Scotiabank Issues Pessimistic Forecast for Targa Resources (NYSE:TRGP) Stock Price

Targa Resources (NYSE:TRGP) had its target price lowered by equities research analysts at Scotiabank from $218.00 to $210.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “sector outperform” rating on the pipeline company’s stock. Scotiabank’s price objective suggests a potential upside of 15.43% from the company’s current price.

A number of other research firms have also commented on TRGP. UBS Group boosted their price target on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Royal Bank of Canada lifted their price objective on shares of Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a report on Monday, March 3rd. Stifel Nicolaus lifted their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Citigroup lifted their price objective on shares of Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. Finally, Wells Fargo & Company lifted their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Targa Resources has a consensus rating of “Buy” and a consensus price target of $206.43.

Targa Resources Stock Down 0.0 %

Targa Resources stock opened at $181.93 on Thursday. Targa Resources has a 1-year low of $103.18 and a 1-year high of $218.51. The firm has a market capitalization of $39.68 billion, a price-to-earnings ratio of 31.70, a P/E/G ratio of 0.61 and a beta of 2.32. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The firm has a 50 day simple moving average of $198.77 and a 200 day simple moving average of $179.69.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The firm had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. On average, analysts predict that Targa Resources will post 8.15 earnings per share for the current year.

Insider Activity at Targa Resources

In other news, CEO Matthew J. Meloy sold 48,837 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the sale, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at $141,555,510.24. This represents a 6.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of the stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the sale, the insider now directly owns 82,139 shares of the company’s stock, valued at approximately $16,206,024.70. This trade represents a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock worth $22,613,288 over the last quarter. Company insiders own 1.39% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

Several institutional investors have recently bought and sold shares of the stock. Colonial Trust Co SC lifted its position in Targa Resources by 5,400.0% during 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. Atala Financial Inc bought a new stake in Targa Resources during the 4th quarter valued at about $31,000. Cary Street Partners Financial LLC bought a new stake in Targa Resources during the 4th quarter valued at about $31,000. Ameriflex Group Inc. bought a new stake in Targa Resources during the 4th quarter valued at about $31,000. Finally, Rakuten Securities Inc. lifted its holdings in Targa Resources by 394.6% during the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after buying an additional 146 shares in the last quarter. 92.13% of the stock is 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.