Royal Bank of Canada Has Lowered Expectations for Targa Resources (NYSE:TRGP) Stock Price

Targa Resources (NYSE:TRGP) had its target price reduced by equities research analysts at Royal Bank of Canada from $199.00 to $191.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the pipeline company’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 19.74% from the stock’s previous close.

A number of other research firms also recently commented on TRGP. Scotiabank dropped their price objective on Targa Resources from $201.00 to $199.00 and set a “sector outperform” rating on the stock in a report on Tuesday, April 29th. Mizuho cut their price objective on Targa Resources from $226.00 to $218.00 and set an “outperform” rating on the stock in a research note on Monday, April 28th. Morgan Stanley raised their target price on shares of Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a research note on Monday, March 17th. Citigroup increased their price objective on Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. Finally, The Goldman Sachs Group decreased their price target on shares of Targa Resources from $218.00 to $194.00 and set a “buy” rating on the stock in a research report on Monday, May 5th. Thirteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Targa Resources presently has a consensus rating of “Buy” and a consensus target price of $202.93.

Targa Resources Price Performance

NYSE TRGP opened at $159.51 on Thursday. The business’s fifty day moving average is $178.73 and its two-hundred day moving average is $187.98. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The stock has a market capitalization of $34.71 billion, a P/E ratio of 27.79, a P/E/G ratio of 0.61 and a beta of 1.22. Targa Resources has a 1 year low of $112.27 and a 1 year high of $218.51.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.04 by ($1.13). The business had revenue of $4.56 billion for the quarter, compared to analysts’ expectations of $5.01 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. On average, research analysts forecast that Targa Resources will post 8.15 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Matthew J. Meloy sold 48,837 shares of the company’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the sale, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at $141,555,510.24. This represents a 6.31 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the sale, the director now directly owns 2,899 shares of the company’s stock, valued at $568,957.74. The trade was a 43.03 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 115,914 shares of company stock valued at $22,613,288. Company insiders own 1.34% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

Several institutional investors and hedge funds have recently made changes to their positions in the company. Nordea Investment Management AB lifted its holdings in shares of Targa Resources by 85.7% during the 4th quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock valued at $5,070,000 after purchasing an additional 13,167 shares in the last quarter. Capital Investment Advisors LLC boosted its stake in Targa Resources by 191.4% in the 4th quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock worth $1,476,000 after purchasing an additional 5,431 shares during the period. Atomi Financial Group Inc. acquired a new position in Targa Resources in the 4th quarter worth $271,000. Segment Wealth Management LLC raised its stake in shares of Targa Resources by 2,753.4% in the 4th quarter. Segment Wealth Management LLC now owns 55,328 shares of the pipeline company’s stock valued at $9,876,000 after purchasing an additional 53,389 shares during the period. Finally, Czech National Bank lifted its holdings in shares of Targa Resources by 5.9% in the fourth quarter. Czech National Bank now owns 47,281 shares of the pipeline company’s stock valued at $8,440,000 after purchasing an additional 2,653 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

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.