Targa Resources (NYSE:TRGP) Price Target Raised to $249.00

Key Points

• Scotiabank raised its price target on Targa Resources to $249 and maintained a "sector outperform" rating, and multiple analysts have boosted targets such that the consensus is a Moderate Buy with a consensus price target of $258.07.
• Targa traded at $242.67 (down 0.2%) after reporting quarterly EPS of $2.51 (beat) while revenue slightly missed; the company shows a high ROE (65.48%) but carries substantial leverage with a debt-to-equity ratio of 5.21.

Targa Resources (NYSE:TRGP - Get Free Report) had its target price hoisted by stock analysts at Scotiabank from $246.00 to $249.00 in a report issued on Monday,Benzinga reports. The firm currently has a "sector outperform" rating on the pipeline company's stock. Scotiabank's price objective points to a potential upside of 2.61% from the company's current price.

Several other analysts have also recently weighed in on the company. Barclays boosted their price objective on Targa Resources from $226.00 to $255.00 and gave the stock an "overweight" rating in a report on Tuesday, April 7th. Stifel Nicolaus boosted their target price on Targa Resources from $213.00 to $243.00 and gave the stock a "buy" rating in a research report on Friday, February 20th. TD Cowen boosted their target price on Targa Resources from $192.00 to $220.00 and gave the stock a "hold" rating in a research report on Monday, February 23rd. The Goldman Sachs Group restated a "buy" rating and set a $242.00 target price on shares of Targa Resources in a research report on Friday, February 20th. Finally, Royal Bank Of Canada boosted their target price on Targa Resources from $260.00 to $270.00 and gave the stock an "outperform" rating in a research report on Monday. Fourteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $258.07.

Targa Resources Trading Down 0.2%

NYSE:TRGP traded down $0.43 on Monday, hitting $242.67. 131,274 shares of the stock were exchanged, compared to its average volume of 1,457,779. The stock has a market capitalization of $52.12 billion, a price-to-earnings ratio of 28.36, a P/E/G ratio of 1.57 and a beta of 0.81. Targa Resources has a 52 week low of $144.14 and a 52 week high of $253.87. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67. The company's 50-day moving average price is $233.70 and its 200 day moving average price is $194.38.

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

Insider Transactions at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 17,500 shares of the business's stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $228.92, for a total value of $4,006,100.00. Following the sale, the insider owned 31,938 shares in the company, valued at approximately $7,311,246.96. The trade was a 35.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Charles R. Crisp sold 1,359 shares of the business's stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $229.30, for a total value 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. The trade was a 1.73% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 104,929 shares of company stock worth $24,692,134. Corporate insiders own 1.37% of the company's stock.

Institutional Investors Weigh In On Targa Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Hantz Financial Services Inc. raised its stake in shares of Targa Resources by 10.5% during the 4th quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company's stock worth $97,000 after purchasing an additional 50 shares in the last quarter. Steward Partners Investment Advisory LLC raised its stake in shares of Targa Resources by 0.7% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,455 shares of the pipeline company's stock worth $1,376,000 after purchasing an additional 51 shares in the last quarter. First Horizon Corp raised its stake in shares of Targa Resources by 20.1% during the 4th quarter. First Horizon Corp now owns 340 shares of the pipeline company's stock worth $63,000 after purchasing an additional 57 shares in the last quarter. Larson Financial Group LLC raised its stake in shares of Targa Resources by 4.1% during the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the pipeline company's stock worth $253,000 after purchasing an additional 60 shares in the last quarter. Finally, Equitable Holdings Inc. raised its stake in shares of Targa Resources by 3.6% during the 3rd quarter. Equitable Holdings Inc. now owns 1,714 shares of the pipeline company's stock worth $287,000 after purchasing an additional 60 shares in the last quarter. Institutional investors own 92.13% of the company's stock.

About Targa Resources

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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