Royal Bank of Canada Increases Targa Resources (NYSE:TRGP) Price Target to $199.00

Targa Resources (NYSE:TRGP - Get Free Report) had its price objective hoisted by stock analysts at Royal Bank of Canada from $172.00 to $199.00 in a report released on Monday,Benzinga reports. The firm currently has an "outperform" rating on the pipeline company's stock. Royal Bank of Canada's price target would suggest a potential upside of 2.07% from the stock's previous close.

A number of other brokerages also recently commented on TRGP. Morgan Stanley boosted their target price on Targa Resources from $173.00 to $202.00 and gave the company an "overweight" rating in a research note on Friday, October 25th. Wells Fargo & Company increased their price target on shares of Targa Resources from $153.00 to $190.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 6th. The Goldman Sachs Group raised their price target on shares of Targa Resources from $147.00 to $163.00 and gave the company a "buy" rating in a report on Thursday, September 19th. Barclays increased their target price on shares of Targa Resources from $155.00 to $171.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 15th. Finally, Scotiabank boosted their price target on Targa Resources from $128.00 to $142.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, July 17th. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Targa Resources has an average rating of "Buy" and an average price target of $159.14.

Targa Resources Stock Up 1.4 %

NYSE:TRGP traded up $2.68 during trading hours on Monday, hitting $194.96. 1,182,757 shares of the stock traded hands, compared to its average volume of 1,653,609. The firm has a 50 day moving average price of $158.92 and a 200 day moving average price of $138.39. The firm has a market cap of $42.51 billion, a price-to-earnings ratio of 34.88, a PEG ratio of 1.49 and a beta of 2.24. Targa Resources has a fifty-two week low of $81.03 and a fifty-two week high of $196.60. The company has a current ratio of 0.77, a quick ratio of 0.53 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The firm had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the prior year, the business earned $0.97 EPS. Equities research analysts anticipate that Targa Resources will post 6.19 earnings per share for the current year.

Insider Buying and Selling at Targa Resources

In related news, Director Joe Bob Perkins sold 150,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the transaction, the director now owns 110,470 shares in the company, valued at $17,181,399.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Robert Muraro sold 2,500 shares of the firm's stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares of the company's stock, valued at approximately $25,504,736.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Joe Bob Perkins sold 150,000 shares of the business's stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the transaction, the director now directly owns 110,470 shares in the company, valued at $17,181,399.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.39% of the company's stock.

Hedge Funds Weigh In On Targa Resources

Institutional investors have recently bought and sold shares of the business. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Targa Resources during the third quarter worth approximately $7,006,000. Strategy Asset Managers LLC bought a new position in Targa Resources in the 3rd quarter worth approximately $912,000. Prospera Private Wealth LLC acquired a new position in Targa Resources during the 3rd quarter worth $35,000. Avior Wealth Management LLC boosted its position in Targa Resources by 76.7% in the 3rd quarter. Avior Wealth Management LLC now owns 2,361 shares of the pipeline company's stock valued at $349,000 after buying an additional 1,025 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Targa Resources in the 3rd quarter valued at $1,175,000. 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.