Citigroup Increases Targa Resources (NYSE:TRGP) Price Target to $227.00

Targa Resources (NYSE:TRGP) had its price target boosted by Citigroup from $218.00 to $227.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the pipeline company’s stock. Citigroup’s price target would suggest a potential upside of 14.54% from the company’s current price.

Several other research firms have also recently weighed in on TRGP. US Capital Advisors cut shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Truist Financial decreased their price objective on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, December 13th. Barclays boosted their target price on Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Scotiabank assumed coverage on Targa Resources in a research report on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 price objective for the company. Finally, The Goldman Sachs Group boosted their price objective on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. One research 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.com, Targa Resources presently has an average rating of “Buy” and a consensus price target of $205.43.

Targa Resources Price Performance

Shares of TRGP stock opened at $198.19 on Tuesday. The stock’s fifty day moving average is $196.21 and its 200-day moving average is $176.96. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources has a 52 week low of $95.88 and a 52 week high of $218.51. The stock has a market capitalization of $43.22 billion, a PE ratio of 34.53, a PEG ratio of 0.61 and a beta of 2.29.

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

Hedge Funds Weigh In On Targa Resources

Several institutional investors and hedge funds have recently made changes to their positions in TRGP. Vanguard Group Inc. grew its stake in Targa Resources by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company’s stock valued at $4,848,169,000 after acquiring an additional 150,038 shares during the period. Wellington Management Group LLP grew its position in shares of Targa Resources by 4.4% in the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock valued at $2,235,927,000 after purchasing an additional 633,589 shares during the period. Geode Capital Management LLC grew its position in shares of Targa Resources by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company’s stock valued at $1,056,187,000 after purchasing an additional 212,986 shares during the period. Norges Bank bought a new stake in Targa Resources during the 4th quarter worth approximately $505,132,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in Targa Resources by 2.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company’s stock worth $492,022,000 after buying an additional 53,853 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.