Morgan Stanley Forecasts Strong Price Appreciation for Targa Resources (NYSE:TRGP) Stock

by · The Cerbat Gem

Targa Resources (NYSE:TRGP – Get Free Report) had its price target boosted by equities researchers at Morgan Stanley from $266.00 to $298.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the pipeline company’s stock. Morgan Stanley’s price target would suggest a potential upside of 22.59% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. Barclays reiterated an “overweight” rating and set a $226.00 price objective on shares of Targa Resources in a research report on Friday, February 20th. Scotiabank reiterated an “outperform” rating on shares of Targa Resources in a report on Tuesday, February 24th. Royal Bank Of Canada increased their price objective on Targa Resources from $218.00 to $260.00 and gave the stock an “outperform” rating in a research note on Friday. BMO Capital Markets restated an “outperform” rating and set a $241.00 price objective on shares of Targa Resources in a research report on Friday, February 20th. Finally, TD Cowen upped their target price on Targa Resources from $192.00 to $220.00 and gave the company a “hold” rating in a report on Monday, February 23rd. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $240.79.

View Our Latest Analysis on Targa Resources

Targa Resources Price Performance

TRGP traded up $3.47 during trading on Tuesday, reaching $243.08. The stock had a trading volume of 867,077 shares, compared to its average volume of 1,398,129. The stock has a 50 day moving average of $200.88 and a two-hundred day moving average of $178.50. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21. The firm has a market capitalization of $52.25 billion, a price-to-earnings ratio of 28.30, a price-to-earnings-growth ratio of 1.01 and a beta of 0.84. Targa Resources has a 1-year low of $144.14 and a 1-year high of $250.00.

Targa Resources (NYSE:TRGP – Get Free Report) last announced its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.35 by $0.16. The company had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. As a group, equities analysts anticipate that Targa Resources will post 8.15 EPS for the current fiscal year.

Insider Activity at Targa Resources

In related news, President Jennifer R. Kneale sold 29,509 shares of the firm’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $230.12, for a total value of $6,790,611.08. Following the transaction, the president directly owned 235,260 shares in the company, valued at approximately $54,138,031.20. This trade represents a 11.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Lindsey Cooksen sold 435 shares of the business’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $231.72, for a total transaction of $100,798.20. Following the transaction, the director directly owned 11,670 shares of the company’s stock, valued at approximately $2,704,172.40. This represents a 3.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 51,553 shares of company stock valued at $11,707,455. 1.34% of the stock is owned by company insiders.

Institutional Trading of Targa Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Targa Resources by 1.5% during the third quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock worth $4,755,169,000 after buying an additional 422,075 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Targa Resources by 9.0% in the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock worth $3,291,012,000 after acquiring an additional 1,620,253 shares during the last quarter. State Street Corp increased its position in Targa Resources by 1.3% during the fourth quarter. State Street Corp now owns 12,668,233 shares of the pipeline company’s stock worth $2,337,289,000 after acquiring an additional 162,878 shares during the period. Geode Capital Management LLC raised its stake in Targa Resources by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock valued at $1,078,497,000 after purchasing an additional 45,495 shares during the last quarter. Finally, Norges Bank bought a new stake in Targa Resources in the 2nd quarter valued at $708,366,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Company Profile

(Get Free Report)

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.

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