Targa Resources (NYSE:TRGP) had its target price lifted by research analysts at Stifel Nicolaus from $57.00 to $66.00 in a note issued to investors on Thursday, Stock Target Advisor reports. The brokerage currently has a “buy” rating on the pipeline company’s stock. Stifel Nicolaus’ target price suggests a potential upside of 19.09% from the company’s previous close.
TRGP has been the topic of a number of other reports. Seaport Global Securities cut shares of Targa Resources from a “buy” rating to a “neutral” rating and raised their price objective for the company from $53.00 to $55.00 in a research note on Friday, July 27th. Zacks Investment Research cut shares of Targa Resources from a “buy” rating to a “hold” rating in a research note on Thursday, September 13th. ValuEngine raised shares of Targa Resources from a “hold” rating to a “buy” rating in a research note on Saturday, July 14th. US Capital Advisors reaffirmed a “hold” rating on shares of Targa Resources in a research note on Tuesday, July 17th. Finally, UBS Group raised their price objective on shares of Targa Resources from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Friday, August 10th. Ten equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Targa Resources currently has an average rating of “Buy” and an average price target of $58.88.
Shares of Targa Resources stock opened at $55.42 on Thursday. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.73 and a quick ratio of 0.64. The company has a market capitalization of $12.70 billion, a P/E ratio of -128.88 and a beta of 2.08. Targa Resources has a fifty-two week low of $39.59 and a fifty-two week high of $59.21.
Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 9th. The pipeline company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.40. Targa Resources had a net margin of 2.24% and a return on equity of 1.62%. The business had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.35 billion. Equities analysts predict that Targa Resources will post 0.27 earnings per share for the current fiscal year.
In other news, CAO John Richard Klein sold 2,092 shares of Targa Resources stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $53.52, for a total transaction of $111,963.84. Following the transaction, the chief accounting officer now directly owns 24,972 shares of the company’s stock, valued at $1,336,501.44. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Charles R. Crisp sold 3,100 shares of Targa Resources stock in a transaction on Monday, August 20th. The stock was sold at an average price of $54.13, for a total transaction of $167,803.00. Following the transaction, the director now directly owns 120,105 shares in the company, valued at $6,501,283.65. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,176 shares of company stock worth $334,507. Insiders own 1.76% of the company’s stock.
Large investors have recently modified their holdings of the stock. James Hambro & Partners acquired a new stake in shares of Targa Resources during the second quarter worth $113,000. Proficio Capital Partners LLC raised its holdings in shares of Targa Resources by 121.0% during the second quarter. Proficio Capital Partners LLC now owns 2,276 shares of the pipeline company’s stock worth $113,000 after acquiring an additional 1,246 shares during the period. Sit Investment Associates Inc. acquired a new stake in shares of Targa Resources during the second quarter worth $127,000. Laurel Wealth Advisors Inc. acquired a new stake in shares of Targa Resources during the second quarter worth $201,000. Finally, Texas Yale Capital Corp. acquired a new stake in shares of Targa Resources during the second quarter worth $202,000. Institutional investors and hedge funds own 92.25% of the company’s stock.
About Targa Resources
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages in gathering, compressing, treating, processing, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.
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