Targa Resources (NYSE:TRGP) Given New $204.00 Price Target at Scotiabank

Targa Resources (NYSE:TRGP) had its price objective raised by Scotiabank from $201.00 to $204.00 in a research note issued to investors on Thursday morning,Benzinga reports. The brokerage currently has a sector outperform rating on the pipeline company’s stock.

TRGP has been the topic of several other reports. JPMorgan Chase & Co. increased their target price on Targa Resources from $189.00 to $209.00 and gave the stock an “overweight” rating in a research report on Thursday, July 10th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $205.00 price objective (up previously from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. UBS Group decreased 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 report on Thursday, May 15th. Barclays upped their price target on shares of Targa Resources from $178.00 to $195.00 and gave the stock an “overweight” rating in a research report on Thursday, July 10th. Finally, Citigroup decreased their price target on shares of Targa Resources from $227.00 to $197.00 and set a “buy” rating on the stock in a report on Friday, May 9th. Three 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’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $209.21.

Targa Resources Trading Down 0.7%

Shares of TRGP stock opened at $165.59 on Thursday. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93. The business’s 50 day moving average is $168.64 and its two-hundred day moving average is $177.23. Targa Resources has a twelve month low of $140.74 and a twelve month high of $218.51. The company has a market capitalization of $35.63 billion, a P/E ratio of 23.42, a price-to-earnings-growth ratio of 1.04 and a beta of 1.12.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, beating the consensus estimate of $1.95 by $0.92. The business had revenue of $4.26 billion during the quarter, compared to analysts’ expectations of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. Equities analysts forecast that Targa Resources will post 8.15 EPS for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Thursday, July 31st will be given a $1.00 dividend. This is an increase from Targa Resources’s previous quarterly dividend of $0.12. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Thursday, July 31st. Targa Resources’s dividend payout ratio (DPR) is presently 56.58%.

Institutional Trading of Targa Resources

A number of hedge funds have recently made changes to their positions in TRGP. Cornerstone Planning Group LLC raised its stake in Targa Resources by 578.9% during the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock worth $26,000 after acquiring an additional 110 shares in the last quarter. Colonial Trust Co SC increased its stake in Targa Resources by 5,400.0% in the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock valued at $29,000 after buying an additional 162 shares during the last quarter. Cary Street Partners Financial LLC purchased a new position in Targa Resources in the fourth quarter valued at about $31,000. Ameriflex Group Inc. purchased a new position in shares of Targa Resources in the fourth quarter worth about $31,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in shares of Targa Resources in the fourth quarter worth about $32,000. 92.13% of the stock is owned by institutional investors and hedge funds.

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.