Targa Resources (NYSE:TRGP) Price Target Lowered to $188.00 at The Goldman Sachs Group

Targa Resources (NYSE:TRGP) had its price target dropped by equities researchers at The Goldman Sachs Group from $189.00 to $188.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the pipeline company’s stock. The Goldman Sachs Group’s price target would suggest a potential upside of 9.80% from the company’s previous close.

Other research analysts have also issued research reports about the company. Morgan Stanley increased their target price on Targa Resources from $240.00 to $261.00 and gave the stock an “overweight” rating in a research report on Wednesday. Wells Fargo & Company reiterated an “overweight” rating and issued a $205.00 price objective (up previously from $198.00) on shares of Targa Resources in a report on Friday, August 8th. Scotiabank reiterated an “outperform” rating on shares of Targa Resources in a research note on Thursday, August 14th. Royal Bank Of Canada lifted their price target on shares of Targa Resources from $205.00 to $208.00 and gave the company an “outperform” rating in a research report on Tuesday, August 12th. Finally, Mizuho dropped their price objective on shares of Targa Resources from $212.00 to $207.00 and set an “outperform” rating on the stock in a research note on Friday, August 29th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $210.29.

Targa Resources Trading Up 0.4%

NYSE TRGP traded up $0.63 during trading on Thursday, hitting $171.21. 50,355 shares of the company’s stock traded hands, compared to its average volume of 1,768,003. 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 12-month low of $144.14 and a 12-month high of $218.51. The stock has a fifty day moving average of $161.48 and a two-hundred day moving average of $164.62. The firm has a market cap of $36.75 billion, a P/E ratio of 24.22, a PEG ratio of 0.91 and a beta of 1.16.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TRGP. Bank of Montreal Can boosted its holdings in Targa Resources by 18.1% in the third quarter. Bank of Montreal Can now owns 227,123 shares of the pipeline company’s stock worth $38,052,000 after purchasing an additional 34,818 shares during the period. Fieldview Capital Management LLC acquired a new position in Targa Resources during the third quarter valued at approximately $1,296,000. Russell Investments Group Ltd. grew its stake in Targa Resources by 2.6% in the third quarter. Russell Investments Group Ltd. now owns 435,729 shares of the pipeline company’s stock valued at $73,034,000 after purchasing an additional 11,037 shares in the last quarter. Private Advisor Group LLC increased its position in Targa Resources by 19.8% during the third quarter. Private Advisor Group LLC now owns 10,626 shares of the pipeline company’s stock worth $1,780,000 after acquiring an additional 1,756 shares during the period. Finally, Jefferies Financial Group Inc. acquired a new stake in Targa Resources in the third quarter valued at about $1,847,000. 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.