Erste Group Bank Begins Coverage on Targa Resources (NYSE:TRGP)

Equities researchers at Erste Group Bank started coverage on shares of Targa Resources (NYSE:TRGP) in a research note issued to investors on Thursday. The brokerage set a “buy” rating on the pipeline company’s stock.

TRGP has been the subject of a number of other research reports. Scotiabank upped their price target on Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 12th. Wells Fargo & Company boosted their price objective on Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a research note on Friday, May 8th. Truist Financial increased their target price on shares of Targa Resources from $285.00 to $289.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. The Goldman Sachs Group raised their target price on shares of Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Finally, Seaport Research Partners reaffirmed a “neutral” rating on shares of Targa Resources in a report on Monday, May 4th. Seventeen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $272.73.

Targa Resources Trading Down 1.0%

Shares of TRGP stock opened at $266.05 on Thursday. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The company has a market cap of $57.11 billion, a price-to-earnings ratio of 26.90, a PEG ratio of 1.38 and a beta of 0.72. Targa Resources has a 1 year low of $144.14 and a 1 year high of $280.00. The firm has a fifty day moving average price of $258.23 and a 200-day moving average price of $228.18.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. As a group, equities analysts predict that Targa Resources will post 10.75 earnings per share for the current year.

Insider Activity at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the transaction, the director owned 66,492 shares in the company, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.37% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Atlantic Union Bankshares Corp bought a new stake in shares of Targa Resources in the fourth quarter worth about $27,000. Olistico Wealth LLC purchased a new position in Targa Resources during the 4th quarter valued at approximately $27,000. Miller Capital Partners Inc. bought a new stake in Targa Resources in the 4th quarter worth approximately $30,000. Global Assets Advisory LLC bought a new stake in Targa Resources in the 1st quarter worth approximately $41,000. Finally, Leonteq Securities AG bought a new stake in Targa Resources in the fourth quarter worth $31,000. Institutional investors 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.