Targa Resources (NYSE:TRGP) Rating Increased to Strong-Buy at Jefferies Financial Group

Targa Resources (NYSE:TRGP) was upgraded by Jefferies Financial Group to a “strong-buy” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Several other analysts also recently weighed in on TRGP. Mizuho lifted their target price on Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. TD Cowen raised their price target on Targa Resources from $236.00 to $245.00 and gave the company a “hold” rating in a report on Monday, May 11th. Scotiabank raised their price target on Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. Citigroup restated a “buy” rating on shares of Targa Resources in a research note on Wednesday, May 27th. Finally, Wells Fargo & Company upped their price objective on shares of Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $272.20.

Targa Resources Price Performance

NYSE TRGP opened at $258.68 on Thursday. Targa Resources has a 52 week low of $144.14 and a 52 week high of $280.00. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. The stock has a market cap of $55.52 billion, a price-to-earnings ratio of 26.16, a price-to-earnings-growth ratio of 1.33 and a beta of 0.72. The company has a 50-day moving average price of $256.54 and a two-hundred day moving average price of $225.70.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The business had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. Analysts forecast that Targa Resources will post 10.75 EPS for the current year.

Insider Activity at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the sale, the director owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.37% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of TRGP. Atlantic Union Bankshares Corp acquired a new stake in Targa Resources in the 4th quarter valued at about $27,000. Olistico Wealth LLC bought a new stake in shares of Targa Resources in the 4th quarter worth approximately $27,000. Miller Capital Partners Inc. acquired a new stake in Targa Resources during the fourth quarter valued at approximately $30,000. Global Assets Advisory LLC acquired a new stake in Targa Resources during the first quarter valued at approximately $41,000. Finally, Leonteq Securities AG acquired a new stake in Targa Resources during the fourth quarter valued at approximately $31,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.