BMO Capital Markets Initiates Coverage on Targa Resources (NYSE:TRGP)

BMO Capital Markets initiated coverage on shares of Targa Resources (NYSE:TRGP) in a report released on Friday, MarketBeat Ratings reports. The firm set an “outperform” rating and a $185.00 price target on the pipeline company’s stock. BMO Capital Markets’ price target would indicate a potential upside of 12.54% from the company’s previous close.

A number of other research analysts have also recently issued reports on TRGP. Royal Bank Of Canada boosted their target price on Targa Resources from $205.00 to $208.00 and gave the company an “outperform” rating in a research note on Tuesday, August 12th. JPMorgan Chase & Co. boosted their target price on Targa Resources from $189.00 to $209.00 and gave the company an “overweight” rating in a research note on Thursday, July 10th. Cfra Research raised Targa Resources to a “hold” rating in a research note on Friday, August 8th. Wall Street Zen cut Targa Resources from a “buy” rating to a “hold” rating in a research note on Saturday, September 13th. Finally, TD Cowen initiated coverage on Targa Resources in a research report on Monday, July 7th. They set a “hold” rating and a $192.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $207.27.

Targa Resources Stock Down 3.4%

NYSE:TRGP opened at $164.39 on Friday. Targa Resources has a 1 year low of $144.30 and a 1 year high of $218.51. 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 stock has a market cap of $35.38 billion, a price-to-earnings ratio of 23.25, a PEG ratio of 0.97 and a beta of 1.20. The stock has a 50-day moving average price of $165.18 and a two-hundred day moving average price of $170.43.

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

Institutional Trading of Targa Resources

Institutional investors and hedge funds have recently bought and sold shares of the business. Bessemer Group Inc. grew its position in shares of Targa Resources by 25.1% in the first quarter. Bessemer Group Inc. now owns 2,466 shares of the pipeline company’s stock valued at $494,000 after purchasing an additional 495 shares during the last quarter. Oppenheimer & Co. Inc. grew its position in shares of Targa Resources by 48.1% in the first quarter. Oppenheimer & Co. Inc. now owns 2,535 shares of the pipeline company’s stock valued at $508,000 after purchasing an additional 823 shares during the last quarter. Dynamic Advisor Solutions LLC acquired a new position in shares of Targa Resources in the first quarter valued at approximately $544,000. Vontobel Holding Ltd. grew its position in shares of Targa Resources by 29.9% in the first quarter. Vontobel Holding Ltd. now owns 3,758 shares of the pipeline company’s stock valued at $753,000 after purchasing an additional 864 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its position in shares of Targa Resources by 5.8% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 2,038 shares of the pipeline company’s stock valued at $408,000 after purchasing an additional 111 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

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.