Truist Financial Forecasts Strong Price Appreciation for Targa Resources (NYSE:TRGP) Stock

Targa Resources (NYSE:TRGP) had its target price hoisted by research analysts at Truist Financial from $150.00 to $175.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the pipeline company’s stock. Truist Financial’s target price suggests a potential upside of 0.72% from the stock’s current price.

Several other equities analysts also recently commented on TRGP. Barclays increased their target price on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Argus raised shares of Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Morgan Stanley boosted their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Royal Bank of Canada increased their price objective on Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Finally, The Goldman Sachs Group increased their price target on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $154.57.

Targa Resources Price Performance

Targa Resources stock traded up $4.55 during mid-day trading on Tuesday, reaching $173.75. The company had a trading volume of 405,072 shares, compared to its average volume of 1,636,674. The business has a fifty day simple moving average of $155.70 and a 200 day simple moving average of $136.39. The company has a market cap of $38.07 billion, a P/E ratio of 36.40, a P/E/G ratio of 1.28 and a beta of 2.24. 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 has a fifty-two week low of $81.03 and a fifty-two week high of $174.57.

Insider Buying and Selling

In other news, CAO Julie H. Boushka sold 12,641 shares of Targa Resources stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $134.50, for a total transaction of $1,700,214.50. Following the completion of the transaction, the chief accounting officer now directly owns 38,403 shares in the company, valued at $5,165,203.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Targa Resources news, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction 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 transaction, the insider now directly owns 174,451 shares of the company’s stock, valued at $25,504,736.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Julie H. Boushka sold 12,641 shares of the firm’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $134.50, for a total transaction of $1,700,214.50. Following the transaction, the chief accounting officer now directly owns 38,403 shares in the company, valued at $5,165,203.50. The trade was 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 174,321 shares of company stock worth $26,654,881 in the last ninety days. Corporate insiders own 1.44% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

A number of institutional investors have recently added to or reduced their stakes in TRGP. Vanguard Group Inc. boosted its stake in shares of Targa Resources by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock worth $3,025,521,000 after buying an additional 201,817 shares during the last quarter. Blackstone Inc. boosted its position in Targa Resources by 2.7% in the first quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock worth $1,085,794,000 after purchasing an additional 252,729 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Targa Resources by 13.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after purchasing an additional 271,444 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Targa Resources by 26.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock valued at $194,720,000 after purchasing an additional 360,675 shares during the period. Finally, Truist Financial Corp increased its position in shares of Targa Resources by 5.9% during the 2nd quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company’s stock valued at $108,010,000 after purchasing an additional 46,864 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

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.