UBS Group Raises Targa Resources (NYSE:TRGP) Price Target to $147.00

Targa Resources (NYSE:TRGPGet Free Report) had its price objective upped by UBS Group from $116.00 to $147.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the pipeline company’s stock. UBS Group’s price target suggests a potential upside of 22.60% from the company’s current price.

A number of other analysts have also recently commented on TRGP. Morgan Stanley boosted their price objective on Targa Resources from $134.00 to $140.00 and gave the company an “overweight” rating in a research report on Monday. Wells Fargo & Company boosted their price objective on Targa Resources from $109.00 to $124.00 and gave the stock an “overweight” rating in a research note on Friday, May 3rd. Barclays upped their price target on Targa Resources from $116.00 to $122.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. Scotiabank upped their price target on Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a research note on Monday, April 15th. Finally, The Goldman Sachs Group upped their price target on Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a research note on Thursday, April 4th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $128.58.

Get Our Latest Stock Report on Targa Resources

Targa Resources Price Performance

Shares of NYSE TRGP opened at $119.90 on Tuesday. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.62 and a current ratio of 0.70. Targa Resources has a fifty-two week low of $69.44 and a fifty-two week high of $120.48. The company has a market cap of $26.58 billion, a PE ratio of 24.67, a P/E/G ratio of 0.69 and a beta of 2.21. The business has a 50-day simple moving average of $115.14 and a two-hundred day simple moving average of $100.43.

Targa Resources (NYSE:TRGPGet Free Report) last announced its quarterly earnings results on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share for the quarter, missing the consensus estimate of $1.35 by ($0.13). The company had revenue of $4.56 billion for the quarter, compared to analysts’ expectations of $4.28 billion. Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. As a group, equities analysts expect that Targa Resources will post 5.33 EPS for the current fiscal year.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, Director Charles R. Crisp sold 7,000 shares of Targa Resources stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $112.54, for a total value of $787,780.00. Following the transaction, the director now directly owns 95,471 shares in the company, valued at approximately $10,744,306.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Charles R. Crisp sold 7,000 shares of Targa Resources stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $112.54, for a total value of $787,780.00. Following the sale, the director now directly owns 95,471 shares in the company, valued at $10,744,306.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Julie H. Boushka sold 2,691 shares of Targa Resources stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total value of $304,083.00. Following the completion of the sale, the chief accounting officer now owns 57,228 shares in the company, valued at $6,466,764. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,691 shares of company stock worth $3,693,763. 1.44% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Targa Resources

A number of institutional investors have recently made changes to their positions in TRGP. Addison Advisors LLC acquired a new position in shares of Targa Resources in the fourth quarter worth $27,000. Spire Wealth Management increased its stake in Targa Resources by 2,400.0% in the first quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock valued at $31,000 after purchasing an additional 264 shares during the last quarter. VisionPoint Advisory Group LLC increased its stake in Targa Resources by 111.2% in the third quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock valued at $34,000 after purchasing an additional 209 shares during the last quarter. EdgeRock Capital LLC acquired a new position in Targa Resources in the fourth quarter valued at $42,000. Finally, Rational Advisors LLC acquired a new position in Targa Resources in the third quarter valued at $43,000. 92.13% of the stock is owned by institutional investors and hedge funds.

About Targa Resources

(Get Free Report)

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.

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