Scotiabank Initiates Coverage on Targa Resources (NYSE:TRGP)

Research analysts at Scotiabank began coverage on shares of Targa Resources (NYSE:TRGP) in a report issued on Friday, Marketbeat reports. The brokerage set a “sector outperform” rating and a $218.00 price target on the pipeline company’s stock. Scotiabank’s price objective indicates a potential upside of 12.61% from the company’s previous close.

Several other research firms have also commented on TRGP. Barclays increased their price target on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Truist Financial cut their price objective on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, December 13th. Royal Bank of Canada increased their price target on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Bank of America assumed coverage on shares of Targa Resources in a report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target on the stock. Finally, UBS Group increased their price target on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday, November 15th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Targa Resources has a consensus rating of “Buy” and an average target price of $186.86.

Targa Resources Stock Up 0.8 %

NYSE:TRGP opened at $193.59 on Friday. Targa Resources has a 1-year low of $81.03 and a 1-year high of $209.87. The company has a 50-day moving average of $189.18 and a 200 day moving average of $161.03. The firm has a market cap of $42.21 billion, a PE ratio of 35.01, a price-to-earnings-growth ratio of 0.73 and a beta of 2.30. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The company had revenue of $3.85 billion during the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period in the prior year, the firm earned $0.97 earnings per share. As a group, research analysts anticipate that Targa Resources will post 6.26 EPS for the current fiscal year.

Insider Activity at Targa Resources

In other news, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the sale, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the sale, the insider now directly owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. This trade represents a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.39% of the stock is owned by insiders.

Institutional Investors Weigh In On Targa Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. Strategic Investment Solutions Inc. IL purchased a new stake in Targa Resources in the second quarter valued at $29,000. DT Investment Partners LLC purchased a new stake in Targa Resources in the third quarter valued at $29,000. Prospera Private Wealth LLC purchased a new stake in Targa Resources in the third quarter valued at $35,000. Huntington National Bank lifted its position in Targa Resources by 22.9% in the third quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock valued at $71,000 after acquiring an additional 89 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in Targa Resources in the second quarter valued at $78,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

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.