Mizuho Reiterates $212.00 Price Target for Targa Resources (NYSE:TRGP)

Targa Resources (NYSE:TRGP) received a $212.00 price target from stock analysts at Mizuho in a research note issued on Tuesday, Marketbeat Ratings reports. The brokerage currently has an “outperform” rating on the pipeline company’s stock. Mizuho’s price objective suggests a potential upside of 33.27% from the stock’s current price.

Several other research firms have also weighed in on TRGP. Scotiabank cut their target price on Targa Resources from $199.00 to $193.00 and set a “sector outperform” rating on the stock in a report on Tuesday. US Capital Advisors upgraded Targa Resources from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Barclays dropped their price objective on Targa Resources from $206.00 to $178.00 and set an “overweight” rating on the stock in a research note on Tuesday. Citigroup dropped their price objective on Targa Resources from $227.00 to $197.00 and set a “buy” rating on the stock in a research note on Friday, May 9th. Finally, UBS Group dropped their price objective on Targa Resources from $259.00 to $228.00 and set a “buy” rating on the stock in a research note on Thursday, May 15th. Thirteen equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $198.79.

Targa Resources Price Performance

NYSE TRGP opened at $159.08 on Tuesday. Targa Resources has a fifty-two week low of $113.65 and a fifty-two week high of $218.51. The stock’s 50-day moving average is $175.08 and its two-hundred day moving average is $187.88. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The firm has a market cap of $34.51 billion, a P/E ratio of 27.71, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22.

Targa Resources (NYSE:TRGP) last posted 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). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The company had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. On average, analysts anticipate that Targa Resources will post 8.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the sale, the director now directly owns 2,899 shares of the company’s stock, valued at $568,957.74. This trade represents a 43.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jennifer R. Kneale sold 29,887 shares of Targa Resources stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total value of $5,750,856.54. Following the sale, the insider now directly owns 227,269 shares in the company, valued at approximately $43,731,100.98. This trade represents a 11.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock valued at $22,613,288 over the last three months. 1.34% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Targa Resources

A number of institutional investors have recently added to or reduced their stakes in TRGP. Barclays PLC boosted its holdings in Targa Resources by 19.5% during the third quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company’s stock valued at $153,124,000 after purchasing an additional 168,602 shares in the last quarter. Park Avenue Securities LLC boosted its holdings in Targa Resources by 90.4% during the fourth quarter. Park Avenue Securities LLC now owns 3,119 shares of the pipeline company’s stock valued at $557,000 after purchasing an additional 1,481 shares in the last quarter. Wealthcare Advisory Partners LLC acquired a new stake in Targa Resources during the fourth quarter valued at approximately $223,000. Merit Financial Group LLC acquired a new stake in Targa Resources during the fourth quarter valued at approximately $216,000. Finally, HB Wealth Management LLC boosted its holdings in Targa Resources by 23.8% during the fourth quarter. HB Wealth Management LLC now owns 7,290 shares of the pipeline company’s stock valued at $1,301,000 after purchasing an additional 1,402 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

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.