Targa Resources (NYSE:TRGP – Get Free Report) had its target price boosted by equities research analysts at Royal Bank Of Canada from $312.00 to $338.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the pipeline company’s stock. Royal Bank Of Canada’s price target would indicate a potential upside of 18.33% from the stock’s previous close.
TRGP has been the topic of several other research reports. Wells Fargo & Company raised their price target on shares of Targa Resources from $270.00 to $282.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. UBS Group reiterated a “buy” rating and issued a $318.00 price objective on shares of Targa Resources in a research report on Thursday, July 9th. Jefferies Financial Group increased their target price on shares of Targa Resources from $324.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday, August 18th. JPMorgan Chase & Co. lifted their price target on Targa Resources from $291.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Finally, Stifel Nicolaus set a $268.00 price target on Targa Resources in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $298.71.
View Our Latest Stock Report on Targa Resources
Targa Resources Stock Performance
Targa Resources (NYSE:TRGP – Get Free Report) last issued its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.83 by $0.71. The firm had revenue of $4.44 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. As a group, equities analysts expect that Targa Resources will post 11.2 EPS for the current fiscal year.
Insiders Place Their Bets
In other Targa Resources news, Director Waters S. Iv Davis sold 2,400 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $299.67, for a total transaction of $719,208.00. Following the transaction, the director directly owned 1,529 shares of the company’s stock, valued at $458,195.43. This trade represents a 61.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Charles R. Crisp sold 3,000 shares of Targa Resources 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 completion of the sale, the director owned 62,292 shares in the company, valued at approximately $18,079,007.16. This trade represents a 4.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.37% of the company’s stock.
Hedge Funds Weigh In On Targa Resources
A number of hedge funds have recently made changes to their positions in TRGP. Atlantic Union Bankshares Corp purchased a new position in shares of Targa Resources in the fourth quarter valued at approximately $27,000. First Eagle Investment Management LLC lifted its holdings in Targa Resources by 381.0% in the 2nd quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company’s stock valued at $27,000 after purchasing an additional 80 shares in the last quarter. Miller Capital Partners Inc. acquired a new stake in Targa Resources during the 4th quarter worth $30,000. Leonteq Securities AG acquired a new stake in Targa Resources during the 4th quarter worth $31,000. Finally, Jones Financial Companies Lllp purchased a new stake in shares of Targa Resources during the second quarter worth $32,000. Institutional investors and hedge funds 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.
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