Targa Resources (NYSE:TRGP) Given New $338.00 Price Target at Citigroup

Targa Resources (NYSE:TRGP) had its price objective boosted by analysts at Citigroup from $325.00 to $338.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the pipeline company’s stock. Citigroup‘s target price points to a potential upside of 27.72% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. Raymond James Financial set a $344.00 price target on Targa Resources in a research note on Thursday. JPMorgan Chase & Co. boosted their price objective on Targa Resources from $315.00 to $351.00 and gave the stock an “overweight” rating in a report on Wednesday, August 19th. Royal Bank Of Canada increased their price objective on Targa Resources from $312.00 to $338.00 and gave the stock an “outperform” rating in a research note on Thursday, August 27th. Scotiabank restated an “outperform” rating and issued a $319.00 target price on shares of Targa Resources in a report on Thursday, October 15th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Targa Resources in a research report on Friday. Two research analysts have rated the stock with a Strong Buy rating and twenty have given a Buy rating to the company’s stock. Based on data from MarketBeat.com, Targa Resources currently has an average rating of “Buy” and a consensus target price of $326.37.

Targa Resources Stock Down 2.6%

Shares of NYSE TRGP traded down $7.17 during mid-day trading on Friday, reaching $264.65. 2,564,176 shares of the company’s stock traded hands, compared to its average volume of 1,301,405. The stock has a market cap of $56.75 billion, a P/E ratio of 25.30, a PEG ratio of 1.17 and a beta of 0.76. The business has a 50-day simple moving average of $289.81 and a 200 day simple moving average of $260.95. Targa Resources has a 1-year low of $166.18 and a 1-year high of $316.60. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, November 5th. The pipeline company reported $3.04 EPS for the quarter, topping the consensus estimate of $2.74 by $0.30. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The company had revenue of $5.60 billion during the quarter, compared to the consensus estimate of $4.77 billion. On average, analysts expect that Targa Resources will post 11.48 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Charles Crisp sold 3,000 shares of the business’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total transaction of $870,690.00. Following the transaction, the director directly owned 62,292 shares in the company, valued at approximately $18,079,007.16. The trade was a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul Chung sold 1,816 shares of the company’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total transaction of $537,735.76. Following the completion of the sale, the director directly owned 44,000 shares of the company’s stock, valued at $13,028,840. The trade was a 3.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 7,216 shares of company stock worth $2,127,634. 1.37% of the stock is owned by insiders.

Hedge Funds Weigh In On Targa Resources

Institutional investors have recently modified their holdings of the business. BlackRock Inc. grew its stake in Targa Resources by 1.4% in the 2nd quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company’s stock valued at $5,586,077,000 after purchasing an additional 291,114 shares during the period. State Street Corp increased its position in shares of Targa Resources by 4.6% during the 2nd quarter. State Street Corp now owns 14,226,166 shares of the pipeline company’s stock valued at $3,814,604,000 after purchasing an additional 626,885 shares during the last quarter. Deutsche Bank AG raised its stake in shares of Targa Resources by 21.7% during the 2nd quarter. Deutsche Bank AG now owns 3,025,248 shares of the pipeline company’s stock worth $811,190,000 after purchasing an additional 539,582 shares during the period. Bank of America Corp DE boosted its holdings in shares of 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 worth $790,299,000 after buying an additional 688,598 shares during the last quarter. Finally, Amundi boosted its holdings in shares of Targa Resources by 10.8% in the 2nd quarter. Amundi now owns 2,222,046 shares of the pipeline company’s stock worth $595,817,000 after buying an additional 215,915 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Key Stories Impacting Targa Resources

Here are the key news stories impacting Targa Resources this week:

• Positive Sentiment: Third-quarter adjusted earnings were $3.04 per share, above analyst estimates of roughly $2.74–$2.81 and up from $2.20 a year earlier. Revenue reached $5.60 billion, also topping estimates. Q3 earnings and revenue beat estimates
• Positive Sentiment: Targa expects its 2027 common dividend to increase 20%, and declared a $1.25 dividend, reinforcing the company’s cash-return outlook. Quarterly results and dividend outlook
• Positive Sentiment: The company ordered equipment for a plant expansion and announced Train 14, a new natural gas liquids fractionator. The projects could add capacity and support future growth. Plant expansion and Train 14 announcement
• Negative Sentiment: Despite the earnings beat and dividend news, TRGP shares declined around the results. One report noted a sharp drop on the SEC filing day, but the coverage provided no clear explanation for the selling. Stock movement around filing day

About Targa Resources

Targa Resources Corp. is a midstream energy company that gathers, processes, transports and stores natural gas and natural gas liquids (NGLs), and provides services for crude oil. Its infrastructure connects oil and gas producers with pipelines, processing facilities, fractionators, storage sites and domestic and international markets.

The company’s services include natural gas gathering, compression and processing; NGL transportation and fractionation; and crude oil gathering and terminaling.