Targa Resources (NYSE:TRGP) Given New $315.00 Price Target at JPMorgan Chase & Co.

Targa Resources (NYSE:TRGP) had its target price boosted by stock analysts at JPMorgan Chase & Co. from $291.00 to $315.00 in a report released on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the pipeline company’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 13.49% from the company’s previous close.

Several other research analysts have also recently issued reports on the stock. Barclays increased their price target on shares of Targa Resources from $262.00 to $270.00 and gave the stock an “overweight” rating in a report on Tuesday, June 23rd. TD Cowen increased their price objective on Targa Resources from $236.00 to $245.00 and gave the stock a “hold” rating in a research report on Monday, May 11th. Truist Financial boosted their target price on shares of Targa Resources from $285.00 to $289.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $281.00 price target on shares of Targa Resources in a research note on Tuesday, May 12th. Finally, Seaport Research Partners reiterated a “neutral” rating on shares of Targa Resources in a report on Monday, May 4th. Seventeen analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $279.40.

Targa Resources Stock Performance

Shares of TRGP opened at $277.56 on Thursday. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The stock has a market capitalization of $59.57 billion, a P/E ratio of 28.06, a P/E/G ratio of 1.40 and a beta of 0.71. The company’s fifty day moving average is $264.21 and its two-hundred day moving average is $234.25. Targa Resources has a 1 year low of $144.14 and a 1 year high of $280.00.

Targa Resources (NYSE:TRGP) last released its earnings results 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 firm had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. On average, sell-side analysts predict that Targa Resources will post 10.75 earnings per share for the current year.

Insider Transactions at Targa Resources

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction dated 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 owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.37% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new position in Targa Resources during the fourth quarter worth $735,758,000. Wellington Management Group LLP boosted its stake in shares of Targa Resources by 9.0% during the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock valued at $3,291,012,000 after acquiring an additional 1,620,253 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Targa Resources by 48.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock valued at $607,023,000 after acquiring an additional 1,075,246 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Targa Resources during the 3rd quarter worth about $121,426,000. Finally, Bank of America Corp DE raised its stake in Targa Resources by 28.0% in the 1st quarter. Bank of America Corp DE now owns 3,151,993 shares of the pipeline company’s stock valued at $790,299,000 after purchasing an additional 688,598 shares during the last quarter. Hedge funds and other 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.