Targa Resources (NYSE:TRGP) Coverage Initiated at Truist Financial

Key Points

• Truist initiated coverage with a "buy" rating and a $279 price target on Targa Resources, implying roughly a 16.47% upside from the previous close.
• Analyst consensus is favorable: MarketBeat shows a "Moderate Buy" average rating with an average target of $248.86; shares trade near $239.54 (market cap ~$51.5B) after the company reported $2.51 EPS (beat) and $4.06B in quarterly revenue (slightly below estimates).
• Insiders have been net sellers, disposing of about 104,929 shares (~$24.7M) in the past 90 days; insiders own 1.34% of the stock while institutional investors control 92.13%.

Research analysts at Truist Financial started coverage on shares of Targa Resources (NYSE:TRGP - Get Free Report) in a research report issued to clients and investors on Tuesday. The brokerage set a "buy" rating and a $279.00 price target on the pipeline company's stock. Truist Financial's target price would indicate a potential upside of 16.47% from the company's previous close.

Several other research analysts also recently commented on TRGP. Scotiabank restated an "outperform" rating on shares of Targa Resources in a research report on Tuesday, February 24th. Wells Fargo & Company lifted their price target on Targa Resources from $248.00 to $264.00 and gave the company an "overweight" rating in a research note on Friday, March 13th. Barclays reissued an "overweight" rating and set a $226.00 price target on shares of Targa Resources in a report on Friday, February 20th. BMO Capital Markets restated an "outperform" rating and set a $241.00 price objective on shares of Targa Resources in a research report on Friday, February 20th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and issued a $242.00 price objective on shares of Targa Resources in a research note on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $248.86.

Targa Resources Trading Up 0.9%

Shares of Targa Resources stock opened at $239.54 on Tuesday. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21. Targa Resources has a 12-month low of $144.14 and a 12-month high of $250.00. The company has a market capitalization of $51.49 billion, a price-to-earnings ratio of 27.89, a PEG ratio of 1.55 and a beta of 0.84. The firm's 50-day moving average price is $217.93 and its two-hundred day moving average price is $186.35.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, beating the consensus estimate of $2.35 by $0.16. The company had revenue of $4.06 billion during the quarter, compared to analysts' expectations of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. On average, analysts forecast that Targa Resources will post 8.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, President Jennifer R. Kneale sold 29,509 shares of the business's stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $230.12, for a total transaction of $6,790,611.08. Following the sale, the president owned 235,260 shares in the company, valued at $54,138,031.20. The trade was a 11.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Patrick J. Mcdonie sold 31,537 shares of the stock in a transaction dated 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 transaction, the insider owned 305,163 shares of the company's stock, valued at $73,043,815.68. This represents a 9.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 104,929 shares of company stock worth $24,692,134 in the last ninety days. Insiders own 1.34% of the company's stock.

Institutional Trading of Targa Resources

Hedge funds have recently made changes to their positions in the company. Woodline Partners LP boosted its position in Targa Resources by 40.7% during the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company's stock worth $3,693,000 after buying an additional 5,327 shares during the period. Focus Partners Wealth increased its holdings in Targa Resources by 157.4% in the first quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company's stock valued at $788,000 after purchasing an additional 2,404 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Targa Resources by 1.6% in the second quarter. Charles Schwab Investment Management Inc. now owns 1,545,885 shares of the pipeline company's stock valued at $269,108,000 after buying an additional 24,849 shares during the period. Coldstream Capital Management Inc. increased its position in Targa Resources by 28.3% during the 2nd quarter. Coldstream Capital Management Inc. now owns 9,440 shares of the pipeline company's stock valued at $1,643,000 after purchasing an additional 2,082 shares during the period. Finally, Prudential Financial Inc. increased its position in shares of Targa Resources by 6.1% during the second quarter. Prudential Financial Inc. now owns 125,969 shares of the pipeline company's stock worth $21,929,000 after buying an additional 7,286 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Company Profile

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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