Targa Resources (NYSE:TRGP) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Targa Resources (NYSE:TRGP) had its target price upped by equities researchers at Wells Fargo & Company from $248.00 to $264.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the pipeline company’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 9.89% from the stock’s previous close.

Several other equities analysts have also recently issued reports on TRGP. Royal Bank Of Canada boosted their price target on shares of Targa Resources from $218.00 to $260.00 and gave the company an “outperform” rating in a research report on Friday, February 27th. Stifel Nicolaus raised their price objective on shares of Targa Resources from $213.00 to $243.00 and gave the stock a “buy” rating in a report on Friday, February 20th. Weiss Ratings raised Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 29th. Morgan Stanley upped their target price on Targa Resources from $266.00 to $298.00 and gave the stock an “overweight” rating in a report on Tuesday, March 3rd. Finally, Barclays reissued an “overweight” rating and issued a $226.00 target price on shares of Targa Resources in a research report on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Targa Resources has an average rating of “Moderate Buy” and an average target price of $241.93.

Targa Resources Stock Performance

NYSE:TRGP opened at $240.24 on Friday. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21. The firm’s fifty day simple moving average is $210.59 and its 200 day simple moving average is $183.18. The stock has a market cap of $51.64 billion, a P/E ratio of 27.97, a price-to-earnings-growth ratio of 1.57 and a beta of 0.84. Targa Resources has a twelve month low of $144.14 and a twelve month high of $250.00.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.35 by $0.16. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. The business had revenue of $4.06 billion during the quarter, compared to analyst estimates of $4.12 billion. As a group, research analysts predict that Targa Resources will post 8.15 EPS for the current year.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, Director Charles R. Crisp sold 1,359 shares of the company’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $229.30, for a total value of $311,618.70. Following the sale, the director owned 77,094 shares in the company, valued at approximately $17,677,654.20. This represents a 1.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Robert Muraro sold 24,589 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $241.34, for a total transaction of $5,934,309.26. Following the transaction, the insider directly owned 197,401 shares of the company’s stock, valued at $47,640,757.34. This represents a 11.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 104,929 shares of company stock valued at $24,692,134 over the last three months. 1.34% of the stock is currently owned by corporate insiders.

Institutional Trading of Targa Resources

Several hedge funds and other institutional investors have recently made changes to their positions in TRGP. Woodline Partners LP boosted its holdings in Targa Resources by 40.7% in the first quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock worth $3,693,000 after acquiring an additional 5,327 shares in the last quarter. Focus Partners Wealth increased its holdings in shares of Targa Resources by 157.4% during the first quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock valued at $788,000 after acquiring an additional 2,404 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in shares of Targa Resources in the 2nd quarter worth about $331,000. Allworth Financial LP raised its position in shares of Targa Resources by 287.6% in the 2nd quarter. Allworth Financial LP now owns 2,434 shares of the pipeline company’s stock worth $424,000 after purchasing an additional 1,806 shares during the last quarter. Finally, National Pension Service boosted its stake in Targa Resources by 1.0% in the 2nd quarter. National Pension Service now owns 249,475 shares of the pipeline company’s stock worth $43,429,000 after purchasing an additional 2,489 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.