Targa Resources (NYSE:TRGP) Stock Gets Price Target Bump from Wells Fargo & Company

Key Points

• Wells Fargo raised its Targa Resources price target from $324 to $330 and maintained an “overweight” rating, implying 24.69% upside from the current share price.
• Analyst sentiment is broadly positive: Targa has an average “Buy” rating and a consensus price target of $325.89.
• In its latest quarter, the company reported EPS of $3.04, beating the $2.74 consensus, and revenue of $5.60 billion, above expectations of $4.77 billion.

Targa Resources (NYSE:TRGP - Get Free Report) had its price target upped by stock analysts at Wells Fargo & Company from $324.00 to $330.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has an "overweight" rating on the pipeline company's stock. Wells Fargo & Company's price objective suggests a potential upside of 24.69% from the stock's current price.

Other equities analysts also recently issued reports about the stock. Capital One Financial boosted their target price on shares of Targa Resources from $310.00 to $335.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 22nd. Mizuho upped their target price on shares of Targa Resources from $300.00 to $320.00 and gave the stock an "outperform" rating in a research report on Friday, September 11th. TD Cowen raised shares of Targa Resources from a "hold" rating to a "buy" rating and increased their price target for the company from $275.00 to $350.00 in a research note on Friday, September 18th. Royal Bank Of Canada raised their price target on shares of Targa Resources from $312.00 to $338.00 and gave the company an "outperform" rating in a report on Thursday, August 27th. Finally, The Goldman Sachs Group reissued a "buy" rating and issued a $322.00 price target on shares of Targa Resources in a report on Tuesday, October 13th. Two investment analysts have rated the stock with a Strong Buy rating and twenty have issued a Buy rating to the company's stock. According to data from MarketBeat, Targa Resources currently has an average rating of "Buy" and an average price target of $325.89.

Targa Resources Price Performance

Targa Resources stock opened at $264.65 on Monday. Targa Resources has a 52 week low of $166.18 and a 52 week high of $316.60. The firm has a market cap of $56.75 billion, a P/E ratio of 23.42, a P/E/G ratio of 1.09 and a beta of 0.76. The company has a debt-to-equity ratio of 4.87, a quick ratio of 0.66 and a current ratio of 0.74. The business's fifty day moving average is $289.31 and its two-hundred day moving average is $261.35.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Thursday, November 5th. The pipeline company reported $3.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.74 by $0.30. The business had revenue of $5.60 billion during the quarter, compared to analysts' expectations of $4.77 billion. Targa Resources had a return on equity of 68.83% and a net margin of 13.45%. Equities research analysts forecast that Targa Resources will post 11.51 earnings per share for the current fiscal year.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, Director Paul Chung sold 1,816 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total value of $537,735.76. Following the sale, the director directly owned 44,000 shares in the company, 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 SEC, which is accessible through the SEC website. Also, Director Charles 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 transaction, the director directly owned 62,292 shares in the company, valued at approximately $18,079,007.16. This represents a 4.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders 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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its holdings in shares of Targa Resources by 1.4% during the second quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company's stock worth $5,586,077,000 after purchasing an additional 291,114 shares during the period. State Street Corp raised its position in shares of Targa Resources by 4.6% in the second quarter. State Street Corp now owns 14,226,166 shares of the pipeline company's stock valued at $3,814,604,000 after buying an additional 626,885 shares in the last quarter. Aberdeen Group plc raised its position in shares of Targa Resources by 3,159.2% in the third quarter. Aberdeen Group plc now owns 4,254,731 shares of the pipeline company's stock valued at $1,150,096,000 after buying an additional 4,124,184 shares in the last quarter. Bank of America Corp DE raised its position in shares of Targa Resources by 28.0% in the first quarter. Bank of America Corp DE now owns 3,151,993 shares of the pipeline company's stock valued at $790,299,000 after buying an additional 688,598 shares in the last quarter. Finally, Deutsche Bank AG boosted its stake in shares of Targa Resources by 21.7% in the second quarter. Deutsche Bank AG now owns 3,025,248 shares of the pipeline company's stock valued at $811,190,000 after buying an additional 539,582 shares during the period. 92.13% of the stock is currently owned by institutional investors.

About Targa Resources

Targa Resources Corp. is a midstream energy company that gathers, processes, transports and stores natural gas and natural gas liquids (NGLs), and provides services for crude oil. Its infrastructure connects oil and gas producers with pipelines, processing facilities, fractionators, storage sites and domestic and international markets.

The company's services include natural gas gathering, compression and processing; NGL transportation and fractionation; and crude oil gathering and terminaling.

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