Morgan Stanley analyst Robert Kad maintained a Buy rating on Targa Resources (TRGP) today and set a price target of $44.00. The company’s shares closed last Monday at $32.01, close to its 52-week high of $35.27.
Currently, the analyst consensus on Targa Resources is a Strong Buy with an average price target of $38.27, which is a 17.1% upside from current levels. In a report issued on March 17, Goldman Sachs also initiated coverage with a Buy rating on the stock with a $49.00 price target.
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Targa Resources’ market cap is currently $7.42B and has a P/E ratio of -4.50. The company has a Price to Book ratio of 5.84.
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Targa Resources Corp. provides midstream natural gas and natural gas liquids services. It also provides gathering, storing, and terminaling crude oil and storing, terminaling, and selling refined petroleum products. It operates through the following business segments: Gathering and Processing, and Logistics and Transportation. The Gathering and Processing segment includes assets used in the gathering of natural gas produced from oil and gas wells and processing this raw natural gas into merchantable natural gas by extracting NGLs and removing impurities; and assets used for crude oil gathering and terminaling. The Logistics and Transportation segment includes all the activities necessary to convert mixed NGLs into NGL products and provides certain value added services such as storing, fractionating, terminaling, transporting and marketing of NGLs and NGL products, including services to LPG exporters; storing and terminaling of refined petroleum products and crude oil and certain natural gas supply and marketing activities in support of its other businesses. The company was founded on October 27, 2005 and is headquartered in Houston, TX.
