Targa Resources Receives Strong Buy Rating as Analyst Raises Price Target

Truist Securities's Neal Dingmann raised their price target on Targa Resources (NYSE: TRGP) by 14.3% from $105 to $120 on 2024/03/20. The analyst maintained their Strong Buy rating on the stock.

According to Dingmann, Targa Resources is expected to experience continued growth and acceleration in the coming year. This growth will be driven by a combination of projects and "solid" organic activities, including a ramp-up in the Permian Basin. Dingmann also highlighted the company's strong free cash flow, which is expected to contribute to dividend growth.

The analyst rating for Targa Resources is overwhelmingly positive, with 100% of top-rated analysts currently rating the stock as a Strong Buy or Buy. Notably, no analysts see it as a Hold, and none recommend selling the stock. This suggests a high level of confidence in the company's future prospects.

Looking at the consensus forecast among analysts, Targa Resources is expected to deliver earnings per share (EPS) of $5.81 in the upcoming year. If this forecast turns out to be accurate, it would represent a significant year-over-year increase of 57.5%.

In terms of stock performance, Targa Resources has been on an upward trajectory. Since its last quarterly report on December 31, 2023, the stock price has risen by 25.6%. On a year-over-year basis, the stock has seen an impressive 59% increase. During this period, Targa Resources has outperformed the S&P 500, which has only risen by 32.2%.

Truist Securities analyst Neal Dingmann has an impressive track record and is ranked in the top 1% of Wall Street analysts by WallStreetZen. With an average return of 16.4% and a 69.8% win rate, Dingmann specializes in the Real Estate and Consumer Cyclical sectors, among others. This expertise lends credibility to their analysis and rating of Targa Resources.

Targa Resources Corporation, along with its subsidiary Targa Resources Partners LP, owns and operates midstream energy assets in North America. These assets include natural gas pipelines spanning 28,400 miles, which are used for gathering, compressing, treating, processing, transporting, and selling natural gas and natural gas liquids (NGL) and NGL products. Additionally, the company is involved in the purchase, storage, terminaling, and sale of crude oil. Targa Resources, which was incorporated in 2005 and has its headquarters in Houston, TX, has established itself as a key player in the energy industry.

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