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

Targa Resources (NYSE:TRGP) had its target price dropped by equities research analysts at Truist Financial from $225.00 to $220.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the pipeline company’s stock. Truist Financial’s price target suggests a potential upside of 19.16% from the company’s current price.

Several other brokerages have also commented on TRGP. Morgan Stanley upped their target price on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. UBS Group raised their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Barclays boosted their target price on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. The Goldman Sachs Group raised their price target on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Finally, Wells Fargo & Company upped their price objective on shares of Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Targa Resources presently has a consensus rating of “Buy” and an average price target of $176.14.

Targa Resources Stock Down 0.5 %

Shares of NYSE TRGP opened at $184.62 on Friday. The company’s 50 day moving average price is $182.05 and its 200-day moving average price is $152.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources has a 52-week low of $81.03 and a 52-week high of $209.87. The company has a market capitalization of $40.26 billion, a P/E ratio of 33.39, a price-to-earnings-growth ratio of 0.73 and a beta of 2.28.

Targa Resources (NYSE:TRGP) last released its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The business had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same quarter in the previous year, the business earned $0.97 earnings per share. Equities analysts forecast that Targa Resources will post 6.26 earnings per share for the current year.

Insider Activity at Targa Resources

In related news, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the transaction, the director now directly owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This trade represents a 57.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider D. Scott Pryor sold 30,000 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the sale, the insider now directly owns 82,979 shares of the company’s stock, valued at $15,793,393.07. The trade was a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 183,260 shares of company stock valued at $29,661,212 over the last 90 days. Insiders own 1.39% of the company’s stock.

Institutional Trading of Targa Resources

A number of institutional investors and hedge funds have recently modified their holdings of TRGP. Wellington Management Group LLP increased its position in shares of Targa Resources by 4.4% during the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock valued at $2,235,927,000 after purchasing an additional 633,589 shares during the last quarter. Zurich Insurance Group Ltd FI purchased a new stake in Targa Resources during the second quarter worth about $72,345,000. American Century Companies Inc. raised its position in Targa Resources by 239.1% in the second quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock worth $101,877,000 after acquiring an additional 557,832 shares during the period. Dimensional Fund Advisors LP boosted its stake in Targa Resources by 13.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after acquiring an additional 271,444 shares during the last quarter. Finally, National Bank of Canada FI grew its position in shares of Targa Resources by 75.4% during the 3rd quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock valued at $89,413,000 after acquiring an additional 259,776 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

About Targa Resources

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.