Wells Fargo & Company Forecasts Strong Price Appreciation for Targa Resources (NYSE:TRGP) Stock

Targa Resources (NYSE:TRGP) had its price objective boosted by stock analysts at Wells Fargo & Company from $204.00 to $220.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the pipeline company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 9.60% from the stock’s current price.

A number of other research analysts also recently commented on the company. Truist Financial lowered their target price on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research report on Friday, December 13th. UBS Group increased their target price on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Scotiabank began coverage on shares of Targa Resources in a research report on Friday, January 10th. They set a “sector outperform” rating and a $218.00 target price for the company. Royal Bank of Canada boosted their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Finally, Stifel Nicolaus boosted their target price on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $197.21.

Targa Resources Price Performance

Shares of TRGP stock opened at $200.73 on Friday. The business’s fifty day moving average is $195.58 and its 200 day moving average is $175.41. Targa Resources has a twelve month low of $95.88 and a twelve month high of $218.51. The stock has a market cap of $43.77 billion, a price-to-earnings ratio of 37.06, a PEG ratio of 0.62 and a beta of 2.29. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. Research analysts expect that Targa Resources will post 6.36 EPS for the current fiscal year.

Institutional Trading of Targa Resources

Several large investors have recently made changes to their positions in the business. Colonial Trust Co SC boosted its holdings in Targa Resources by 5,400.0% in the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock valued at $29,000 after acquiring an additional 162 shares during the last quarter. Atala Financial Inc bought a new position in shares of Targa Resources in the 4th quarter valued at about $31,000. Cary Street Partners Financial LLC acquired a new stake in shares of Targa Resources during the 4th quarter worth approximately $31,000. Rakuten Securities Inc. raised its stake in shares of Targa Resources by 394.6% during the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock worth $33,000 after buying an additional 146 shares during the last quarter. Finally, DT Investment Partners LLC acquired a new position in Targa Resources in the third quarter valued at approximately $29,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources Company Profile

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.