JPMorgan Chase & Co. Boosts Targa Resources (NYSE:TRGP) Price Target to $215.00

Key Points

• JPMorgan Chase & Co. has raised Targa Resources' price target from $214.00 to $215.00, indicating a potential upside of 32.25% based on the current stock price.
• Multiple analysts have given Targa Resources a consensus rating of "Moderate Buy" with an average price target of $207.67.
• Targa Resources reported earnings of $2.87 per share in its last quarterly report, significantly exceeding the consensus estimate of $1.95.

Targa Resources (NYSE:TRGP - Get Free Report) had its target price increased by equities research analysts at JPMorgan Chase & Co. from $214.00 to $215.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an "overweight" rating on the pipeline company's stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 32.25% from the stock's current price.

Several other research analysts have also commented on the stock. Royal Bank Of Canada lifted their price objective on shares of Targa Resources from $205.00 to $208.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 12th. Barclays lifted their price objective on shares of Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Cfra Research raised shares of Targa Resources to a "hold" rating in a research note on Friday, August 8th. TD Cowen started coverage on shares of Targa Resources in a research note on Monday, July 7th. They set a "hold" rating and a $192.00 price objective for the company. Finally, Mizuho lowered their target price on shares of Targa Resources from $212.00 to $207.00 and set an "outperform" rating for the company in a research note on Friday, August 29th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Targa Resources presently has a consensus rating of "Moderate Buy" and an average price target of $207.67.

Targa Resources Trading Up 0.2%

Shares of TRGP opened at $162.57 on Tuesday. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. The company's fifty day moving average is $165.40 and its 200 day moving average is $168.67. The stock has a market capitalization of $34.98 billion, a PE ratio of 22.99, a P/E/G ratio of 0.96 and a beta of 1.12. Targa Resources has a fifty-two week low of $150.00 and a fifty-two week high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, topping the consensus estimate of $1.95 by $0.92. The company had revenue of $4.26 billion during the quarter, compared to analyst estimates of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. Sell-side analysts expect that Targa Resources will post 8.15 earnings per share for the current fiscal year.

Institutional Trading of Targa Resources

A number of hedge funds have recently added to or reduced their stakes in the business. Ritholtz Wealth Management increased its holdings in shares of Targa Resources by 1.3% during the first quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company's stock valued at $991,000 after acquiring an additional 62 shares in the last quarter. Stratos Wealth Advisors LLC increased its holdings in shares of Targa Resources by 3.6% during the first quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company's stock valued at $356,000 after acquiring an additional 62 shares in the last quarter. State of Wyoming increased its holdings in shares of Targa Resources by 3.2% during the second quarter. State of Wyoming now owns 2,076 shares of the pipeline company's stock valued at $361,000 after acquiring an additional 64 shares in the last quarter. UMB Bank n.a. increased its holdings in shares of Targa Resources by 11.9% during the second quarter. UMB Bank n.a. now owns 658 shares of the pipeline company's stock valued at $115,000 after acquiring an additional 70 shares in the last quarter. Finally, QRG Capital Management Inc. increased its holdings in Targa Resources by 0.8% in the 2nd quarter. QRG Capital Management Inc. now owns 9,296 shares of the pipeline company's stock worth $1,618,000 after buying an additional 72 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.