Targa Resources (NYSE:TRGP) Price Target Raised to $122.00

Targa Resources (NYSE:TRGP - Get Free Report) had its target price hoisted by investment analysts at Barclays from $116.00 to $122.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has an "overweight" rating on the pipeline company's stock. Barclays's price target would indicate a potential upside of 6.64% from the company's current price.

Several other equities analysts have also recently commented on the stock. Mizuho boosted their price target on shares of Targa Resources from $105.00 to $130.00 and gave the company a "buy" rating in a report on Wednesday, April 3rd. The Goldman Sachs Group boosted their price target on shares of Targa Resources from $105.00 to $117.00 and gave the company a "buy" rating in a report on Thursday, April 4th. JPMorgan Chase & Co. upped their price objective on shares of Targa Resources from $122.00 to $125.00 and gave the stock an "overweight" rating in a report on Wednesday, March 6th. Citigroup upped their price objective on shares of Targa Resources from $104.00 to $112.00 and gave the stock a "buy" rating in a report on Wednesday, February 21st. Finally, UBS Group decreased their price objective on shares of Targa Resources from $109.00 to $108.00 and set a "buy" rating for the company in a report on Thursday, January 18th. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $115.70.

Targa Resources Trading Down 1.3 %

NYSE TRGP traded down $1.56 on Tuesday, hitting $114.41. 2,238,586 shares of the stock were exchanged, compared to its average volume of 1,713,183. Targa Resources has a 52-week low of $67.36 and a 52-week high of $116.92. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.79 and a quick ratio of 0.66. The company has a market capitalization of $25.46 billion, a price-to-earnings ratio of 31.07 and a beta of 2.21. The company's 50-day moving average price is $100.92 and its two-hundred day moving average price is $90.99.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.49 by ($0.26). Targa Resources had a net margin of 5.20% and a return on equity of 18.64%. The company had revenue of $4.24 billion for the quarter, compared to analysts' expectations of $4.50 billion. Research analysts predict that Targa Resources will post 5.75 EPS for the current year.

Insider Activity

In other news, CAO Julie H. Boushka sold 2,500 shares of the company's stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total transaction of $244,150.00. Following the completion of the transaction, the chief accounting officer now owns 71,808 shares of the company's stock, valued at $7,012,769.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Julie H. Boushka sold 2,500 shares of the company's stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total transaction of $244,150.00. Following the completion of the transaction, the chief accounting officer now owns 71,808 shares of the company's stock, valued at $7,012,769.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider D. Scott Pryor sold 10,000 shares of the company's stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $97.00, for a total transaction of $970,000.00. Following the transaction, the insider now directly owns 156,098 shares of the company's stock, valued at approximately $15,141,506. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 81,966 shares of company stock valued at $7,987,215. Insiders own 1.39% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Massmutual Trust Co. FSB ADV raised its position in Targa Resources by 17.2% in the first quarter. Massmutual Trust Co. FSB ADV now owns 633 shares of the pipeline company's stock worth $71,000 after purchasing an additional 93 shares in the last quarter. Harbour Investments Inc. raised its position in Targa Resources by 51.3% in the third quarter. Harbour Investments Inc. now owns 357 shares of the pipeline company's stock worth $31,000 after purchasing an additional 121 shares in the last quarter. Orion Portfolio Solutions LLC raised its position in Targa Resources by 2.1% in the second quarter. Orion Portfolio Solutions LLC now owns 6,125 shares of the pipeline company's stock worth $466,000 after purchasing an additional 128 shares in the last quarter. Integrated Wealth Concepts LLC raised its position in Targa Resources by 5.0% in the second quarter. Integrated Wealth Concepts LLC now owns 2,960 shares of the pipeline company's stock worth $225,000 after purchasing an additional 140 shares in the last quarter. Finally, Baker Avenue Asset Management LP raised its position in Targa Resources by 1.6% in the fourth quarter. Baker Avenue Asset Management LP now owns 9,147 shares of the pipeline company's stock worth $795,000 after purchasing an additional 140 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

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.