UBS Group Raises Targa Resources (NYSE:TRGP) Price Target to $246.00

Targa Resources (NYSE:TRGP) had its price objective hoisted by analysts at UBS Group from $182.00 to $246.00 in a report released on Friday,Benzinga reports. The firm currently has a “buy” rating on the pipeline company’s stock. UBS Group’s target price points to a potential upside of 25.48% from the stock’s current price.

TRGP has been the subject of a number of other research reports. Truist Financial increased their price objective on Targa Resources from $150.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Morgan Stanley upped their target price on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Barclays increased their price target on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Royal Bank of Canada boosted their price objective on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Finally, Bank of America initiated coverage on shares of Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 price objective for the company. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Targa Resources currently has an average rating of “Buy” and a consensus price target of $169.79.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $196.04 on Friday. Targa Resources has a 1 year low of $81.03 and a 1 year high of $197.14. The firm has a market cap of $42.75 billion, a P/E ratio of 35.45, a PEG ratio of 0.77 and a beta of 2.24. The stock has a fifty day moving average price of $163.51 and a two-hundred day moving average price of $140.77. 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 (NYSE:TRGP) last announced its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The business had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter last year, the business posted $0.97 earnings per share. Research analysts forecast that Targa Resources will post 6.19 EPS for the current fiscal year.

Insider Activity

In other news, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the transaction, the insider now owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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 value of $23,329,500.00. Following the transaction, the director now owns 110,470 shares in the company, valued at approximately $17,181,399.10. This trade represents a 57.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 185,760 shares of company stock worth $30,026,712 in the last three months. 1.39% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of TRGP. Strategic Investment Solutions Inc. IL bought a new stake in Targa Resources in the 2nd quarter valued at $29,000. DT Investment Partners LLC acquired a new position in shares of Targa Resources during the third quarter valued at about $29,000. UMB Bank n.a. lifted its stake in shares of Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after buying an additional 222 shares during the period. Prospera Private Wealth LLC acquired a new stake in Targa Resources during the third quarter worth about $35,000. Finally, Whittier Trust Co. bought a new position in Targa Resources during the second quarter valued at about $44,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

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.