Targa Resources (NYSE:TRGP) Receives "Buy" Rating from Truist Financial

Key Points

• Truist Financial reaffirmed its “Buy” rating on Targa Resources and raised its price target from $312 to $345, implying approximately 18.1% upside. The broader analyst consensus is also “Buy,” with a $317.24 average price target.
• Targa shares opened at $292.12 and are near their 52-week high of $307.94. The company recently reported quarterly EPS of $3.54, beating consensus estimates of $2.83, though revenue of $4.44 billion came in below expectations.
• Institutional investors own 92.13% of Targa’s stock, with several funds increasing their holdings. Meanwhile, insiders have sold 7,216 shares worth approximately $2.13 million over the past 90 days.

Targa Resources (NYSE:TRGP - Get Free Report)'s stock had its "buy" rating reissued by analysts at Truist Financial in a note issued to investors on Monday, Benzinga reports. They presently have a $345.00 price target on the pipeline company's stock, up from their prior price target of $312.00. Truist Financial's target price suggests a potential upside of 18.10% from the company's current price.

A number of other equities research analysts have also issued reports on the company. UBS Group reaffirmed a "buy" rating and issued a $318.00 price target on shares of Targa Resources in a research report on Thursday, July 9th. Weiss Ratings reissued a "buy (b)" rating on shares of Targa Resources in a research report on Thursday, July 2nd. TD Cowen upgraded shares of Targa Resources from a "hold" rating to a "buy" rating and upped their target price for the stock from $275.00 to $350.00 in a research note on Friday. JPMorgan Chase & Co. lifted their price target on shares of Targa Resources from $291.00 to $315.00 and gave the stock an "overweight" rating in a research note on Thursday, July 9th. Finally, Wells Fargo & Company boosted their price target on shares of Targa Resources from $282.00 to $324.00 and gave the stock an "overweight" rating in a report on Wednesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating and eighteen have issued a Buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $317.24.

Targa Resources Stock Performance

Shares of TRGP stock opened at $292.12 on Monday. The firm has a 50 day moving average of $281.86 and a two-hundred day moving average of $264.06. The stock has a market capitalization of $62.64 billion, a PE ratio of 27.93, a P/E/G ratio of 1.38 and a beta of 0.72. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. Targa Resources has a 52 week low of $144.14 and a 52 week high of $307.94.

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, topping analysts' consensus estimates of $2.83 by $0.71. The business had revenue of $4.44 billion for the quarter, compared to analyst estimates of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. On average, research analysts predict that Targa Resources will post 11.32 EPS for the current fiscal year.

Insider Transactions at Targa Resources

In other Targa Resources news, Director Paul W. Chung sold 1,816 shares of the firm's stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total transaction of $537,735.76. Following the sale, the director owned 44,000 shares of the company's stock, valued at approximately $13,028,840. This trade represents a 3.96% 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 Charles R. Crisp sold 3,000 shares of the firm's stock in a transaction that occurred 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 sale, the director directly owned 62,292 shares in the company, valued at approximately $18,079,007.16. The trade was a 4.59% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 7,216 shares of company stock valued at $2,127,634. Corporate insiders own 1.37% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company boosted its stake in Targa Resources by 24.7% in the second quarter. The Manufacturers Life Insurance Company now owns 374,589 shares of the pipeline company's stock valued at $100,442,000 after acquiring an additional 74,241 shares in the last quarter. Sequoia Financial Advisors LLC grew its holdings in shares of Targa Resources by 0.8% during the second quarter. Sequoia Financial Advisors LLC now owns 8,843 shares of the pipeline company's stock worth $2,371,000 after purchasing an additional 69 shares during the last quarter. Tidal Investments LLC increased its position in shares of Targa Resources by 238.0% during the second quarter. Tidal Investments LLC now owns 41,741 shares of the pipeline company's stock worth $11,192,000 after purchasing an additional 29,390 shares in the last quarter. Integrated Wealth Concepts LLC increased its position in shares of Targa Resources by 53.8% during the second quarter. Integrated Wealth Concepts LLC now owns 6,568 shares of the pipeline company's stock worth $1,761,000 after purchasing an additional 2,297 shares in the last quarter. Finally, Baird Financial Group Inc. lifted its holdings in shares of Targa Resources by 10.1% in the 2nd quarter. Baird Financial Group Inc. now owns 3,543 shares of the pipeline company's stock valued at $950,000 after purchasing an additional 326 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

About Targa Resources

Targa Resources Corp. NYSE: TRGP is a midstream energy infrastructure company that gathers, processes, transports and fractionates natural gas and natural gas liquids (NGLs). Its operations connect producers with downstream markets and include natural gas gathering and processing, NGL fractionation, storage, transportation and marketing, as well as crude oil gathering and logistics.

The company operates an integrated network of pipelines, processing plants, fractionation facilities, storage assets and export infrastructure across the United States.

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