JPMorgan Chase & Co. Raises Targa Resources (NYSE:TRGP) Price Target to $209.00

Targa Resources (NYSE:TRGP - Get Free Report) had its price target boosted by analysts at JPMorgan Chase & Co. from $189.00 to $209.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the pipeline company's stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 22.42% from the company's previous close.

A number of other analysts have also recently commented on the company. The Goldman Sachs Group cut their price objective on Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a research report on Monday, May 5th. US Capital Advisors upgraded Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Truist Financial boosted their price target on Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research report on Tuesday, March 18th. Morgan Stanley boosted their price target on Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a research report on Monday, March 17th. Finally, Mizuho set a $212.00 price target on Targa Resources and gave the stock an "outperform" rating in a research report on Tuesday, May 20th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $209.57.

Targa Resources Stock Performance

Shares of Targa Resources stock traded up $0.04 on Thursday, reaching $170.73. 1,125,866 shares of the stock were exchanged, compared to its average volume of 1,838,354. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 6.04. Targa Resources has a twelve month low of $122.56 and a twelve month high of $218.51. The firm has a market capitalization of $37.04 billion, a price-to-earnings ratio of 31.44, a PEG ratio of 0.62 and a beta of 1.07. The business has a 50 day moving average price of $166.18 and a two-hundred day moving average price of $182.14.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. The firm had revenue of $4.56 billion for the quarter, compared to analyst estimates of $5.01 billion. Analysts anticipate that Targa Resources will post 8.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Targa Resources

Hedge funds have recently modified their holdings of the stock. Cornerstone Planning Group LLC raised its position in Targa Resources by 578.9% in the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after acquiring an additional 110 shares in the last quarter. Colonial Trust Co SC raised its position in Targa Resources by 5,400.0% in the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock worth $29,000 after acquiring an additional 162 shares in the last quarter. Atala Financial Inc purchased a new position in Targa Resources in the fourth quarter worth $31,000. Cary Street Partners Financial LLC purchased a new position in Targa Resources in the fourth quarter worth $31,000. Finally, Ameriflex Group Inc. purchased a new position in Targa Resources in the fourth quarter worth $31,000. 92.13% of the stock is owned by institutional investors and hedge funds.

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.

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