Truist Financial Issues Positive Forecast for Targa Resources (NYSE:TRGP) Stock Price

Targa Resources (NYSE:TRGP) had its price objective upped by investment analysts at Truist Financial from $289.00 to $312.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the pipeline company’s stock. Truist Financial’s price target would suggest a potential upside of 10.80% from the stock’s current price.

Several other brokerages have also issued reports on TRGP. Barclays upped their target price on Targa Resources from $270.00 to $282.00 and gave the company an “overweight” rating in a research report on Monday. Scotiabank boosted their target price on shares of Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 12th. Mizuho boosted their target price on shares of Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. The Goldman Sachs Group upped their price target on shares of Targa Resources from $242.00 to $268.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Targa Resources in a report on Thursday, July 2nd. Seventeen analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Targa Resources currently has an average rating of “Moderate Buy” and an average target price of $284.27.

Targa Resources Price Performance

NYSE TRGP opened at $281.58 on Wednesday. The firm’s fifty day simple moving average is $265.98 and its two-hundred day simple moving average is $236.91. The firm has a market capitalization of $60.44 billion, a P/E ratio of 28.47, a P/E/G ratio of 1.43 and a beta of 0.71. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. Targa Resources has a 12-month low of $144.14 and a 12-month high of $282.81.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.27). The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. Analysts forecast that Targa Resources will post 10.75 EPS for the current fiscal year.

Insider Activity at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the sale, the director directly owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This represents a 13.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.37% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Tema ETFs LLC lifted its position in Targa Resources by 9.5% during the second quarter. Tema ETFs LLC now owns 3,358 shares of the pipeline company’s stock valued at $900,000 after purchasing an additional 290 shares during the period. Camelot Technology Advisors Inc. grew its position in Targa Resources by 2.1% during the 2nd quarter. Camelot Technology Advisors Inc. now owns 11,099 shares of the pipeline company’s stock worth $2,976,000 after purchasing an additional 230 shares during the period. Valeo Financial Advisors LLC acquired a new stake in Targa Resources during the 2nd quarter worth about $235,000. Trust Point Inc. purchased a new position in shares of Targa Resources during the 2nd quarter valued at about $230,000. Finally, Czech National Bank raised its stake in shares of Targa Resources by 4.5% during the 2nd quarter. Czech National Bank now owns 61,096 shares of the pipeline company’s stock valued at $16,382,000 after buying an additional 2,635 shares during the last quarter. Hedge funds and other institutional investors 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.