Targa Resources (NYSE:TRGP) Price Target Raised to $327.00

Key Points

• Morgan Stanley raised its price target for Targa Resources to $327 (from $298) and maintains an "overweight" rating, implying roughly a 29.8% upside from the prior close.
• Other analysts have also lifted targets (e.g., Mizuho and RBC to $260), and the stock carries a consensus rating of "Moderate Buy" with a consensus price target of $254.64.
• Company insiders have sold a total of 104,929 shares worth about $24.7 million over the past 90 days, leaving insiders with just 1.34% ownership.

Targa Resources (NYSE:TRGP - Get Free Report) had its price target hoisted by analysts at Morgan Stanley from $298.00 to $327.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an "overweight" rating on the pipeline company's stock. Morgan Stanley's target price suggests a potential upside of 29.83% from the company's previous close.

Several other equities research analysts have also recently weighed in on TRGP. Weiss Ratings upgraded shares of Targa Resources from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, January 29th. Mizuho increased their target price on shares of Targa Resources from $207.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday, March 19th. TD Cowen increased their target price on shares of Targa Resources from $192.00 to $220.00 and gave the company a "hold" rating in a research note on Monday, February 23rd. Royal Bank Of Canada increased their target price on shares of Targa Resources from $218.00 to $260.00 and gave the company an "outperform" rating in a research note on Friday, February 27th. Finally, Barclays reissued an "overweight" rating and issued a $226.00 target price on shares of Targa Resources in a research note on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Targa Resources has a consensus rating of "Moderate Buy" and a consensus price target of $254.64.

Targa Resources Stock Performance

Shares of NYSE TRGP traded up $6.23 during mid-day trading on Tuesday, hitting $251.88. The company had a trading volume of 305,806 shares, compared to its average volume of 1,466,692. The company has a debt-to-equity ratio of 5.21, a current ratio of 0.67 and a quick ratio of 0.55. The business's 50-day simple moving average is $230.01 and its 200-day simple moving average is $192.19. Targa Resources has a 12 month low of $144.14 and a 12 month high of $253.87. The firm has a market cap of $54.10 billion, a P/E ratio of 29.32, a PEG ratio of 1.60 and a beta of 0.81.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, beating 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 business had revenue of $4.06 billion during the quarter, compared to analysts' expectations of $4.12 billion. As a group, analysts predict that Targa Resources will post 8.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider D. Scott Pryor sold 17,500 shares of the company's stock in a transaction dated Wednesday, February 25th. The shares were 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 of the company's stock, valued at $7,311,246.96. The trade was a 35.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Charles R. Crisp sold 1,359 shares of the company's stock in a transaction dated 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 directly owned 77,094 shares in the company, valued at approximately $17,677,654.20. The trade was a 1.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 104,929 shares of company stock valued at $24,692,134 over the last 90 days. Company insiders own 1.34% of the company's stock.

Institutional Trading of Targa Resources

Several large investors have recently added to or reduced their stakes in TRGP. Olistico Wealth LLC bought a new stake in Targa Resources during the fourth quarter worth about $27,000. Atlantic Union Bankshares Corp bought a new stake in Targa Resources during the fourth quarter worth about $27,000. Miller Capital Partners Inc. bought a new stake in Targa Resources during the fourth quarter worth about $30,000. Leonteq Securities AG bought a new stake in Targa Resources during the fourth quarter worth about $31,000. Finally, Peoples Financial Services CORP. bought a new stake in Targa Resources during the third quarter worth about $34,000. 92.13% of the stock is owned by 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.

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