Citigroup Forecasts Strong Price Appreciation for Targa Resources (NYSE:TRGP) Stock

Key Points

• Citigroup raised its Targa Resources price target from $303 to $325, implying 11.72% upside from the previous close. The stock has a consensus “Buy” rating and an average target price of $317.85.
• Targa shares rose 1.5% to $290.90, while the company’s latest quarterly earnings of $3.54 per share exceeded analysts’ $2.83 estimate, despite revenue falling short of expectations.
• Institutional investors own 92.13% of Targa Resources, while insiders sold 7,216 shares worth approximately $2.13 million during the last quarter.

Targa Resources (NYSE:TRGP - Get Free Report) had its price target hoisted by Citigroup from $303.00 to $325.00 in a research note issued on Monday. Citigroup's price target would indicate a potential upside of 11.72% from the company's previous close.

Several other research firms have also recently commented on TRGP. Wolfe Research set a $335.00 price target on Targa Resources in a research note on Friday, August 7th. Truist Financial restated a "buy" rating and issued a $345.00 price target (up from $312.00) on shares of Targa Resources in a research note on Monday, September 21st. Barclays upped their price target on shares of Targa Resources from $284.00 to $294.00 and gave the company an "overweight" rating in a report on Thursday. Morgan Stanley increased their price objective on shares of Targa Resources from $343.00 to $359.00 and gave the company an "overweight" rating in a research note on Wednesday, September 16th. Finally, Mizuho raised their price objective on shares of Targa Resources from $300.00 to $320.00 and gave the stock an "outperform" rating in a report on Friday, September 11th. One investment analyst has rated the stock with a Strong Buy rating and twenty-one have given a Buy rating to the company's stock. According to MarketBeat, Targa Resources presently has a consensus rating of "Buy" and an average target price of $317.85.

Targa Resources Stock Up 1.5%

Targa Resources stock traded up $4.21 during midday trading on Monday, hitting $290.90. 295,404 shares of the stock were exchanged, compared to its average volume of 1,300,637. Targa Resources has a 1 year low of $144.14 and a 1 year high of $307.94. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. The firm has a market cap of $62.38 billion, a P/E ratio of 27.82, a P/E/G ratio of 1.35 and a beta of 0.80. The company has a 50 day moving average price of $283.48 and a two-hundred day moving average price of $268.66.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating analysts' consensus estimates of $2.83 by $0.71. The company had revenue of $4.44 billion during the quarter, compared to analysts' expectations of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. On average, sell-side analysts predict that Targa Resources will post 11.30 earnings per share for the current fiscal year.

Insider Transactions at Targa Resources

In other news, Director Paul Chung sold 1,816 shares of the business's stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total value of $537,735.76. Following the completion of the sale, the director directly owned 44,000 shares in the company, valued at approximately $13,028,840. The trade was a 3.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director S Davis sold 2,400 shares of the business's stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $299.67, for a total value of $719,208.00. Following the completion of the sale, the director owned 1,529 shares of the company's stock, valued at $458,195.43. This trade represents a 61.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 7,216 shares of company stock worth $2,127,634. 1.37% of the stock is currently owned by corporate insiders.

Institutional Trading of Targa Resources

Institutional investors have recently added to or reduced their stakes in the business. Hardy Reed LLC boosted its holdings in shares of Targa Resources by 1.0% in the 1st quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company's stock valued at $1,083,000 after buying an additional 41 shares during the period. Versant Capital Management Inc grew its position in shares of Targa Resources by 4.1% during the 2nd quarter. Versant Capital Management Inc now owns 1,146 shares of the pipeline company's stock valued at $307,000 after buying an additional 45 shares during the last quarter. Premier Path Wealth Partners LLC raised its stake in Targa Resources by 2.3% during the second quarter. Premier Path Wealth Partners LLC now owns 2,003 shares of the pipeline company's stock worth $537,000 after acquiring an additional 45 shares during the period. River Wealth Advisors LLC raised its stake in Targa Resources by 0.3% during the second quarter. River Wealth Advisors LLC now owns 19,457 shares of the pipeline company's stock worth $5,217,000 after acquiring an additional 50 shares during the period. Finally, Bridgewater Advisors Inc. raised its stake in Targa Resources by 2.7% during the first quarter. Bridgewater Advisors Inc. now owns 2,210 shares of the pipeline company's stock worth $520,000 after acquiring an additional 59 shares during the period. Institutional investors own 92.13% of the company's stock.

About Targa Resources

Targa Resources Corp. NYSE: TRGP is a Houston-based midstream energy company that owns, operates and develops infrastructure for gathering, processing, transporting, storing and exporting natural gas, natural gas liquids (NGLs), crude oil and refined petroleum products. Its operations connect producers with domestic and international markets across key U.S. energy-producing regions.

The company's assets include natural gas gathering and processing systems, NGL pipelines, fractionation facilities, storage assets and export terminals.

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