Royal Bank Of Canada Forecasts Strong Price Appreciation for Targa Resources (NYSE:TRGP) Stock

Key Points

• Royal Bank of Canada raised its Targa Resources price target to $338 from $312 and maintained an “outperform” rating, implying approximately 18.33% upside from the stock’s reported price of $285.64.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and an average price target of $298.71; Targa also exceeded quarterly EPS expectations, reporting $3.54 versus the $2.83 consensus.
• Targa shares have climbed substantially over the past year, trading near their 52-week high, while insiders recently sold shares and institutional investors own approximately 92.13% of the company.

Targa Resources (NYSE:TRGP - Get Free Report) had its target price increased by equities researchers at Royal Bank Of Canada from $312.00 to $338.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the pipeline company's stock. Royal Bank Of Canada's target price would suggest a potential upside of 18.33% from the stock's current price.

Several other research firms have also recently weighed in on TRGP. UBS Group reaffirmed a "buy" rating and set a $318.00 target price on shares of Targa Resources in a research note on Thursday, July 9th. Truist Financial boosted their price target on shares of Targa Resources from $289.00 to $312.00 and gave the stock a "buy" rating in a research note on Wednesday, July 15th. Scotiabank raised their price objective on Targa Resources from $249.00 to $257.00 and gave the company an "outperform" rating in a research report on Tuesday, May 12th. Citigroup reaffirmed a "buy" rating on shares of Targa Resources in a report on Wednesday, May 27th. Finally, Erste Group Bank started coverage on Targa Resources in a research report on Thursday, June 25th. They issued a "buy" rating on the stock. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $298.71.

Targa Resources Price Performance

NYSE TRGP traded down $8.39 during trading hours on Thursday, reaching $285.64. The company's stock had a trading volume of 106,124 shares, compared to its average volume of 1,329,113. Targa Resources has a 1 year low of $144.14 and a 1 year high of $307.94. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. The company has a market capitalization of $61.25 billion, a price-to-earnings ratio of 27.35, a PEG ratio of 1.37 and a beta of 0.72. The firm's 50-day moving average price is $273.84 and its 200-day moving average price is $256.34.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.83 by $0.71. The business had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. On average, equities research analysts predict that Targa Resources will post 11.2 EPS for the current fiscal year.

Insider Buying and Selling at Targa Resources

In other news, Director Charles R. Crisp sold 3,000 shares of Targa Resources stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total transaction of $870,690.00. Following the completion of the sale, the director directly owned 62,292 shares in the company, valued at approximately $18,079,007.16. This trade represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Waters S. Iv Davis sold 2,400 shares of Targa Resources stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $299.67, for a total transaction of $719,208.00. Following the sale, the director owned 1,529 shares of the company's stock, valued at $458,195.43. The trade was a 61.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.37% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Targa Resources

Several hedge funds have recently modified their holdings of the business. First Eagle Investment Management LLC lifted its holdings in Targa Resources by 381.0% during the second quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company's stock worth $27,000 after buying an additional 80 shares during the period. Jones Financial Companies Lllp acquired a new stake in shares of Targa Resources in the 2nd quarter worth $32,000. Compass Financial Management LLC purchased a new position in Targa Resources during the 2nd quarter worth $33,000. CoreCap Advisors LLC increased its position in Targa Resources by 245.9% during the 2nd quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company's stock valued at $34,000 after buying an additional 91 shares in the last quarter. Finally, Virtus Advisers LLC acquired a new position in Targa Resources during the 2nd quarter valued at about $35,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

About Targa Resources

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.

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