Morgan Stanley Increases Targa Resources (NYSE:TRGP) Price Target to $244.00

Targa Resources (NYSE:TRGP) had its price objective raised by analysts at Morgan Stanley from $202.00 to $244.00 in a note issued to investors on Monday, MarketBeat Ratings reports. The firm currently has an “overweight” rating on the pipeline company’s stock. Morgan Stanley’s price target indicates a potential upside of 25.74% from the company’s current price.

Several other equities research analysts also recently commented on TRGP. Truist Financial cut their target price on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, December 13th. Citigroup raised their price target on shares of Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. Stifel Nicolaus lifted their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Barclays boosted their price target on shares of Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Finally, Mizuho boosted their price target on shares of Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $210.50.

Targa Resources Stock Performance

Shares of TRGP stock opened at $194.05 on Monday. The stock has a market cap of $42.32 billion, a P/E ratio of 33.81, a P/E/G ratio of 0.61 and a beta of 2.32. The company has a fifty day moving average price of $199.40 and a two-hundred day moving average price of $182.29. Targa Resources has a one year low of $107.31 and a one year high of $218.51. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. As a group, equities analysts predict that Targa Resources will post 8.15 EPS for the current year.

Insider Activity at Targa Resources

In other news, insider Jennifer R. Kneale sold 29,887 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total value of $5,750,856.54. Following the sale, the insider now directly owns 227,269 shares of the company’s stock, valued at $43,731,100.98. The trade was a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total value of $429,809.40. Following the transaction, the director now owns 2,899 shares in the company, valued at approximately $568,957.74. The trade was a 43.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock valued at $22,613,288 over the last quarter. 1.39% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Targa Resources

A number of institutional investors have recently added to or reduced their stakes in the stock. Colonial Trust Co SC raised its holdings in shares of Targa Resources by 5,400.0% in the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock valued at $29,000 after buying an additional 162 shares during the period. Atala Financial Inc purchased a new stake in Targa Resources during the 4th quarter valued at approximately $31,000. Cary Street Partners Financial LLC purchased a new stake in Targa Resources during the 4th quarter valued at approximately $31,000. Ameriflex Group Inc. purchased a new position in shares of Targa Resources during the 4th quarter worth approximately $31,000. Finally, Rakuten Securities Inc. raised its stake in shares of Targa Resources by 394.6% during the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock worth $33,000 after buying an additional 146 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

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.