Royal Bank Of Canada Reaffirms “Outperform” Rating for Targa Resources (NYSE:TRGP)

Targa Resources (NYSE:TRGP)‘s stock had its “outperform” rating reaffirmed by investment analysts at Royal Bank Of Canada in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $205.00 target price on the pipeline company’s stock. Royal Bank Of Canada’s price objective points to a potential upside of 23.42% from the company’s previous close.

TRGP has been the subject of a number of other research reports. US Capital Advisors upgraded shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. TD Cowen assumed coverage on shares of Targa Resources in a research note on Monday, July 7th. They issued a “hold” rating and a $192.00 target price on the stock. Scotiabank lifted their price target on Targa Resources from $193.00 to $197.00 and gave the stock a “sector outperform” rating in a research note on Thursday, June 5th. TD Securities started coverage on Targa Resources in a report on Monday, July 7th. They issued a “hold” rating for the company. Finally, UBS Group reduced their target price on Targa Resources from $259.00 to $228.00 and set a “buy” rating on the stock in a report on Thursday, May 15th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $209.86.

Targa Resources Stock Down 1.9%

TRGP opened at $166.10 on Tuesday. The firm has a 50 day moving average price of $167.22 and a 200 day moving average price of $181.83. Targa Resources has a 1 year low of $122.56 and a 1 year high of $218.51. The company has a debt-to-equity ratio of 6.04, a quick ratio of 0.57 and a current ratio of 0.65. The company has a market cap of $36.03 billion, a PE ratio of 30.59, a price-to-earnings-growth ratio of 0.60 and a beta of 1.07.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. The business had revenue of $4.56 billion during the quarter, compared to analysts’ expectations of $5.01 billion. Sell-side analysts expect that Targa Resources will post 8.15 earnings per share for the current year.

Institutional Investors Weigh In On Targa Resources

Several large investors have recently added to or reduced their stakes in TRGP. Vanguard Group Inc. boosted its holdings in shares of Targa Resources by 1.6% during the first quarter. Vanguard Group Inc. now owns 27,584,275 shares of the pipeline company’s stock valued at $5,529,820,000 after acquiring an additional 423,667 shares during the period. Wellington Management Group LLP lifted its position in Targa Resources by 7.5% in the 1st quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company’s stock valued at $2,764,673,000 after purchasing an additional 962,631 shares during the last quarter. Geode Capital Management LLC boosted its stake in Targa Resources by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company’s stock valued at $1,056,187,000 after purchasing an additional 212,986 shares during the period. Invesco Ltd. grew its position in Targa Resources by 3.2% in the 1st quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company’s stock worth $915,338,000 after purchasing an additional 139,780 shares during the last quarter. Finally, GQG Partners LLC grew its position in Targa Resources by 64.0% in the 1st quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company’s stock worth $724,560,000 after purchasing an additional 1,410,747 shares during 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.