Targa Resources (NYSE:TRGP) Price Target Raised to $270.00

Targa Resources (NYSE:TRGP) had its price target lifted by Royal Bank Of Canada from $260.00 to $270.00 in a research report report published on Monday,Benzinga reports. The brokerage currently has an outperform rating on the pipeline company’s stock.

Several other analysts also recently weighed in on TRGP. Scotiabank reiterated an “outperform” rating on shares of Targa Resources in a research note on Tuesday, February 24th. Mizuho boosted their price target on Targa Resources from $207.00 to $260.00 and gave the company an “outperform” rating in a research note on Thursday, March 19th. UBS Group boosted their price target on Targa Resources from $228.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, March 24th. Morgan Stanley boosted their price target on Targa Resources from $298.00 to $327.00 and gave the company an “overweight” rating in a research note on Tuesday, April 7th. Finally, Stifel Nicolaus boosted their price target on Targa Resources from $213.00 to $243.00 and gave the company a “buy” rating in a research note on Friday, February 20th. Fourteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $258.07.

Targa Resources Stock Down 0.2%

Targa Resources stock opened at $238.74 on Monday. 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 business’s 50-day simple moving average is $235.93 and its two-hundred day simple moving average is $195.62. The company has a market cap of $51.28 billion, a PE ratio of 27.79, a PEG ratio of 1.55 and a beta of 0.81. Targa Resources has a fifty-two week low of $144.14 and a fifty-two week high of $253.87.

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

Insider Transactions at Targa Resources

In other news, insider Patrick J. Mcdonie sold 31,537 shares of the company’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $239.36, for a total value of $7,548,696.32. Following the sale, the insider owned 305,163 shares in the company, valued at $73,043,815.68. This represents a 9.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert Muraro sold 24,589 shares of the company’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $241.34, for a total value of $5,934,309.26. Following the completion of the sale, the insider owned 197,401 shares in the company, valued at $47,640,757.34. The trade was a 11.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 104,929 shares of company stock valued at $24,692,134. 1.37% of the stock is owned by insiders.

Institutional Trading of Targa Resources

Hedge funds have recently modified their holdings of the stock. Atlantic Union Bankshares Corp purchased a new stake in shares of Targa Resources in the fourth quarter worth about $27,000. Olistico Wealth LLC purchased a new stake in shares of Targa Resources in the fourth quarter worth about $27,000. Miller Capital Partners Inc. purchased a new stake in shares of Targa Resources in the fourth quarter worth about $30,000. Leonteq Securities AG purchased a new stake in shares of Targa Resources in the fourth quarter worth about $31,000. Finally, Peoples Financial Services CORP. acquired a new position in Targa Resources in the 3rd quarter worth about $34,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

About Targa Resources

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.