Targa Resources (NYSE:TRGP) Earns “Buy” Rating from Truist Financial

Targa Resources (NYSE:TRGP)‘s stock had its “buy” rating reissued by equities research analysts at Truist Financial in a research note issued to investors on Monday, Marketbeat Ratings reports. They presently have a $345.00 price objective on the pipeline company’s stock, up from their previous price objective of $312.00. Truist Financial’s price target would indicate a potential upside of 22.04% from the company’s previous close.

Other analysts have also issued reports about the stock. Raymond James Financial set a $335.00 price objective on shares of Targa Resources in a report on Friday, August 7th. JPMorgan Chase & Co. upped their target price on Targa Resources from $291.00 to $315.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Weiss Ratings reissued a “buy (b)” rating on shares of Targa Resources in a research report on Thursday, July 2nd. Morgan Stanley raised their target price on Targa Resources from $343.00 to $359.00 and gave the company an “overweight” rating in a research note on Wednesday, September 16th. Finally, Wells Fargo & Company lifted their price target on Targa Resources from $282.00 to $324.00 and gave the company an “overweight” rating in a research report on Wednesday, September 2nd. One analyst has rated the stock with a Strong Buy rating and eighteen have issued a Buy rating to the company. According to MarketBeat.com, Targa Resources currently has an average rating of “Buy” and an average target price of $317.24.

Targa Resources Stock Down 2.3%

Shares of Targa Resources stock opened at $282.69 on Monday. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01. The company’s fifty day simple moving average is $282.09 and its two-hundred day simple moving average is $264.67. The company has a market cap of $60.62 billion, a P/E ratio of 27.03, a PEG ratio of 1.36 and a beta of 0.72. Targa Resources has a 12-month low of $144.14 and a 12-month high of $307.94.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, topping the consensus estimate of $2.83 by $0.71. The firm had revenue of $4.44 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. Research analysts anticipate that Targa Resources will post 11.32 EPS for the current year.

Insiders Place Their Bets

In other news, Director Charles Crisp sold 3,000 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total value of $870,690.00. Following the sale, the director directly owned 62,292 shares of the company’s stock, valued at approximately $18,079,007.16. This represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director S Davis sold 2,400 shares of the firm’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $299.67, for a total value of $719,208.00. Following the transaction, the director owned 1,529 shares of the company’s stock, valued at $458,195.43. The trade was a 61.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 7,216 shares of company stock valued at $2,127,634. 1.37% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Targa Resources

Several institutional investors and hedge funds have recently made changes to their positions in the company. The Manufacturers Life Insurance Company purchased a new stake in shares of Targa Resources during the second quarter worth about $100,442,000. PNC Financial Services Group Inc. lifted its holdings in Targa Resources by 57.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock worth $6,421,000 after purchasing an additional 12,640 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in Targa Resources by 7.0% in the 4th quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock worth $151,331,000 after purchasing an additional 53,413 shares in the last quarter. Miller Howard Investments Inc. NY boosted its stake in Targa Resources by 37.3% in the 1st quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company’s stock worth $57,816,000 after purchasing an additional 62,652 shares during the period. Finally, Raiffeisen Bank International AG grew its holdings in Targa Resources by 164.1% during the 4th quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company’s stock valued at $6,245,000 after buying an additional 20,905 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

About Targa Resources

Targa Resources Corp. (NYSE: TRGP) is a midstream energy infrastructure company that gathers, processes, transports and fractionates natural gas and natural gas liquids (NGLs). Its operations connect producers with downstream markets and include natural gas gathering and processing, NGL fractionation, storage, transportation and marketing, as well as crude oil gathering and logistics.

The company operates an integrated network of pipelines, processing plants, fractionation facilities, storage assets and export infrastructure across the United States.