Royal Bank Of Canada Forecasts Strong Price Appreciation for Targa Resources (NYSE:TRGP) Stock

Targa Resources (NYSE:TRGP) had its price target upped by Royal Bank Of Canada from $218.00 to $260.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the pipeline company’s stock. Royal Bank Of Canada’s price objective suggests a potential upside of 10.38% from the company’s current price.

Several other brokerages also recently commented on TRGP. UBS Group reiterated a “buy” rating on shares of Targa Resources in a report on Friday, January 9th. Wall Street Zen lowered shares of Targa Resources from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Citigroup boosted their target price on shares of Targa Resources from $200.00 to $262.00 and gave the stock a “buy” rating in a research report on Tuesday. The Goldman Sachs Group restated a “buy” rating and set a $242.00 price target on shares of Targa Resources in a report on Friday, February 20th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $241.00 price target on shares of Targa Resources in a research report on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $238.50.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $235.55 on Friday. Targa Resources has a fifty-two week low of $144.14 and a fifty-two week high of $237.50. The business has a 50-day moving average of $199.75 and a two-hundred day moving average of $177.90. The stock has a market capitalization of $50.63 billion, a P/E ratio of 27.42, a P/E/G ratio of 1.01 and a beta of 0.88. The company has a debt-to-equity ratio of 5.21, a current ratio of 0.67 and a quick ratio of 0.55.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, beating analysts’ consensus estimates of $2.35 by $0.16. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%.The business had revenue of $4.06 billion for the quarter, compared to analyst estimates of $4.12 billion. On average, equities research analysts predict that Targa Resources will post 8.15 EPS for the current fiscal year.

Insider Activity at Targa Resources

In related news, Director Charles R. Crisp sold 1,359 shares of the business’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $229.30, for a total transaction of $311,618.70. Following the transaction, the director directly owned 77,094 shares in the company, valued at $17,677,654.20. The trade was a 1.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Gerald R. Shrader sold 2,750 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $181.21, for a total value of $498,327.50. Following the completion of the transaction, the insider directly owned 29,561 shares of the company’s stock, valued at approximately $5,356,748.81. This trade represents a 8.51% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 51,553 shares of company stock worth $11,707,455. Insiders own 1.34% of the company’s stock.

Institutional Trading of Targa Resources

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Targa Resources by 1.5% in the third quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock worth $4,755,169,000 after purchasing an additional 422,075 shares during the period. Wellington Management Group LLP raised its stake 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 valued at $3,291,012,000 after buying an additional 1,620,253 shares in the last quarter. State Street Corp lifted its holdings in shares of Targa Resources by 1.3% during the 4th 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 boosted its position in shares of 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 acquiring an additional 45,495 shares in the last quarter. Finally, Norges Bank bought a new stake in Targa Resources in the second quarter valued at about $708,366,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

About Targa Resources

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.