Targa Resources (NYSE:TRGP) Given New $190.00 Price Target at Wells Fargo & Company

Targa Resources (NYSE:TRGP) had its price target hoisted by investment analysts at Wells Fargo & Company from $153.00 to $190.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the pipeline company’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 1.69% from the stock’s current price.

TRGP has been the topic of several other research reports. Argus raised shares of Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Morgan Stanley raised their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Truist Financial raised their price objective on shares of Targa Resources from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday. Bank of America initiated coverage on shares of Targa Resources in a report on Thursday, October 17th. They set a “buy” rating and a $182.00 price objective on the stock. Finally, Royal Bank of Canada raised their price objective on shares of Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $157.21.

Targa Resources Stock Up 5.3 %

NYSE:TRGP traded up $9.44 during mid-day trading on Wednesday, hitting $186.84. The stock had a trading volume of 131,276 shares, compared to its average volume of 1,641,642. The stock has a 50-day simple moving average of $156.35 and a two-hundred day simple moving average of $136.85. The company has a market capitalization of $40.93 billion, a PE ratio of 39.33, a PEG ratio of 1.31 and a beta of 2.24. Targa Resources has a twelve month low of $81.03 and a twelve month high of $187.15. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98.

Targa Resources (NYSE:TRGP) last issued its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.17. The firm had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same quarter last year, the company earned $0.97 earnings per share. On average, equities research analysts anticipate that Targa Resources will post 5.96 EPS for the current year.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 12,641 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $134.50, for a total value of $1,700,214.50. Following the transaction, the chief accounting officer now directly owns 38,403 shares of the company’s stock, valued at $5,165,203.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CAO Julie H. Boushka sold 12,641 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $134.50, for a total transaction of $1,700,214.50. Following the sale, the chief accounting officer now directly owns 38,403 shares of the company’s stock, valued at approximately $5,165,203.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Robert Muraro sold 2,500 shares of the company’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 value of $365,500.00. Following the sale, the insider now directly owns 174,451 shares in the company, valued at approximately $25,504,736.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 173,405 shares of company stock valued at $26,529,984 in the last three months. Corporate insiders own 1.44% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Strategic Investment Solutions Inc. IL bought a new position in Targa Resources during the second quarter valued at about $29,000. DT Investment Partners LLC bought a new position in Targa Resources during the third quarter valued at about $29,000. UMB Bank n.a. boosted its stake in Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after buying an additional 222 shares in the last quarter. Whittier Trust Co. bought a new position in Targa Resources during the second quarter valued at about $44,000. Finally, Rogco LP bought a new position in Targa Resources during the first quarter valued at about $56,000. 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.