Targa Resources Corp PT Raised to $125.00 (TRGP)
Stock analysts at Wunderlich increased their price target on shares of Targa Resources Corp (NASDAQ:TRGP) from $108.00 to $125.00 in a report issued on Friday. The firm currently has a “hold” rating on the stock. Wunderlich’s price target would suggest a potential downside of 17.01% from the company’s current price.
The analysts wrote, “After the market close, Bloomberg reported that Energy Transfer Equity (ETENR) is near a deal to purchase Targa Resources Corp. (TRGP) and Targa Resources LP (NGLS-$81.55, Buy). Based on the Bloomberg report, the transaction could be announced next week and could also involve Regency Energy Partners (RGP-NR). TRGP rose 20% on the report while NGLS rose 18%. “The Bloomberg article also suggested that the combined entities (TRGP and NGLS) could be valued over $15B to as high as $17B. However, later in the evening, Targa Resources responded to the rumor indicating that it has no merit. So, we expect the stock to revert back to fundamentals soon. We are maintaining our Hold rating on the stock but raising our price target to $125.”
Targa Resources Corp (NASDAQ:TRGP) traded down 9.49% during mid-day trading on Friday, hitting $136.32. 1,009,566 shares of the company’s stock traded hands. Targa Resources Corp has a one year low of $60.01 and a one year high of $160.97. The stock’s 50-day moving average is $116.0 and its 200-day moving average is $99.43. The company has a market cap of $5.747 billion and a price-to-earnings ratio of 88.60.
Targa Resources Corp (NASDAQ:TRGP) last announced its earnings results on Thursday, May 1st. The company reported $0.47 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.62 by $0.15. The company had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.99 billion. On average, analysts predict that Targa Resources Corp will post $2.41 earnings per share for the current fiscal year.
TRGP has been the subject of a number of other recent research reports. Analysts at Global Hunter Securities initiated coverage on shares of Targa Resources Corp in a research note on Tuesday, June 3rd. They set a “buy” rating and a $131.00 price target on the stock. Separately, analysts at Jefferies Group raised their price target on shares of Targa Resources Corp from $104.00 to $110.00 in a research note on Tuesday, June 3rd. They now have a “hold” rating on the stock. Finally, analysts at Wells Fargo & Co. upgraded shares of Targa Resources Corp from a “market perform” rating to an “outperform” rating in a research note on Monday, May 5th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Targa Resources Corp currently has a consensus rating of “Buy” and an average price target of $106.18.
Targa Resources Corp. (NASDAQ:TRGP) forms the Partnership to own, operate, acquire and develop a diversified portfolio of complementary midstream energy assets.