Targa Resources (NYSE:TRGP) Stock Price Expected to Rise, TD Cowen Analyst Says

Targa Resources (NYSE:TRGP) had its price target hoisted by TD Cowen from $192.00 to $220.00 in a research note issued on Monday, Marketbeat reports. The brokerage currently has a “hold” rating on the pipeline company’s stock. TD Cowen’s price target would indicate a potential downside of 5.05% from the company’s previous close.

TRGP has been the subject of several other reports. UBS Group restated a “buy” rating on shares of Targa Resources in a research report on Friday, January 9th. Morgan Stanley restated an “overweight” rating and set a $266.00 target price on shares of Targa Resources in a report on Wednesday, January 28th. Wall Street Zen cut Targa Resources from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Scotiabank reiterated an “outperform” rating and issued a $224.00 price objective on shares of Targa Resources in a research report on Friday, January 16th. Finally, Wells Fargo & Company raised their target price on shares of Targa Resources from $207.00 to $248.00 and gave the stock an “overweight” rating in a report on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Targa Resources presently has an average rating of “Moderate Buy” and a consensus price target of $235.50.

Targa Resources Trading Down 0.1%

Shares of TRGP stock opened at $231.71 on Monday. The business has a 50-day moving average price of $196.58 and a two-hundred day moving average price of $176.60. Targa Resources has a 12-month low of $144.14 and a 12-month high of $233.28. 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 cap of $49.81 billion, a P/E ratio of 26.97, a price-to-earnings-growth ratio of 1.00 and a beta of 0.88.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, beating analysts’ consensus estimates 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 return on equity of 65.48% and a net margin of 10.88%. Equities analysts anticipate that Targa Resources will post 8.15 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Gerald R. Shrader sold 2,750 shares of Targa Resources stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $181.21, for a total transaction of $498,327.50. Following the sale, the insider directly owned 29,561 shares in the company, valued at $5,356,748.81. The trade was a 8.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.34% of the stock is owned by company insiders.

Hedge Funds Weigh In On Targa Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in TRGP. Norges Bank purchased a new stake in Targa Resources in the second quarter worth about $708,366,000. Wellington Management Group LLP boosted its position in shares of Targa Resources by 9.0% in the 3rd quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock worth $3,291,012,000 after purchasing an additional 1,620,253 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Targa Resources by 48.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock worth $607,023,000 after buying an additional 1,075,246 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Targa Resources in the 3rd quarter worth approximately $121,426,000. Finally, Tortoise Capital Advisors L.L.C. increased its position in Targa Resources by 20.3% during the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock valued at $625,272,000 after buying an additional 572,562 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

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.