Scotiabank Cuts Targa Resources (NYSE:TRGP) Price Target to $198.00

Targa Resources (NYSE:TRGP) had its price objective cut by analysts at Scotiabank from $199.00 to $198.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the pipeline company’s stock. Scotiabank’s target price points to a potential upside of 17.01% from the stock’s previous close.

Several other equities research analysts have also issued reports on TRGP. Royal Bank Of Canada upped their price objective on shares of Targa Resources from $205.00 to $208.00 and gave the stock an “outperform” rating in a report on Tuesday, August 12th. Wall Street Zen lowered shares of Targa Resources from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Stifel Nicolaus set a $213.00 target price on shares of Targa Resources in a research report on Thursday, November 6th. Weiss Ratings restated a “buy (b-)” rating on shares of Targa Resources in a report on Wednesday, October 8th. Finally, Cfra Research raised Targa Resources to a “hold” rating in a research report on Friday, August 8th. One equities 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 data from MarketBeat, Targa Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $209.86.

Targa Resources Trading Down 0.8%

TRGP stock traded down $1.37 during trading on Thursday, reaching $169.22. 502,422 shares of the stock traded hands, compared to its average volume of 1,769,858. The business’s 50 day moving average price is $161.48 and its 200-day moving average price is $164.62. The firm has a market capitalization of $36.32 billion, a PE ratio of 23.94, a P/E/G ratio of 0.91 and a beta of 1.16. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. Targa Resources has a 52-week low of $144.14 and a 52-week high of $218.51.

Targa Resources (NYSE:TRGP) last issued its earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). The business had revenue of $4.15 billion for the quarter, compared to analyst estimates of $4.70 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. As a group, sell-side analysts forecast that Targa Resources will post 8.15 earnings per share for the current year.

Institutional Investors Weigh In On Targa Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Norges Bank bought a new position in shares of Targa Resources in the 2nd quarter worth $708,366,000. GQG Partners LLC lifted its holdings in shares of Targa Resources by 64.0% during the 1st quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company’s stock worth $724,560,000 after acquiring an additional 1,410,747 shares during the last quarter. Nuveen LLC purchased a new position in Targa Resources in the first quarter worth $196,351,000. Wellington Management Group LLP increased its stake in Targa Resources by 7.5% in the first quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company’s stock valued at $2,764,673,000 after acquiring an additional 962,631 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Targa Resources by 43.6% during the first quarter. Goldman Sachs Group Inc. now owns 2,748,708 shares of the pipeline company’s stock worth $551,033,000 after purchasing an additional 834,666 shares during the last quarter. Hedge funds and other 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.