Targa Resources (NYSE:TRGP) Price Target Raised to $204.00 at Barclays

Targa Resources (NYSE:TRGP) had its price objective boosted by Barclays from $171.00 to $204.00 in a research note released on Monday morning,Benzinga reports. The firm currently has an overweight rating on the pipeline company’s stock.

A number of other equities analysts also recently issued reports on the company. Stifel Nicolaus increased their price objective on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Bank of America assumed coverage on shares of Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target for the company. UBS Group boosted their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. US Capital Advisors downgraded shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Finally, Royal Bank of Canada lifted their target price on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a report on Monday, November 11th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Targa Resources has a consensus rating of “Buy” and a consensus target price of $189.21.

Targa Resources Stock Performance

Shares of TRGP stock opened at $197.26 on Monday. 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 fifty-two week low of $81.03 and a fifty-two week high of $209.87. The company has a market capitalization of $43.02 billion, a P/E ratio of 35.67, a PEG ratio of 0.73 and a beta of 2.30. The stock has a 50 day moving average price of $189.74 and a two-hundred day moving average price of $161.75.

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

Insiders Place Their Bets

In other news, insider D. Scott Pryor sold 30,000 shares of the business’s stock in a transaction that occurred on 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. The trade was a 26.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction dated 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 sale, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.39% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Strategic Investment Solutions Inc. IL purchased a new position in shares of Targa Resources during the second quarter valued at $29,000. DT Investment Partners LLC bought a new position in Targa Resources during the 3rd quarter worth about $29,000. Prospera Private Wealth LLC purchased a new position in Targa Resources during the 3rd quarter valued at about $35,000. Huntington National Bank raised its holdings in shares of Targa Resources by 22.9% in the 3rd quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock valued at $71,000 after purchasing an additional 89 shares in the last quarter. Finally, Venturi Wealth Management LLC lifted its position in shares of Targa Resources by 36.1% in the 3rd quarter. Venturi Wealth Management LLC now owns 532 shares of the pipeline company’s stock worth $79,000 after purchasing an additional 141 shares during the period. 92.13% of the stock is currently owned by institutional investors.

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.