Targa Resources (NYSE:TRGP) Price Target Lowered to $220.00 at Truist Financial

Targa Resources (NYSE:TRGP) had its price target dropped by investment analysts at Truist Financial from $225.00 to $220.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the pipeline company’s stock. Truist Financial’s price objective indicates a potential upside of 18.04% from the company’s current price.

Several other equities research analysts also recently commented on TRGP. Barclays boosted their target price on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Bank of America assumed coverage on Targa Resources in a research report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target on the stock. Royal Bank of Canada upped their target price on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Morgan Stanley boosted their price target on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Finally, Wells Fargo & Company increased their target price on Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $176.14.

Targa Resources Stock Performance

Shares of TRGP traded up $0.80 during trading hours on Friday, reaching $186.37. 74,036 shares of the company’s stock traded hands, compared to its average volume of 1,645,748. Targa Resources has a twelve month low of $81.03 and a twelve month high of $209.87. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The firm has a market capitalization of $40.64 billion, a price-to-earnings ratio of 33.66, a P/E/G ratio of 0.74 and a beta of 2.28. The business’s fifty day simple moving average is $180.92 and its two-hundred day simple moving average is $151.53.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The business had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the prior year, the business posted $0.97 earnings per share. Analysts predict that Targa Resources will post 6.26 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO Julie H. Boushka sold 3,260 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the transaction, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the transaction, the director now directly owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. The trade was a 57.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 183,260 shares of company stock valued at $29,661,212 over the last quarter. 1.39% of the stock is owned by company insiders.

Institutional Investors Weigh In On Targa Resources

A number of hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its stake in shares of Targa Resources by 4.4% during the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock worth $2,235,927,000 after purchasing an additional 633,589 shares during the period. Geode Capital Management LLC lifted its position in shares of Targa Resources by 1.7% during the third quarter. Geode Capital Management LLC now owns 5,717,487 shares of the pipeline company’s stock worth $843,680,000 after acquiring an additional 97,583 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Targa Resources by 13.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after acquiring an additional 271,444 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Targa Resources by 1.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,331,503 shares of the pipeline company’s stock worth $197,076,000 after buying an additional 14,287 shares in the last quarter. Finally, Barclays PLC boosted its position in shares of Targa Resources by 19.5% in the third quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company’s stock valued at $153,124,000 after acquiring an additional 168,602 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Company Profile

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.