Targa Resources (NYSE:TRGP) PT Raised to $145.00

Targa Resources (NYSE:TRGP) had its price objective lifted by equities research analysts at JPMorgan Chase & Co. from $140.00 to $145.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the pipeline company’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 10.86% from the company’s previous close.

TRGP has been the topic of a number of other research reports. Royal Bank of Canada raised their price objective on shares of Targa Resources from $123.00 to $128.00 and gave the company an “outperform” rating in a research note on Thursday, May 16th. Wells Fargo & Company raised their target price on shares of Targa Resources from $109.00 to $124.00 and gave the stock an “overweight” rating in a report on Friday, May 3rd. Morgan Stanley raised their target price on shares of Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a report on Monday, June 10th. Argus started coverage on shares of Targa Resources in a report on Wednesday, June 26th. They set a “buy” rating and a $140.00 target price for the company. Finally, UBS Group raised their price objective on shares of Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a research note on Tuesday, June 11th. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $129.85.

Targa Resources Stock Performance

Shares of NYSE:TRGP traded down $0.48 during trading hours on Tuesday, hitting $130.79. The stock had a trading volume of 567,577 shares, compared to its average volume of 1,649,208. The stock’s fifty day simple moving average is $118.39 and its 200 day simple moving average is $104.44. Targa Resources has a 1-year low of $74.95 and a 1-year high of $132.08. The firm has a market capitalization of $29.00 billion, a price-to-earnings ratio of 26.89, a PEG ratio of 0.76 and a beta of 2.27. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.62 and a current ratio of 0.70.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, May 2nd. The pipeline company reported $1.22 EPS for the quarter, missing the consensus estimate of $1.35 by ($0.13). Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. The firm had revenue of $4.56 billion during the quarter, compared to analyst estimates of $4.28 billion. Sell-side analysts anticipate that Targa Resources will post 5.27 earnings per share for the current fiscal year.

Insider Activity at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 20,000 shares of the business’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $113.13, for a total transaction of $2,262,600.00. Following the completion of the transaction, the insider now owns 136,098 shares of the company’s stock, valued at approximately $15,396,766.74. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider D. Scott Pryor sold 20,000 shares of the business’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $113.13, for a total transaction of $2,262,600.00. Following the transaction, the insider now owns 136,098 shares in the company, valued at approximately $15,396,766.74. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Charles R. Crisp sold 7,000 shares of the business’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $112.54, for a total transaction of $787,780.00. Following the transaction, the director now owns 95,471 shares in the company, valued at approximately $10,744,306.34. The disclosure for this sale can be found here. In the last 90 days, insiders sold 42,791 shares of company stock valued at $4,907,563. Insiders own 1.44% of the company’s stock.

Institutional Trading of Targa Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Targa Resources by 0.8% in the first quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock valued at $3,025,521,000 after acquiring an additional 201,817 shares during the period. Blackstone Inc. grew its stake in Targa Resources by 2.7% during the first quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock worth $1,085,794,000 after buying an additional 252,729 shares during the last quarter. Wellington Management Group LLP grew its stake in Targa Resources by 5.1% during the third quarter. Wellington Management Group LLP now owns 8,319,024 shares of the pipeline company’s stock worth $713,107,000 after buying an additional 401,144 shares during the last quarter. Deutsche Bank AG grew its stake in Targa Resources by 200.4% during the third quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock worth $478,063,000 after buying an additional 3,720,270 shares during the last quarter. Finally, Morgan Stanley grew its stake in Targa Resources by 16.1% during the third quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock worth $325,003,000 after buying an additional 524,794 shares during the last quarter. Institutional investors 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.