Targa Resources (NYSE:TRGP) Price Target Lowered to $178.00 at Barclays

Targa Resources (NYSE:TRGP) had its price objective reduced by research analysts at Barclays from $206.00 to $178.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the pipeline company’s stock. Barclays‘s price objective would suggest a potential upside of 11.00% from the company’s previous close.

Other research analysts have also issued reports about the stock. Morgan Stanley lifted their price objective on shares of Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a research note on Monday, March 17th. Wells Fargo & Company boosted their price target on Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Truist Financial upped their price objective on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, March 18th. UBS Group lowered their target price on Targa Resources from $259.00 to $228.00 and set a “buy” rating on the stock in a research note on Thursday, May 15th. Finally, Mizuho dropped their target price on Targa Resources from $226.00 to $218.00 and set an “outperform” rating on the stock in a report on Monday, April 28th. Thirteen analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $198.79.

Targa Resources Trading Down 1.0%

TRGP opened at $160.37 on Tuesday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources has a 52 week low of $113.65 and a 52 week high of $218.51. The business’s 50 day moving average is $175.82 and its two-hundred day moving average is $187.95. The firm has a market cap of $34.79 billion, a price-to-earnings ratio of 27.94, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The business had revenue of $4.56 billion during the quarter, compared to analyst estimates of $5.01 billion. On average, research analysts predict that Targa Resources will post 8.15 EPS for the current year.

Insider Buying and Selling

In related news, CEO Matthew J. Meloy sold 48,837 shares of the business’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the sale, the chief executive officer now owns 725,628 shares of the company’s stock, valued at approximately $141,555,510.24. The trade was a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider D. Scott Pryor sold 35,000 shares of the company’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the transaction, the insider now owns 82,139 shares in the company, valued at $16,206,024.70. The trade was a 29.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock valued at $22,613,288 over the last quarter. 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 company. Norges Bank purchased a new stake in Targa Resources during the fourth quarter worth $505,132,000. GQG Partners LLC purchased a new position in shares of Targa Resources in the fourth quarter valued at $393,335,000. Canada Pension Plan Investment Board raised its stake in shares of Targa Resources by 981.8% during the 4th quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company’s stock worth $204,223,000 after buying an additional 1,038,350 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Targa Resources in the 1st quarter worth about $196,351,000. Finally, Wellington Management Group LLP grew its stake in Targa Resources by 7.5% in the 1st quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company’s stock valued at $2,764,673,000 after acquiring an additional 962,631 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.