Barclays Lowers Targa Resources (NYSE:TRGP) Price Target to $178.00

Targa Resources (NYSE:TRGP) had its price target cut by investment analysts at Barclays from $206.00 to $178.00 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. Barclays‘s price target would indicate a potential upside of 11.00% from the stock’s current price.

A number of other equities research analysts also recently issued reports on TRGP. UBS Group reduced their price target on shares of Targa Resources from $259.00 to $228.00 and set a “buy” rating on the stock in a research note on Thursday, May 15th. Royal Bank of Canada cut their target price on Targa Resources from $199.00 to $191.00 and set an “outperform” rating on the stock in a research report on Thursday, May 8th. Morgan Stanley upped their price target on Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a research note on Monday, March 17th. Truist Financial lifted their price objective on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, March 18th. Finally, Wells Fargo & Company boosted their price objective on Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Thirteen research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Targa Resources presently has an average rating of “Buy” and a consensus target price of $198.79.

Targa Resources Price Performance

TRGP stock opened at $160.37 on Tuesday. Targa Resources has a 52-week low of $113.65 and a 52-week high of $218.51. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The stock has a market cap of $34.79 billion, a price-to-earnings ratio of 27.94, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22. The business has a fifty day moving average of $175.82 and a two-hundred day moving average of $187.95.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The business had revenue of $4.56 billion for the quarter, compared to analyst estimates of $5.01 billion. As a group, research analysts anticipate that Targa Resources will post 8.15 earnings per share for the current year.

Insider Activity

In other Targa Resources news, insider D. Scott Pryor sold 35,000 shares of the firm’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the sale, the insider now directly owns 82,139 shares in the company, valued at $16,206,024.70. This trade represents a 29.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total value of $9,527,121.96. Following the sale, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at $141,555,510.24. This trade represents a 6.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 115,914 shares of company stock worth $22,613,288. 1.34% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Cornerstone Planning Group LLC increased its stake in Targa Resources by 578.9% in the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock valued at $26,000 after purchasing an additional 110 shares during the last quarter. Colonial Trust Co SC boosted 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 in the last quarter. Atala Financial Inc purchased a new position in shares of Targa Resources in the 4th quarter valued at $31,000. Cary Street Partners Financial LLC acquired a new stake in Targa Resources during the 4th quarter worth $31,000. Finally, Ameriflex Group Inc. acquired a new stake in Targa Resources during the 4th quarter worth $31,000. Hedge funds and other 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.