Targa Resources (NYSE:TRGP) Price Target Raised to $138.00 at Barclays

Targa Resources (NYSE:TRGP) had its price target upped by equities researchers at Barclays from $123.00 to $138.00 in a report released on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the pipeline company’s stock. Barclays‘s price target would suggest a potential upside of 3.29% from the company’s current price.

Several other equities research analysts have also weighed in on the stock. UBS Group increased their target price on shares of Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. Wells Fargo & Company raised their price objective on shares of Targa Resources from $109.00 to $124.00 and gave the stock an “overweight” rating in a report on Friday, May 3rd. Truist Financial raised their price objective on shares of Targa Resources from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, June 10th. Mizuho raised their target price on shares of Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. Finally, Morgan Stanley raised their target price on shares of Targa Resources from $134.00 to $140.00 and gave the company an “overweight” rating in a research report on Monday, June 10th. One equities research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $131.08.

Targa Resources Price Performance

NYSE:TRGP traded up $2.60 during mid-day trading on Wednesday, hitting $133.60. The company’s stock had a trading volume of 892,740 shares, compared to its average volume of 1,648,531. The company has a current ratio of 0.70, a quick ratio of 0.62 and a debt-to-equity ratio of 2.73. The company has a market capitalization of $29.62 billion, a price-to-earnings ratio of 27.49, a P/E/G ratio of 0.76 and a beta of 2.27. Targa Resources has a fifty-two week low of $74.95 and a fifty-two week high of $133.78. The stock has a fifty day moving average of $118.69 and a 200-day moving average of $104.76.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share for the quarter, missing the consensus estimate of $1.35 by ($0.13). Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. The firm had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $4.28 billion. As a group, equities analysts forecast that Targa Resources will post 5.27 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider D. Scott Pryor sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $113.13, for a total transaction of $2,262,600.00. Following the completion of the transaction, the insider now directly owns 136,098 shares in the company, valued at approximately $15,396,766.74. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Targa Resources news, insider Robert Muraro sold 9,900 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the sale, the insider now directly owns 186,951 shares of the company’s stock, valued at approximately $24,361,584.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider D. Scott Pryor sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $113.13, for a total transaction of $2,262,600.00. Following the sale, the insider now directly owns 136,098 shares in the company, valued at $15,396,766.74. The disclosure for this sale can be found here. Insiders sold a total of 52,691 shares of company stock worth $6,197,632 in the last three months. 1.44% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Targa Resources

A number of institutional investors have recently modified their holdings of the company. LPL Financial LLC boosted its stake in Targa Resources by 8.3% during the third quarter. LPL Financial LLC now owns 57,779 shares of the pipeline company’s stock worth $4,953,000 after acquiring an additional 4,426 shares in the last quarter. Trexquant Investment LP acquired a new position in Targa Resources during the third quarter worth $335,000. Qube Research & Technologies Ltd raised its holdings in Targa Resources by 131.2% during the third quarter. Qube Research & Technologies Ltd now owns 67,606 shares of the pipeline company’s stock worth $5,795,000 after buying an additional 38,369 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in Targa Resources by 63.0% during the third quarter. Advisors Asset Management Inc. now owns 6,801 shares of the pipeline company’s stock worth $583,000 after buying an additional 2,629 shares during the last quarter. Finally, Royal London Asset Management Ltd. raised its holdings in Targa Resources by 4.6% during the third quarter. Royal London Asset Management Ltd. now owns 64,302 shares of the pipeline company’s stock worth $5,513,000 after buying an additional 2,849 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

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.