Targa Resources (TRGP) PT Raised to $64.00

Targa Resources (NYSE:TRGP) had its price target hoisted by Raymond James from $58.00 to $64.00 in a research report issued on Wednesday. The brokerage presently has a “strong-buy” rating on the pipeline company’s stock. Raymond James’ price objective suggests a potential upside of 13.31% from the company’s previous close.

Several other analysts have also recently issued reports on TRGP. SunTrust Banks started coverage on Targa Resources in a research report on Thursday, July 12th. They set a “hold” rating and a $53.00 target price for the company. ValuEngine upgraded Targa Resources from a “hold” rating to a “buy” rating in a research report on Saturday, July 14th. BMO Capital Markets reiterated a “hold” rating and set a $54.00 target price on shares of Targa Resources in a research report on Friday, July 13th. Wolfe Research started coverage on Targa Resources in a research report on Monday, July 16th. They set a “peer perform” rating for the company. Finally, Jefferies Financial Group reiterated a “$51.76” rating and set a $55.00 target price on shares of Targa Resources in a research report on Wednesday, July 18th. Ten research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Targa Resources currently has a consensus rating of “Buy” and an average price target of $59.17.

NYSE:TRGP opened at $56.48 on Wednesday. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.73 and a quick ratio of 0.64. Targa Resources has a 12-month low of $39.59 and a 12-month high of $59.21. The stock has a market cap of $12.76 billion, a P/E ratio of 565.70 and a beta of 2.08.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 9th. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.40. Targa Resources had a return on equity of 1.62% and a net margin of 2.24%. The firm had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.35 billion. As a group, research analysts anticipate that Targa Resources will post 0.31 EPS for the current year.

In other Targa Resources news, VP John Richard Klein sold 984 shares of the firm’s stock in a transaction that occurred on Thursday, August 23rd. The stock was sold at an average price of $55.63, for a total transaction of $54,739.92. Following the completion of the transaction, the vice president now owns 23,988 shares in the company, valued at approximately $1,334,452.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles R. Crisp sold 3,100 shares of the firm’s stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $54.13, for a total value of $167,803.00. Following the transaction, the director now owns 120,105 shares of the company’s stock, valued at approximately $6,501,283.65. The disclosure for this sale can be found here. Insiders have sold a total of 6,176 shares of company stock valued at $334,507 in the last 90 days. 1.76% of the stock is currently owned by company insiders.

Large investors have recently bought and sold shares of the company. Proficio Capital Partners LLC lifted its stake in shares of Targa Resources by 121.0% in the 2nd quarter. Proficio Capital Partners LLC now owns 2,276 shares of the pipeline company’s stock valued at $113,000 after purchasing an additional 1,246 shares during the last quarter. James Hambro & Partners bought a new stake in shares of Targa Resources in the 2nd quarter valued at approximately $113,000. Sit Investment Associates Inc. bought a new stake in shares of Targa Resources in the 2nd quarter valued at approximately $127,000. Westbourne Investment Advisors Inc. bought a new stake in shares of Targa Resources in the 3rd quarter valued at approximately $168,000. Finally, Laurel Wealth Advisors Inc. bought a new stake in shares of Targa Resources in the 2nd quarter valued at approximately $201,000. 92.25% of the stock is owned by institutional investors and hedge funds.

About Targa Resources

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

Further Reading: Ex-Dividend

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