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

Targa Resources (NYSE:TRGP) had its target price raised by stock analysts at Mizuho from $207.00 to $260.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the pipeline company’s stock. Mizuho’s price target indicates a potential upside of 9.37% from the stock’s current price.

Other research analysts have also issued research reports about the company. TD Cowen raised 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. Barclays restated an “overweight” rating and set a $226.00 price objective on shares of Targa Resources in a research note on Friday, February 20th. The Goldman Sachs Group reiterated a “buy” rating and issued a $242.00 target price on shares of Targa Resources in a report on Friday, February 20th. Morgan Stanley raised their price target on shares of Targa Resources from $266.00 to $298.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Finally, BMO Capital Markets restated an “outperform” rating and set a $241.00 price target on shares of Targa Resources in a report on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $246.54.

Targa Resources Stock Performance

TRGP opened at $237.72 on Thursday. Targa Resources has a 1-year low of $144.14 and a 1-year high of $250.00. The company has a market cap of $51.10 billion, a price-to-earnings ratio of 27.67, a PEG ratio of 1.57 and a beta of 0.84. The company’s fifty day moving average price is $216.63 and its two-hundred day moving average price is $185.55. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 5.21.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.35 by $0.16. The firm had revenue of $4.06 billion during 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%. On average, analysts expect that Targa Resources will post 8.15 EPS for the current fiscal year.

Insider Activity at Targa Resources

In other Targa Resources news, Director Charles R. Crisp sold 1,359 shares of the business’s stock in a transaction on Tuesday, February 24th. The shares were 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 of the company’s stock, valued at approximately $17,677,654.20. The trade was a 1.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider D. Scott Pryor sold 17,500 shares of the company’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $228.92, for a total transaction of $4,006,100.00. Following the completion of the transaction, the insider owned 31,938 shares of the company’s stock, valued at $7,311,246.96. This trade represents a 35.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 104,929 shares of company stock valued at $24,692,134 over the last 90 days. Company insiders own 1.34% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank purchased a new position in shares of Targa Resources during the second quarter valued at about $708,366,000. Wellington Management Group LLP lifted its holdings in 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 buying an additional 1,620,253 shares during the period. Goldman Sachs Group Inc. boosted its position in Targa Resources by 48.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock valued at $607,023,000 after acquiring an additional 1,075,246 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Targa Resources during the 3rd quarter valued at approximately $121,426,000. Finally, Tortoise Capital Advisors L.L.C. boosted its position in shares of Targa Resources by 20.3% during the fourth 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 purchasing an additional 572,562 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

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.