of the pipeline company’s stock valued at $871,000 after purchasing an additional 1,998 shares during the period. Catalina Capital Group LLC grew its position in shares of Targa Resources by 16.4% in the 1st quarter. Catalina Capital Group LLC now owns 2,944 shares of the pipeline company’s stock valued at $330,000 after purchasing an additional 414 shares during the period. Mediolanum International Funds Ltd acquired a new position in shares of Targa Resources in the 1st quarter valued at approximately $756,000. Finally, BI Asset Management Fondsmaeglerselskab A S grew its position in shares of Targa Resources by 12.9% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 12,806 shares of the pipeline company’s stock valued at $1,434,000 after purchasing an additional 1,466 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

About Targa Resources

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.