Barclays (LON:BARC) reiterated its Overweight recommendation for Targa Resources (NYSE:TRGP) on Wednesday, indicating a potential 19.65% upside from the closing price of $87.85. The one-year price target for the North American midstream infrastructure company ranges from $89.89 to $124.95, with an average of $105.12.
Targa's projected annual revenue is expected to reach 24,819MM, marking an increase of 39.13%, with a non-GAAP EPS of 5.60. The company's operations include gathering, compressing, treating, processing, transporting, storing and selling natural gas; transporting, storing, fractionating and selling NGLs and NGL products, including services to LPG exporters; and gathering, storing and selling crude oil.
According to data provided by Fintel, there are 1284 funds or institutions holding positions in Targa Resources. Even though total institutional shares decreased by 9.47% to 241,017K shares, the put/call ratio of TRGP stands at 0.78, indicating bullish market sentiment.
Notable changes in shareholding include Wellington Management Group increasing its holdings by 688K shares and Vanguard Total Stock Market Index Fund Investor Shares adding another 51K shares. On the other hand, Tortoise Capital Advisors decreased its stake by 366K shares, Invesco reduced by 21K shares, and Blackstone Group (NYSE:BX) significantly decreased its holdings by 1,960K shares.
InvestingPro data reveals that Targa Resources has a market cap of 19.58B USD and a P/E ratio of 23.5. The company's adjusted P/E ratio for LTM2023.Q2 is 22.04, and the PEG ratio for the same period is 0.07. The revenue for LTM2023.Q2 stands at 17839.1M USD, with a gross profit of 5120.5M USD. The company has shown an EBITDA growth of 55.28% for LTM2023.Q2. The return on assets for the same period is 9.3%. The company's dividend yield for Y2023.D292 is 2.29%, with a dividend growth of 42.86% for LTM2023.Q2.
In terms of price returns, Targa Resources has shown a 1 week price total return of 2.33%, a 1 month price total return of 2.77%, a 3 month price total return of 11.83%, a 6 month price total return of 16.3%, a YTD price total return of 21.18%, and a 1 year price total return of 33.38%. The company's price is at 94.53% of its 52-week high. The next earnings date for Targa Resources is 2023-11-02.
InvestingPro Tips indicate that two analysts have revised their earnings downwards for the upcoming period, and the stock generally trades with low price volatility. However, stockholders receive high returns on book equity, and the company has maintained dividend payments for 13 consecutive years. The stock is trading near its 52-week high and at a high Price / Book multiple. Analysts predict that the company will be profitable this year and it has been profitable over the last twelve months. For more tips and insights, you can visit InvestingPro.
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