Morgan Stanley Forecasts Strong Price Appreciation for Targa Resources (NYSE:TRGP) Stock

Targa Resources (NYSE:TRGP) had its price objective raised by equities research analysts at Morgan Stanley from $240.00 to $261.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the pipeline company’s stock. Morgan Stanley’s price objective indicates a potential upside of 52.42% from the company’s previous close.

Several other equities analysts have also recently weighed in on the company. Cfra Research raised Targa Resources to a “hold” rating in a report on Friday, August 8th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Targa Resources in a research note on Wednesday, October 8th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $205.00 price target (up previously from $198.00) on shares of Targa Resources in a report on Friday, August 8th. Stifel Nicolaus set a $213.00 target price on shares of Targa Resources in a report on Thursday, November 6th. Finally, BMO Capital Markets boosted their price target on shares of Targa Resources from $185.00 to $196.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $210.71.

Targa Resources Price Performance

Shares of TRGP stock traded down $1.99 on Wednesday, hitting $171.24. 395,333 shares of the company’s stock were exchanged, compared to its average volume of 1,771,154. The company has a 50 day moving average of $161.34 and a 200 day moving average of $164.58. Targa Resources has a 12 month low of $144.14 and a 12 month high of $218.51. The stock has a market cap of $36.76 billion, a P/E ratio of 24.19, a price-to-earnings-growth ratio of 0.91 and a beta of 1.16. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The business had revenue of $4.15 billion for the quarter, compared to analyst estimates of $4.70 billion. On average, equities research analysts predict that Targa Resources will post 8.15 EPS for the current year.

Hedge Funds Weigh In On Targa Resources

A number of institutional investors and hedge funds have recently bought and sold shares of TRGP. Peoples Financial Services CORP. acquired a new position in shares of Targa Resources during the third quarter worth about $34,000. Root Financial Partners LLC bought a new stake in shares of Targa Resources during the third quarter worth $39,000. Disciplina Capital Management LLC bought a new position in Targa Resources in the first quarter valued at about $46,000. Avion Wealth lifted its stake in shares of Targa Resources by 475.0% in the 3rd quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock valued at $46,000 after purchasing an additional 228 shares during the period. Finally, First Horizon Corp bought a new position in shares of Targa Resources during the 3rd quarter worth approximately $47,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.