Royal Bank Of Canada Increases Targa Resources (NYSE:TRGP) Price Target to $270.00
by Renee Jackson · The Cerbat GemTarga Resources (NYSE:TRGP – Get Free Report) had its price objective raised by analysts at Royal Bank Of Canada from $260.00 to $270.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the pipeline company’s stock. Royal Bank Of Canada’s target price suggests a potential upside of 10.90% from the stock’s previous close.
TRGP has been the subject of several other reports. Truist Financial upped their target price on Targa Resources from $279.00 to $285.00 and gave the company a “buy” rating in a report on Monday. Scotiabank reissued an “outperform” rating on shares of Targa Resources in a report on Tuesday, February 24th. Stifel Nicolaus increased their price objective on Targa Resources from $213.00 to $243.00 and gave the company a “buy” rating in a report on Friday, February 20th. Citigroup increased their price objective on Targa Resources from $200.00 to $262.00 and gave the company a “buy” rating in a report on Tuesday, February 24th. Finally, UBS Group increased their price objective on Targa Resources from $228.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, March 24th. Fourteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Targa Resources currently has an average rating of “Moderate Buy” and a consensus target price of $257.86.
Check Out Our Latest Analysis on TRGP
Targa Resources Stock Performance
Shares of TRGP stock traded up $0.38 during trading on Monday, hitting $243.47. The company’s stock had a trading volume of 58,875 shares, compared to its average volume of 1,456,814. The company has a market cap of $52.30 billion, a PE ratio of 28.35, a P/E/G ratio of 1.57 and a beta of 0.81. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 5.21. The business has a fifty day moving average of $233.70 and a 200-day moving average of $194.38. Targa Resources has a 52 week low of $144.14 and a 52 week high of $253.87.
Targa Resources (NYSE:TRGP – Get Free Report) last released its earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.35 by $0.16. The company had revenue of $4.06 billion during the quarter, compared to analyst estimates of $4.12 billion. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%. As a group, research analysts anticipate that Targa Resources will post 8.15 earnings per share for the current year.
Insider Transactions at Targa Resources
In other news, insider Patrick J. Mcdonie sold 31,537 shares of the firm’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $239.36, for a total value of $7,548,696.32. Following the completion of the transaction, the insider directly owned 305,163 shares of the company’s stock, valued at $73,043,815.68. This trade represents a 9.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider D. Scott Pryor sold 17,500 shares of the firm’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $228.92, for a total value of $4,006,100.00. Following the completion of the transaction, the insider directly owned 31,938 shares of the company’s stock, valued at $7,311,246.96. The trade was a 35.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 104,929 shares of company stock valued at $24,692,134. 1.37% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Targa Resources
Large investors have recently made changes to their positions in the stock. Atlantic Union Bankshares Corp bought a new position in shares of Targa Resources in the fourth quarter worth $27,000. Olistico Wealth LLC purchased a new stake in shares of Targa Resources in the fourth quarter worth $27,000. Miller Capital Partners Inc. purchased a new stake in shares of Targa Resources in the fourth quarter worth $30,000. Leonteq Securities AG purchased a new stake in shares of Targa Resources in the fourth quarter worth $31,000. Finally, Peoples Financial Services CORP. purchased a new stake in shares of Targa Resources in the third quarter worth $34,000. 92.13% of the stock is owned by 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.