Wells Fargo & Company Forecasts Strong Price Appreciation for Targa Resources (NYSE:TRGP) Stock

Targa Resources (NYSE:TRGP) had its target price hoisted by analysts at Wells Fargo & Company from $324.00 to $330.00 in a report issued on Monday, Benzinga reports. The firm currently has an “overweight” rating on the pipeline company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 24.69% from the company’s current price.

A number of other equities research analysts also recently issued reports on the stock. Raymond James Financial set a $344.00 price objective on shares of Targa Resources in a research note on Thursday. Morgan Stanley boosted their target price on shares of Targa Resources from $343.00 to $359.00 and gave the company an “overweight” rating in a research report on Wednesday, September 16th. Capital One Financial upped their price target on shares of Targa Resources from $310.00 to $335.00 and gave the stock an “overweight” rating in a report on Tuesday, September 22nd. Stifel Nicolaus set a $335.00 price target on shares of Targa Resources in a report on Friday, October 9th. Finally, Barclays increased their price target on shares of Targa Resources from $284.00 to $294.00 and gave the stock an “overweight” rating in a research report on Thursday, October 8th. Two analysts have rated the stock with a Strong Buy rating and twenty have issued a Buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $325.89.

Targa Resources Stock Performance

TRGP opened at $264.65 on Monday. The company has a debt-to-equity ratio of 4.87, a quick ratio of 0.66 and a current ratio of 0.74. Targa Resources has a 52-week low of $166.18 and a 52-week high of $316.60. The firm has a market cap of $56.75 billion, a P/E ratio of 23.42, a price-to-earnings-growth ratio of 1.09 and a beta of 0.76. The business’s fifty day moving average is $289.31 and its 200-day moving average is $261.35.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, November 5th. The pipeline company reported $3.04 EPS for the quarter, beating analysts’ consensus estimates of $2.74 by $0.30. Targa Resources had a return on equity of 68.83% and a net margin of 13.45%. The business had revenue of $5.60 billion during the quarter, compared to the consensus estimate of $4.77 billion. Sell-side analysts expect that Targa Resources will post 11.51 EPS for the current fiscal year.

Insider Transactions at Targa Resources

In other news, Director Paul Chung sold 1,816 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total transaction of $537,735.76. Following the completion of the transaction, the director directly owned 44,000 shares in the company, valued at approximately $13,028,840. This represents a 3.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director S 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 value of $719,208.00. Following the completion of the transaction, the director owned 1,529 shares of the company’s stock, valued at $458,195.43. The trade was a 61.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 7,216 shares of company stock worth $2,127,634. Corporate insiders own 1.37% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. grew its holdings in shares of Targa Resources by 1.4% during the second quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company’s stock worth $5,586,077,000 after purchasing an additional 291,114 shares during the last quarter. State Street Corp raised its holdings in Targa Resources by 4.6% in the 2nd quarter. State Street Corp now owns 14,226,166 shares of the pipeline company’s stock valued at $3,814,604,000 after buying an additional 626,885 shares during the last quarter. Aberdeen Group plc raised its holdings in Targa Resources by 3,159.2% in the 3rd quarter. Aberdeen Group plc now owns 4,254,731 shares of the pipeline company’s stock valued at $1,150,096,000 after buying an additional 4,124,184 shares during the last quarter. Bank of America Corp DE raised its holdings in Targa Resources by 28.0% in the 1st quarter. Bank of America Corp DE now owns 3,151,993 shares of the pipeline company’s stock valued at $790,299,000 after buying an additional 688,598 shares during the last quarter. Finally, Deutsche Bank AG boosted its position in Targa Resources by 21.7% during the 2nd quarter. Deutsche Bank AG now owns 3,025,248 shares of the pipeline company’s stock worth $811,190,000 after buying an additional 539,582 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Company Profile

Targa Resources Corp. is a midstream energy company that gathers, processes, transports and stores natural gas and natural gas liquids (NGLs), and provides services for crude oil. Its infrastructure connects oil and gas producers with pipelines, processing facilities, fractionators, storage sites and domestic and international markets.

The company’s services include natural gas gathering, compression and processing; NGL transportation and fractionation; and crude oil gathering and terminaling.