Targa Resources (NYSE:TRGP) Given New $260.00 Price Target at Royal Bank Of Canada

Targa Resources (NYSE:TRGP) had its price objective increased by equities researchers at Royal Bank Of Canada from $218.00 to $260.00 in a report issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the pipeline company’s stock. Royal Bank Of Canada’s target price would suggest a potential upside of 10.49% from the company’s current price.

Other equities research analysts have also issued reports about the company. Barclays reissued an “overweight” rating and set a $226.00 price objective on shares of Targa Resources in a research note on Friday, February 20th. TD Cowen increased their price target on Targa Resources from $192.00 to $220.00 and gave the company a “hold” rating in a research report on Monday. Morgan Stanley reissued an “overweight” rating and issued a $266.00 price target on shares of Targa Resources in a research note on Wednesday, January 28th. Wall Street Zen downgraded Targa Resources from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Weiss Ratings raised shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 29th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $238.50.

Targa Resources Price Performance

NYSE:TRGP traded up $4.10 during mid-day trading on Friday, reaching $235.32. 658,860 shares of the stock were exchanged, compared to its average volume of 1,351,516. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 5.21. The business has a fifty day moving average price of $198.60 and a 200 day moving average price of $177.35. Targa Resources has a 1-year low of $144.14 and a 1-year high of $234.80. The firm has a market capitalization of $50.58 billion, a PE ratio of 27.33, a PEG ratio of 0.99 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 earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $4.12 billion. Research analysts expect that Targa Resources will post 8.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, President Jennifer R. Kneale sold 29,509 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $230.12, for a total transaction of $6,790,611.08. Following the transaction, the president directly owned 235,260 shares of the company’s stock, valued at approximately $54,138,031.20. The trade was a 11.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Gerald R. Shrader sold 2,750 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $181.21, for a total transaction of $498,327.50. Following the completion of the transaction, the insider owned 29,561 shares in the company, valued at approximately $5,356,748.81. This represents a 8.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 33,618 shares of company stock worth $7,600,557. 1.34% of the stock is owned by company insiders.

Institutional Investors Weigh In On Targa Resources

A number of large investors have recently bought and sold shares of TRGP. Norges Bank acquired a new position in shares of Targa Resources during the 2nd quarter valued at about $708,366,000. Wellington Management Group LLP grew its holdings in 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 purchasing an additional 1,620,253 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Targa Resources by 48.5% in 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 purchasing an additional 1,075,246 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Targa Resources in the third quarter worth $121,426,000. Finally, Tortoise Capital Advisors L.L.C. lifted its stake in shares of Targa Resources by 20.3% in the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock worth $625,272,000 after buying an additional 572,562 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

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.