Scotiabank Forecasts Strong Price Appreciation for Targa Resources (NYSE:TRGP) Stock

Targa Resources (NYSE:TRGP) had its price objective hoisted by Scotiabank from $197.00 to $201.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “sector outperform” rating on the pipeline company’s stock. Scotiabank’s price objective would suggest a potential upside of 21.01% from the company’s current price.

Several other analysts have also commented on TRGP. US Capital Advisors upgraded Targa Resources from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Morgan Stanley raised their price target on Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a report on Monday, March 17th. UBS Group dropped their price target 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. TD Securities initiated coverage on shares of Targa Resources in a research report on Monday, July 7th. They issued a “hold” rating for the company. Finally, Mizuho set a $212.00 target price on shares of Targa Resources and gave the stock an “outperform” rating in a research report on Tuesday, May 20th. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Targa Resources currently has a consensus rating of “Buy” and an average price target of $209.86.

Targa Resources Trading Down 1.9%

TRGP opened at $166.10 on Tuesday. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 6.04. The stock’s fifty day moving average is $167.22 and its two-hundred day moving average is $181.83. The company has a market capitalization of $36.03 billion, a P/E ratio of 30.59, a PEG ratio of 0.60 and a beta of 1.07. Targa Resources has a 52 week low of $122.56 and a 52 week high of $218.51.

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

Institutional Investors Weigh In On Targa Resources

Large investors have recently bought and sold shares of the company. Cornerstone Planning Group LLC lifted its stake in Targa Resources by 578.9% in the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock worth $26,000 after purchasing an additional 110 shares in the last quarter. Ameriflex Group Inc. acquired a new stake in shares of Targa Resources in the fourth quarter valued at approximately $31,000. Colonial Trust Co SC increased its holdings in shares of Targa Resources by 5,400.0% in the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock valued at $29,000 after purchasing an additional 162 shares during the last quarter. Cary Street Partners Financial LLC purchased a new position in Targa Resources during the fourth quarter worth approximately $31,000. Finally, Mascagni Wealth Management Inc. acquired a new position in Targa Resources during the fourth quarter worth $32,000. 92.13% of the stock is currently 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.