Mizuho Issues Positive Forecast for Targa Resources (NYSE:TRGP) Stock Price

Key Points

• Mizuho raised its price target on Targa Resources from $207 to $260 and kept an "outperform" rating, implying roughly an 8.8% upside from the current price.
• Multiple brokers including Morgan Stanley, Citi, UBS, Barclays and BMO have also raised targets or reiterated buys, leaving a MarketBeat consensus of Moderate Buy with an average target of $246.54.
• TRGP traded at $238.97 after reporting quarterly EPS of $2.51 (beat) with revenue slightly below estimates; the company has a $51.37B market cap, a PE of 27.76, and insiders have recently sold shares.

Targa Resources (NYSE:TRGP - Get Free Report) had its price objective increased by analysts at Mizuho from $207.00 to $260.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an "outperform" rating on the pipeline company's stock. Mizuho's price target points to a potential upside of 8.80% from the company's current price.

A number of other analysts have also issued reports on TRGP. Morgan Stanley lifted their price target on shares of Targa Resources from $266.00 to $298.00 and gave the stock an "overweight" rating in a research note on Tuesday, March 3rd. UBS Group restated a "buy" rating on shares of Targa Resources in a report on Friday, January 9th. Barclays reaffirmed an "overweight" rating and set a $226.00 price objective on shares of Targa Resources in a research note on Friday, February 20th. Citigroup upped their price objective on shares of Targa Resources from $200.00 to $262.00 and gave the company a "buy" rating in a research note on Tuesday, February 24th. Finally, BMO Capital Markets restated an "outperform" rating and set a $241.00 target price on shares of Targa Resources in a report on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, Targa Resources has a consensus rating of "Moderate Buy" and an average target price of $246.54.

Targa Resources Price Performance

TRGP stock traded up $4.99 on Thursday, reaching $238.97. 1,298,463 shares of the company's stock were exchanged, compared to its average volume of 1,438,091. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21. The stock has a fifty day moving average of $214.15 and a 200-day moving average of $184.68. Targa Resources has a twelve month low of $144.14 and a twelve month high of $250.00. The firm has a market cap of $51.37 billion, a PE ratio of 27.76, a P/E/G ratio of 1.58 and a beta of 0.84.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, beating analysts' consensus estimates of $2.35 by $0.16. The business had revenue of $4.06 billion during the quarter, compared to analyst estimates of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. As a group, equities analysts predict that Targa Resources will post 8.15 EPS for the current fiscal year.

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 1,359 shares of the business's stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $229.30, for a total transaction of $311,618.70. Following the transaction, the director owned 77,094 shares of the company's stock, valued at $17,677,654.20. The trade was a 1.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Patrick J. Mcdonie sold 31,537 shares of the firm's stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $239.36, for a total value of $7,548,696.32. Following the completion of the sale, the insider directly owned 305,163 shares of the company's stock, valued at approximately $73,043,815.68. The trade was a 9.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 104,929 shares of company stock worth $24,692,134 over the last ninety days. Insiders own 1.34% of the company's stock.

Hedge Funds Weigh In On Targa Resources

A number of hedge funds have recently bought and sold shares of TRGP. Olistico Wealth LLC bought a new position in shares of Targa Resources in the 4th quarter worth about $27,000. Atlantic Union Bankshares Corp bought a new stake in Targa Resources during the fourth quarter worth $27,000. Miller Capital Partners Inc. purchased a new stake in shares of Targa Resources during the 4th quarter worth approximately $30,000. Leonteq Securities AG bought a new stake in shares of Targa Resources in the fourth quarter valued at $31,000. Finally, Peoples Financial Services CORP. purchased a new stake in shares of Targa Resources during the 3rd quarter valued at approximately $34,000. 92.13% of the stock is owned by institutional investors.

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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