Targa Resources (NYSE:TRGP) Price Target Raised to $312.00 at Truist Financial

Targa Resources (NYSE:TRGP) had its price objective upped by Truist Financial from $289.00 to $312.00 in a research note released on Wednesday,Benzinga reports. The firm currently has a buy rating on the pipeline company’s stock.

Other equities analysts have also recently issued research reports about the company. Scotiabank raised their price target on Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. Erste Group Bank initiated coverage on Targa Resources in a report on Thursday, June 25th. They set a “buy” rating on the stock. Seaport Research Partners reiterated a “neutral” rating on shares of Targa Resources in a research report on Monday, May 4th. Barclays raised their target price on shares of Targa Resources from $270.00 to $282.00 and gave the company an “overweight” rating in a report on Monday. Finally, TD Cowen boosted their price target on shares of Targa Resources from $236.00 to $245.00 and gave the stock a “hold” rating in a research report on Monday, May 11th. Seventeen equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $284.27.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $277.90 on Wednesday. The firm has a market cap of $59.65 billion, a price-to-earnings ratio of 28.10, a P/E/G ratio of 1.44 and a beta of 0.71. The firm has a fifty day moving average price of $266.56 and a 200 day moving average price of $237.57. Targa Resources has a fifty-two week low of $144.14 and a fifty-two week high of $282.80. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. As a group, sell-side analysts expect that Targa Resources will post 10.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.37% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Institutional investors and hedge funds have recently modified their holdings of the business. Olistico Wealth LLC purchased a new position in Targa Resources in the 4th quarter worth about $27,000. Atlantic Union Bankshares Corp purchased a new stake in Targa Resources in the 4th quarter valued at about $27,000. Miller Capital Partners Inc. purchased a new stake in Targa Resources in the 4th quarter valued at about $30,000. Leonteq Securities AG bought a new position in Targa Resources in the 4th quarter worth about $31,000. Finally, CoreCap Advisors LLC grew its stake in Targa Resources by 245.9% in the 2nd quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company’s stock worth $34,000 after acquiring an additional 91 shares in the last quarter. 92.13% of the stock is owned by 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.