US Capital Advisors Upgrades Targa Resources (NYSE:TRGP) to "Strong-Buy"

Targa Resources (NYSE:TRGP - Get Free Report) was upgraded by equities researchers at US Capital Advisors from a "hold" rating to a "strong-buy" rating in a report issued on Monday, April 7th,Zacks.com reports.

TRGP has been the topic of a number of other research reports. Morgan Stanley boosted their target price on Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research report on Monday, March 17th. Scotiabank reduced their price target on shares of Targa Resources from $218.00 to $210.00 and set a "sector outperform" rating on the stock in a research report on Thursday, March 6th. Truist Financial raised their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a research note on Tuesday, March 18th. Mizuho upped their target price on shares of Targa Resources from $208.00 to $226.00 and gave the stock an "outperform" rating in a research note on Thursday, February 20th. Finally, The Goldman Sachs Group raised their price target on shares of Targa Resources from $185.00 to $223.00 and gave the company a "buy" rating in a research report on Thursday, December 19th. Thirteen analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $210.64.

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Targa Resources Price Performance

Shares of TRGP stock traded up $4.33 during trading hours on Monday, reaching $169.06. The company had a trading volume of 487,800 shares, compared to its average volume of 1,719,675. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The stock has a fifty day moving average of $191.23 and a 200-day moving average of $187.23. The company has a market capitalization of $36.78 billion, a price-to-earnings ratio of 29.45, a PEG ratio of 0.61 and a beta of 1.75. Targa Resources has a 12-month low of $110.09 and a 12-month high of $218.51.

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

Insiders Place Their Bets

In other Targa Resources news, CEO Matthew J. Meloy sold 48,837 shares of the company's stock in a transaction that occurred on Tuesday, February 25th. The stock was 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 of the company's stock, valued at $141,555,510.24. This represents a 6.31 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the transaction, the insider now owns 82,139 shares in the company, valued at approximately $16,206,024.70. This trade represents a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 115,914 shares of company stock valued at $22,613,288. 1.39% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. MML Investors Services LLC lifted its holdings in shares of 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 in the last quarter. Nordea Investment Management AB raised its holdings in shares of Targa Resources by 85.7% in the fourth quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company's stock worth $5,070,000 after acquiring an additional 13,167 shares during the last quarter. Capital Investment Advisors LLC boosted its stake in shares of Targa Resources by 191.4% during the fourth quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company's stock valued at $1,476,000 after acquiring an additional 5,431 shares during the last quarter. Atomi Financial Group Inc. purchased a new stake in shares of Targa Resources during the fourth quarter worth about $271,000. Finally, Segment Wealth Management LLC lifted its stake in shares of Targa Resources by 2,753.4% during the 4th quarter. Segment Wealth Management LLC now owns 55,328 shares of the pipeline company's stock worth $9,876,000 after purchasing an additional 53,389 shares during the period. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Company Profile

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.