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

Targa Resources (NYSE:TRGP) had its price objective boosted by stock analysts at Royal Bank Of Canada from $218.00 to $260.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the pipeline company’s stock. Royal Bank Of Canada’s price target points to a potential upside of 10.49% from the company’s current price.

A number of other research firms also recently weighed in on TRGP. Stifel Nicolaus lifted their price target on Targa Resources from $213.00 to $243.00 and gave the company a “buy” rating in a research note on Friday, February 20th. Scotiabank restated an “outperform” rating on shares of Targa Resources in a research report on Tuesday. Barclays reaffirmed an “overweight” rating and set a $226.00 price target 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 price objective on shares of Targa Resources in a research note on Friday, February 20th. Finally, Citigroup boosted their price objective on shares of Targa Resources from $200.00 to $262.00 and gave the stock a “buy” rating in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Targa Resources has an average rating of “Moderate Buy” and a consensus price target of $238.50.

Targa Resources Stock Up 1.8%

NYSE:TRGP traded up $4.10 during midday trading on Friday, hitting $235.32. 658,860 shares of the company were exchanged, compared to its average volume of 1,351,516. Targa Resources has a fifty-two week low of $144.14 and a fifty-two week high of $234.80. The company has a market capitalization of $50.58 billion, a PE ratio of 27.33, a price-to-earnings-growth ratio of 0.99 and a beta of 0.88. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 5.21. The company has a fifty day simple moving average of $198.60 and a 200 day simple moving average of $177.35.

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, topping the consensus estimate of $2.35 by $0.16. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%.The company had revenue of $4.06 billion for the quarter, compared to analyst estimates of $4.12 billion. As a group, equities analysts anticipate that Targa Resources will post 8.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Charles R. Crisp sold 1,359 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $229.30, for a total value of $311,618.70. Following the sale, the director directly owned 77,094 shares of the company’s stock, valued at approximately $17,677,654.20. This trade represents a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Jennifer R. Kneale sold 29,509 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $230.12, for a total transaction of $6,790,611.08. Following the completion of the sale, the president owned 235,260 shares of the company’s stock, valued at approximately $54,138,031.20. The trade was a 11.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 33,618 shares of company stock valued at $7,600,557. Company insiders own 1.34% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Olistico Wealth LLC purchased a new stake in Targa Resources during the 4th quarter worth $27,000. Atlantic Union Bankshares Corp acquired a new stake in shares of Targa Resources during the fourth quarter worth $27,000. Miller Capital Partners Inc. acquired a new stake in Targa Resources during the fourth quarter worth about $30,000. Leonteq Securities AG bought a new stake in shares of Targa Resources in the 4th quarter worth approximately $31,000. Finally, Peoples Financial Services CORP. acquired a new position in shares of Targa Resources during the third quarter valued at $34,000. Institutional investors and hedge funds 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.