Barclays Cuts Targa Resources (NYSE:TRGP) Price Target to $206.00

Targa Resources (NYSE:TRGP - Get Free Report) had its price objective cut by analysts at Barclays from $211.00 to $206.00 in a report released on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the pipeline company's stock. Barclays's target price indicates a potential upside of 24.98% from the company's previous close.

Several other research analysts also recently weighed in on the company. Scotiabank lowered their target price on Targa Resources from $218.00 to $210.00 and set a "sector outperform" rating on the stock in a research note on Thursday, March 6th. Morgan Stanley upped their price objective on shares of Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a research report on Monday, March 17th. Mizuho lifted their target price on shares of Targa Resources from $208.00 to $226.00 and gave the company an "outperform" rating in a report on Thursday, February 20th. Wells Fargo & Company boosted their target price on Targa Resources from $204.00 to $220.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Finally, The Goldman Sachs Group raised their price target on Targa Resources from $185.00 to $223.00 and gave the company a "buy" rating in a report on Thursday, December 19th. Thirteen research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $210.64.

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Targa Resources Stock Performance

Shares of Targa Resources stock traded up $1.26 during trading on Wednesday, reaching $164.82. The company's stock had a trading volume of 821,517 shares, compared to its average volume of 1,718,140. The company has a 50-day moving average price of $192.02 and a two-hundred day moving average price of $187.11. Targa Resources has a fifty-two week low of $110.09 and a fifty-two week high of $218.51. The firm has a market cap of $35.86 billion, a PE ratio of 28.71, a P/E/G ratio of 0.61 and a beta of 1.75. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing analysts' consensus estimates of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The business had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.48 billion. On average, analysts forecast that Targa Resources will post 8.15 EPS for the current year.

Insider Activity

In other news, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the sale, the chief executive officer now directly owns 725,628 shares in the company, valued at $141,555,510.24. The trade was a 6.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Waters S. Iv Davis sold 2,190 shares of the company's stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the transaction, the director now directly owns 2,899 shares in the company, valued at $568,957.74. The trade was a 43.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock worth $22,613,288 over the last ninety days. 1.39% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Janus Henderson Group PLC lifted its position in Targa Resources by 0.4% during the third quarter. Janus Henderson Group PLC now owns 25,300 shares of the pipeline company's stock worth $3,744,000 after buying an additional 108 shares during the period. Integrated Wealth Concepts LLC lifted its holdings in shares of Targa Resources by 3.9% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 3,283 shares of the pipeline company's stock worth $486,000 after acquiring an additional 122 shares during the period. Orion Portfolio Solutions LLC boosted its position in shares of Targa Resources by 20.4% in the third quarter. Orion Portfolio Solutions LLC now owns 9,282 shares of the pipeline company's stock worth $1,374,000 after acquiring an additional 1,570 shares during the last quarter. MML Investors Services LLC grew its holdings in Targa Resources by 65.1% in the third quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company's stock valued at $3,791,000 after purchasing an additional 10,100 shares during the period. Finally, Nomura Asset Management Co. Ltd. increased its position in Targa Resources by 25.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 94,411 shares of the pipeline company's stock worth $13,974,000 after purchasing an additional 18,921 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

About Targa Resources

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.