Targa Resources (NYSE:TRGP) Given New $285.00 Price Target at Truist Financial

Key Points

• Truist raised its price target on Targa Resources to $285 (from $279) and maintained a "buy" rating, implying roughly a 16.8% upside from the prior close.
• Consensus among analysts is a Moderate Buy (14 Buy vs. 3 Hold) with an average price target of $257.14.
• Targa beat EPS estimates ($2.51 vs. $2.35) but slightly missed revenue, while insiders sold about $24.7M of stock over the last three months and institutional ownership is ~92%.

Targa Resources (NYSE:TRGP - Get Free Report) had its price target boosted by investment analysts at Truist Financial from $279.00 to $285.00 in a report released on Monday,Benzinga reports. The firm presently has a "buy" rating on the pipeline company's stock. Truist Financial's target price points to a potential upside of 16.76% from the company's previous close.

A number of other analysts have also issued reports on TRGP. Weiss Ratings upgraded Targa Resources from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, January 29th. The Goldman Sachs Group reiterated a "buy" rating and set a $242.00 price objective on shares of Targa Resources in a research note on Friday, February 20th. Stifel Nicolaus upped their target price on Targa Resources from $213.00 to $243.00 and gave the stock a "buy" rating in a research note on Friday, February 20th. TD Cowen upped their target price on Targa Resources from $192.00 to $220.00 and gave the stock a "hold" rating in a research note on Monday, February 23rd. Finally, Mizuho upped their target price on Targa Resources from $207.00 to $260.00 and gave the stock an "outperform" rating in a research note on Thursday, March 19th. Fourteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Targa Resources has a consensus rating of "Moderate Buy" and an average target price of $257.14.

Targa Resources Stock Performance

NYSE:TRGP opened at $244.09 on Monday. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67. Targa Resources has a 52-week low of $144.14 and a 52-week high of $253.87. The firm has a market cap of $52.43 billion, a price-to-earnings ratio of 28.42, a PEG ratio of 1.57 and a beta of 0.81. The business's fifty day moving average is $233.70 and its 200 day moving average is $194.38.

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

Insiders Place Their Bets

In other Targa Resources news, insider Robert Muraro sold 24,589 shares of the company's stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $241.34, for a total value of $5,934,309.26. Following the transaction, the insider directly owned 197,401 shares in the company, valued at $47,640,757.34. This represents a 11.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Jennifer R. Kneale sold 29,509 shares of the company's stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $230.12, for a total value of $6,790,611.08. Following the completion of the transaction, the president owned 235,260 shares of the company's stock, valued at $54,138,031.20. The trade was a 11.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 104,929 shares of company stock worth $24,692,134. 1.37% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Targa Resources

A number of hedge funds and other institutional investors have recently modified their holdings of TRGP. Woodline Partners LP boosted its holdings in shares of Targa Resources by 40.7% in the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company's stock worth $3,693,000 after purchasing an additional 5,327 shares in the last quarter. Focus Partners Wealth boosted its holdings in shares of Targa Resources by 157.4% in the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company's stock worth $788,000 after purchasing an additional 2,404 shares in the last quarter. Baird Financial Group Inc. boosted its holdings in shares of Targa Resources by 6.3% in the 2nd quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company's stock worth $644,000 after purchasing an additional 219 shares in the last quarter. Brown Advisory Inc. boosted its holdings in shares of Targa Resources by 13.1% in the 2nd quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company's stock worth $787,000 after purchasing an additional 524 shares in the last quarter. Finally, Cerity Partners LLC boosted its holdings in shares of Targa Resources by 11.0% in the 2nd quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company's stock worth $5,550,000 after purchasing an additional 3,163 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.