Scotiabank Lowers Targa Resources (NYSE:TRGP) Price Target to $193.00

Targa Resources (NYSE:TRGP) had its price target dropped by equities research analysts at Scotiabank from $199.00 to $193.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “sector outperform” rating on the pipeline company’s stock. Scotiabank’s target price would indicate a potential upside of 20.35% from the stock’s current price.

A number of other brokerages have also weighed in on TRGP. Citigroup lowered their target price on Targa Resources from $227.00 to $197.00 and set a “buy” rating for the company in a research note on Friday, May 9th. 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. Mizuho reduced their target price on shares of Targa Resources from $226.00 to $218.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th. 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 note on Monday, May 5th. Finally, Barclays lowered their price target on shares of Targa Resources from $206.00 to $178.00 and set an “overweight” rating for the company in a report on Tuesday. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $198.79.

Targa Resources Trading Down 1.0%

Shares of TRGP stock opened at $160.37 on Tuesday. The company has a market capitalization 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. Targa Resources has a 12-month low of $113.65 and a 12-month high of $218.51. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The firm has a 50-day moving average price of $175.82 and a 200 day moving average price of $187.95.

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

Insider Buying and Selling

In other news, insider D. Scott Pryor sold 35,000 shares of the business’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the transaction, the insider now owns 82,139 shares of the company’s stock, valued at $16,206,024.70. The trade was a 29.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total value of $429,809.40. Following the sale, the director now directly owns 2,899 shares in the company, valued at $568,957.74. The trade was a 43.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock valued at $22,613,288 over the last three months. Company insiders own 1.34% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Belpointe Asset Management LLC bought a new position in shares of Targa Resources during the 1st quarter valued at about $224,000. Intech Investment Management LLC boosted its position in shares of Targa Resources by 16.5% during the first quarter. Intech Investment Management LLC now owns 46,399 shares of the pipeline company’s stock worth $9,302,000 after buying an additional 6,573 shares during the period. Focus Partners Wealth grew its holdings in shares of Targa Resources by 157.4% during the first quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock worth $788,000 after buying an additional 2,404 shares in the last quarter. Integrity Alliance LLC. acquired a new stake in Targa Resources in the 1st quarter valued at approximately $423,000. Finally, SCS Capital Management LLC bought a new stake in Targa Resources in the 1st quarter valued at approximately $5,711,000. 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.