Targa Resources (NYSE:TRGP) Given a $193.00 Price Target at Scotiabank

Targa Resources (NYSE:TRGP) received a $193.00 target price from analysts at Scotiabank in a report released on Tuesday, Marketbeat reports. The brokerage presently has a “sector outperform” rating on the pipeline company’s stock. Scotiabank’s target price would indicate a potential upside of 21.32% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. Citigroup reduced their target price on shares of Targa Resources from $227.00 to $197.00 and set a “buy” rating on the stock in a research note on Friday, May 9th. Barclays reduced their target price on shares of Targa Resources from $206.00 to $178.00 and set an “overweight” rating on the stock in a research note on Tuesday. UBS Group reduced their target price on shares of Targa Resources from $259.00 to $228.00 and set a “buy” rating on the stock in a research note on Thursday, May 15th. Morgan Stanley increased 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. Finally, The Goldman Sachs Group reduced their target price 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. Thirteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $198.79.

Targa Resources Price Performance

Targa Resources stock opened at $159.08 on Tuesday. The company has a market cap of $34.51 billion, a price-to-earnings ratio of 27.71, a PEG ratio of 0.61 and a beta of 1.22. The firm’s fifty day moving average is $175.08 and its 200 day moving average is $187.88. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources has a 52-week low of $113.65 and a 52-week high of $218.51.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results 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). 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%. Sell-side analysts forecast that Targa Resources will post 8.15 EPS for the current fiscal year.

Insider Activity

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

Hedge Funds Weigh In On Targa Resources

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Belpointe Asset Management LLC purchased a new position in shares of Targa Resources in the 1st quarter valued at approximately $224,000. Intech Investment Management LLC raised its position in shares of Targa Resources by 16.5% in the 1st quarter. Intech Investment Management LLC now owns 46,399 shares of the pipeline company’s stock valued at $9,302,000 after purchasing an additional 6,573 shares during the last quarter. Focus Partners Wealth raised its position in shares of Targa Resources by 157.4% in the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock valued at $788,000 after purchasing an additional 2,404 shares during the last quarter. Integrity Alliance LLC. purchased a new position in shares of Targa Resources in the 1st quarter valued at approximately $423,000. Finally, SCS Capital Management LLC purchased a new position in shares of Targa Resources in the 1st quarter valued at approximately $5,711,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Company Profile

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.