Targa Resources' (TRGP) "Buy (B-)" Rating Reiterated at Weiss Ratings

Key Points

• Targa Resources (TRGP) received a "buy (B-)" rating from Weiss Ratings, indicating strong analyst support for the stock.
• The company's stock price target has been adjusted by various analysts, with Royal Bank of Canada raising it from $205.00 to $208.00, and a consensus target price of $207.67.
• Targa Resources reported quarterly earnings of $2.87 per share, surpassing analysts' expectations and demonstrating a robust return on equity of 43.35%.

Targa Resources (NYSE:TRGP - Get Free Report)'s stock had its "buy (b-)" rating reiterated by equities research analysts at Weiss Ratings in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

A number of other equities research analysts have also commented on the company. BMO Capital Markets assumed coverage on Targa Resources in a research report on Friday, September 19th. They issued an "outperform" rating and a $185.00 price target on the stock. Scotiabank reaffirmed an "outperform" rating on shares of Targa Resources in a research report on Thursday, August 14th. Wall Street Zen raised Targa Resources from a "hold" rating to a "buy" rating in a report on Sunday, September 21st. TD Securities initiated coverage on Targa Resources in a report on Monday, July 7th. They issued a "hold" rating for the company. Finally, Royal Bank Of Canada increased their price objective on Targa Resources from $205.00 to $208.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $207.67.

Targa Resources Trading Up 1.2%

TRGP traded up $2.06 during midday trading on Wednesday, reaching $168.50. 2,000,884 shares of the company were exchanged, compared to its average volume of 1,792,067. The stock has a market capitalization of $36.26 billion, a P/E ratio of 23.83, a PEG ratio of 0.96 and a beta of 1.12. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. The stock's 50-day simple moving average is $165.34 and its 200 day simple moving average is $168.65. Targa Resources has a one year low of $150.00 and a one year high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, beating analysts' consensus estimates of $1.95 by $0.92. The firm had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. As a group, analysts forecast that Targa Resources will post 8.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Targa Resources

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Cornerstone Planning Group LLC raised its holdings in shares of Targa Resources by 578.9% in the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock valued at $26,000 after buying an additional 110 shares during the last quarter. Disciplina Capital Management LLC bought a new stake in Targa Resources in the 1st quarter valued at $46,000. Olde Wealth Management LLC acquired a new stake in shares of Targa Resources during the 1st quarter worth $52,000. Wolff Wiese Magana LLC boosted its stake in Targa Resources by 376.2% in the first quarter. Wolff Wiese Magana LLC now owns 300 shares of the pipeline company's stock valued at $60,000 after buying an additional 237 shares in the last quarter. Finally, Elevation Point Wealth Partners LLC bought a new position in Targa Resources in the second quarter valued at about $53,000. Institutional investors and hedge funds own 92.13% of the company's stock.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.

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