TD Cowen Increases Targa Resources (NYSE:TRGP) Price Target to $220.00

Targa Resources (NYSE:TRGP) had its price target increased by research analysts at TD Cowen from $192.00 to $220.00 in a research note issued on Monday. The brokerage presently has a “hold” rating on the pipeline company’s stock. TD Cowen’s price objective points to a potential downside of 4.75% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. BMO Capital Markets reiterated an “outperform” rating and set a $241.00 price target on shares of Targa Resources in a report on Friday. Barclays reaffirmed an “overweight” rating and issued a $226.00 price objective on shares of Targa Resources in a research report on Friday. Royal Bank Of Canada boosted their target price on Targa Resources from $213.00 to $218.00 and gave the stock an “outperform” rating in a report on Wednesday, December 3rd. Morgan Stanley reaffirmed an “overweight” rating and set a $266.00 price target on shares of Targa Resources in a report on Wednesday, January 28th. Finally, Scotiabank reiterated an “outperform” rating and issued a $224.00 price objective on shares of Targa Resources in a report on Friday, January 16th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Targa Resources currently has a consensus rating of “Moderate Buy” and an average target price of $229.29.

Targa Resources Trading Up 3.0%

NYSE TRGP opened at $230.96 on Monday. Targa Resources has a 52 week low of $144.14 and a 52 week high of $232.86. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67. The stock’s 50 day moving average price is $194.48 and its two-hundred day moving average price is $175.67. The stock has a market capitalization of $49.65 billion, a price-to-earnings ratio of 26.89, a PEG ratio of 0.98 and a beta of 0.88.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, topping analysts’ consensus estimates of $2.35 by $0.16. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. The company had revenue of $4.06 billion during the quarter, compared to the consensus estimate of $4.12 billion. As a group, analysts anticipate that Targa Resources will post 8.15 earnings per share for the current fiscal year.

Insider Activity at Targa Resources

In other news, insider Gerald R. Shrader sold 2,750 shares of the stock in a transaction on Friday, December 5th. The stock was sold at an average price of $181.21, for a total value of $498,327.50. Following the completion of the transaction, the insider directly owned 29,561 shares in the company, valued at approximately $5,356,748.81. This represents a 8.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.34% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Olistico Wealth LLC purchased a new position in shares of Targa Resources during the fourth quarter valued at approximately $27,000. Atlantic Union Bankshares Corp bought a new position in Targa Resources during the 4th quarter valued at $27,000. Miller Capital Partners Inc. purchased a new position in Targa Resources during the 4th quarter worth $30,000. Leonteq Securities AG bought a new stake in shares of Targa Resources in the 4th quarter worth $31,000. Finally, Peoples Financial Services CORP. purchased a new stake in shares of Targa Resources in the third quarter valued at about $34,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources Company Profile

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.