Targa Resources (NYSE:TRGP) Earns Neutral Rating from Seaport Research Partners

Key Points

• Seaport Research Partners reissued a neutral rating on Targa Resources, while the broader analyst consensus is a Moderate Buy with an average price target of $259.93 and several firms recently raising targets.
• Targa beat EPS expectations ($2.51 vs. $2.35) but slightly missed revenue forecasts ($4.06B vs. $4.12B); the stock trades near $254.56 (close to its 52‑week high) with a PE of 29.6 and a high debt‑to‑equity ratio of 5.21.
• Insiders have sold shares recently (over $24.7M in the last 90 days), leaving just 1.37% insider ownership, while institutional investors own about 92.13% of the company.

Targa Resources (NYSE:TRGP - Get Free Report)'s stock had its "neutral" rating reissued by analysts at Seaport Research Partners in a report released on Monday,Benzinga reports.

TRGP has been the subject of several other research reports. Weiss Ratings upgraded shares of Targa Resources from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, January 29th. Truist Financial upped their target price on shares of Targa Resources from $279.00 to $285.00 and gave the company a "buy" rating in a report on Monday, April 13th. Barclays upped their target price on shares of Targa Resources from $226.00 to $255.00 and gave the company an "overweight" rating in a report on Tuesday, April 7th. Citigroup upped their target price on shares of Targa Resources from $200.00 to $262.00 and gave the company a "buy" rating in a report on Tuesday, February 24th. Finally, BMO Capital Markets restated an "outperform" rating and issued a $241.00 target price on shares of Targa Resources in a report on Friday, February 20th. Fourteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $259.93.

Targa Resources Trading Up 0.1%

NYSE TRGP opened at $254.56 on Monday. 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 52 week low of $144.14 and a 52 week high of $260.49. The stock has a market capitalization of $54.68 billion, a PE ratio of 29.63, a price-to-earnings-growth ratio of 1.64 and a beta of 0.75. The firm has a 50 day moving average of $240.75 and a two-hundred day moving average of $202.03.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.35 by $0.16. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. The company had revenue of $4.06 billion during the quarter, compared to analysts' expectations of $4.12 billion. As a group, research analysts expect that Targa Resources will post 10.32 EPS for the current fiscal year.

Insider Activity

In related news, Director Charles R. Crisp sold 1,359 shares of the stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $229.30, for a total transaction of $311,618.70. Following the completion of the sale, the director owned 77,094 shares in the company, valued at $17,677,654.20. This represents a 1.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lindsey Cooksen sold 435 shares of the stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $231.72, for a total transaction of $100,798.20. Following the sale, the director owned 11,670 shares of the company's stock, valued at approximately $2,704,172.40. This represents a 3.59% decrease in their position. 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 90 days. 1.37% of the stock is owned by corporate insiders.

Institutional Trading of Targa Resources

Large investors have recently bought and sold shares of the business. Atlantic Union Bankshares Corp acquired a new stake in Targa Resources during the 4th quarter worth $27,000. Olistico Wealth LLC purchased a new position in Targa Resources during the 4th quarter worth $27,000. Miller Capital Partners Inc. purchased a new position in Targa Resources during the 4th quarter worth $30,000. Global Assets Advisory LLC purchased a new position in Targa Resources during the 1st quarter worth $41,000. Finally, Leonteq Securities AG purchased a new position in Targa Resources during the 4th quarter worth $31,000. Institutional investors and hedge funds own 92.13% of the company's stock.

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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