Targa Resources (NYSE:TRGP) Given New $190.00 Price Target at Wells Fargo & Company

Targa Resources (NYSE:TRGP) had its price target raised by stock analysts at Wells Fargo & Company from $153.00 to $190.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the pipeline company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 1.18% from the company’s previous close.

TRGP has been the topic of a number of other reports. Morgan Stanley lifted their target price on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Truist Financial lifted their price objective on Targa Resources from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday. The Goldman Sachs Group increased their target price on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Bank of America initiated coverage on shares of Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target for the company. Finally, Royal Bank of Canada increased their price objective on shares of Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Targa Resources presently has a consensus rating of “Buy” and an average target price of $157.21.

Targa Resources Stock Up 0.9 %

NYSE TRGP opened at $187.79 on Wednesday. The company has a quick ratio of 0.53, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources has a fifty-two week low of $81.03 and a fifty-two week high of $189.62. The business has a 50 day moving average price of $158.01 and a two-hundred day moving average price of $137.54. The stock has a market cap of $40.95 billion, a PE ratio of 33.96, a P/E/G ratio of 1.44 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last announced its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The business had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the prior year, the firm earned $0.97 earnings per share. As a group, sell-side analysts predict that Targa Resources will post 5.96 EPS for the current fiscal year.

Insider Buying and Selling at Targa Resources

In other news, Director Joe Bob Perkins sold 150,000 shares of the company’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the transaction, the director now owns 110,470 shares in the company, valued at approximately $17,181,399.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Robert Muraro sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the sale, the insider now directly owns 174,451 shares in the company, valued at $25,504,736.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the transaction, the director now owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 157,764 shares of company stock worth $24,421,590. 1.39% of the stock is owned by insiders.

Institutional Investors Weigh In On Targa Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Targa Resources by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock valued at $3,025,521,000 after buying an additional 201,817 shares during the period. Caxton Associates LP acquired a new position in shares of Targa Resources during the second quarter valued at approximately $2,323,000. Sciencast Management LP bought a new stake in Targa Resources during the first quarter worth approximately $1,910,000. Cetera Investment Advisers raised its holdings in Targa Resources by 215.2% during the first quarter. Cetera Investment Advisers now owns 31,052 shares of the pipeline company’s stock worth $3,478,000 after purchasing an additional 21,200 shares in the last quarter. Finally, Virtu Financial LLC acquired a new stake in Targa Resources in the first quarter worth approximately $1,151,000. 92.13% of the stock is currently 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.