Mizuho Issues Pessimistic Forecast for Targa Resources (NYSE:TRGP) Stock Price

Targa Resources (NYSE:TRGP) had its price target lowered by Mizuho from $218.00 to $212.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the pipeline company’s stock. Mizuho’s price objective would suggest a potential upside of 32.20% from the stock’s current price.

Several other research firms also recently commented on TRGP. Wells Fargo & Company raised their price objective on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. The Goldman Sachs Group reduced their target price on shares of Targa Resources from $218.00 to $194.00 and set a “buy” rating for the company in a report on Monday, May 5th. Royal Bank of Canada decreased their target price on shares of Targa Resources from $199.00 to $191.00 and set an “outperform” rating on the stock in a research note on Thursday, May 8th. Citigroup lowered their price target on shares of Targa Resources from $227.00 to $197.00 and set a “buy” rating on the stock in a report on Friday, May 9th. Finally, US Capital Advisors upgraded shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Thirteen equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $198.79.

Targa Resources Stock Down 1.0%

Shares of TRGP stock opened at $160.37 on Tuesday. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources has a 12 month low of $113.65 and a 12 month high of $218.51. The stock has a market cap of $34.79 billion, a P/E ratio of 27.94, a P/E/G ratio of 0.61 and a beta of 1.22. The company has a 50 day simple moving average of $175.82 and a two-hundred day simple moving average of $187.95.

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

Insider Buying and Selling

In related news, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the transaction, the insider now directly owns 227,269 shares of the company’s stock, valued at approximately $43,731,100.98. This represents a 11.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 725,628 shares in the company, valued at $141,555,510.24. This trade represents a 6.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 115,914 shares of company stock worth $22,613,288. 1.34% of the stock is owned by insiders.

Institutional Investors Weigh In On Targa Resources

Several large investors have recently bought and sold shares of TRGP. Belpointe Asset Management LLC purchased a new position in shares of Targa Resources in the 1st quarter worth $224,000. Intech Investment Management LLC raised its position in shares of Targa Resources by 16.5% during the 1st quarter. Intech Investment Management LLC now owns 46,399 shares of the pipeline company’s stock valued at $9,302,000 after buying an additional 6,573 shares in the last quarter. Focus Partners Wealth raised its position in shares of Targa Resources by 157.4% during the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock valued at $788,000 after buying an additional 2,404 shares in the last quarter. Integrity Alliance LLC. bought a new position in shares of Targa Resources in the 1st quarter valued at about $423,000. Finally, SCS Capital Management LLC purchased a new position in Targa Resources in the first quarter worth about $5,711,000. Institutional investors 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.