Targa Resources (NYSE:TRGP) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan raised its price target on Targa Resources from $291 to $315 and kept an overweight rating, implying about 13.5% upside from the prior close.
• Other analysts remain broadly positive, with several firms recently lifting targets or reiterating buy/outperform ratings. Overall, Targa Resources now has a Moderate Buy consensus and an average price target of $279.40.
• The stock opened at $277.56, near its 52-week high of $280, but the company’s latest quarterly results missed expectations on both earnings and revenue. Analysts still expect Targa to earn $10.75 per share for the current fiscal year.

Targa Resources (NYSE:TRGP - Get Free Report) had its price target hoisted by JPMorgan Chase & Co. from $291.00 to $315.00 in a report issued on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the pipeline company's stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 13.49% from the stock's previous close.

Several other equities analysts have also issued reports on the company. Wells Fargo & Company increased their target price on Targa Resources from $264.00 to $270.00 and gave the stock an "overweight" rating in a research note on Friday, May 8th. Morgan Stanley lifted their price target on shares of Targa Resources from $327.00 to $331.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 12th. Truist Financial boosted their price target on shares of Targa Resources from $285.00 to $289.00 and gave the stock a "buy" rating in a report on Tuesday, May 12th. Royal Bank Of Canada restated an "outperform" rating and issued a $281.00 price objective on shares of Targa Resources in a report on Tuesday, May 12th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Targa Resources in a research report on Thursday, July 2nd. Seventeen equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $279.40.

Targa Resources Price Performance

TRGP stock opened at $277.56 on Thursday. Targa Resources has a 1 year low of $144.14 and a 1 year high of $280.00. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The firm has a market capitalization of $59.57 billion, a PE ratio of 28.06, a price-to-earnings-growth ratio of 1.40 and a beta of 0.71. The business has a 50 day simple moving average of $264.21 and a 200-day simple moving average of $234.25.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts' consensus estimates of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The company had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. Equities research analysts anticipate that Targa Resources will post 10.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of the company's stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the sale, the director directly owned 66,492 shares of the company's stock, valued at $17,019,292.32. This represents a 13.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.37% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of TRGP. Woodline Partners LP boosted its stake in shares of Targa Resources by 40.7% during the first 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 position in Targa Resources by 157.4% in the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company's stock valued at $788,000 after acquiring an additional 2,404 shares during the period. Baird Financial Group Inc. increased its position in Targa Resources by 6.3% in the 2nd quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company's stock valued at $644,000 after acquiring an additional 219 shares during the period. Brown Advisory Inc. raised its stake in Targa Resources by 13.1% during the 2nd quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company's stock valued at $787,000 after acquiring an additional 524 shares during the last quarter. Finally, Cerity Partners LLC raised its stake in Targa Resources by 11.0% during the 2nd quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company's stock valued at $5,550,000 after acquiring an additional 3,163 shares during the last quarter. 92.13% of the stock is 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.