Targa Resources (NYSE:TRGP) was upgraded by analysts at Stifel Nicolaus from a "hold" rating to a "buy" rating in a report issued on Friday, Briefing.com reports. The brokerage presently has a $34.00 price target on the pipeline company's stock. Stifel Nicolaus' price objective indicates a potential upside of 18.18% from the stock's current price.
A number of other equities analysts have also recently issued reports on the company. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upped their price objective on Targa Resources from $22.00 to $36.00 in a report on Wednesday, January 13th. Wells Fargo & Company upgraded Targa Resources from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $23.00 to $29.00 in a report on Monday, November 30th. Mizuho upped their price objective on Targa Resources from $24.00 to $33.00 and gave the stock a "neutral" rating in a report on Wednesday. Morgan Stanley upped their price objective on Targa Resources from $38.00 to $40.00 and gave the stock an "overweight" rating in a report on Friday, January 15th. Finally, Barclays upped their price objective on Targa Resources from $25.00 to $32.00 and gave the stock an "overweight" rating in a report on Tuesday, December 8th. Five equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of "Buy" and an average target price of $29.00.
Shares of NYSE TRGP opened at $28.77 on Friday. The firm has a market capitalization of $6.59 billion, a P/E ratio of -3.66 and a beta of 2.99. The company has a quick ratio of 0.86, a current ratio of 1.05 and a debt-to-equity ratio of 1.23. The stock's 50-day simple moving average is $27.80 and its two-hundred day simple moving average is $20.47. Targa Resources has a twelve month low of $3.66 and a twelve month high of $40.50.
Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, November 5th. The pipeline company reported $0.16 earnings per share for the quarter, topping analysts' consensus estimates of $0.09 by $0.07. The business had revenue of $2.12 billion for the quarter, compared to analyst estimates of $1.90 billion. Targa Resources had a positive return on equity of 5.97% and a negative net margin of 20.83%. As a group, research analysts anticipate that Targa Resources will post 1.36 EPS for the current fiscal year.
In related news, Director James W. Whalen sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, December 15th. The stock was sold at an average price of $27.50, for a total transaction of $275,000.00. Following the completion of the transaction, the director now owns 202,279 shares of the company's stock, valued at approximately $5,562,672.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director James W. Whalen sold 5,000 shares of the firm's stock in a transaction that occurred on Thursday, January 7th. The shares were sold at an average price of $30.00, for a total value of $150,000.00. Following the transaction, the director now directly owns 184,279 shares of the company's stock, valued at approximately $5,528,370. The disclosure for this sale can be found here. 1.54% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the stock. Nachman Norwood & Parrott Inc bought a new position in Targa Resources during the 3rd quarter valued at approximately $40,000. Neo Ivy Capital Management increased its position in Targa Resources by 62.8% during the 3rd quarter. Neo Ivy Capital Management now owns 3,069 shares of the pipeline company's stock valued at $43,000 after buying an additional 1,184 shares in the last quarter. CX Institutional bought a new position in Targa Resources during the 3rd quarter valued at approximately $45,000. Cerebellum GP LLC boosted its stake in Targa Resources by 173.4% during the 3rd quarter. Cerebellum GP LLC now owns 3,778 shares of the pipeline company's stock valued at $53,000 after purchasing an additional 2,396 shares during the last quarter. Finally, Freestone Capital Holdings LLC purchased a new stake in Targa Resources during the 3rd quarter valued at $67,000. 84.51% of the stock is owned by institutional investors.
Targa Resources Company Profile
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company engages 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; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.
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