Targa Resources (NYSE:TRGP) Given New $196.00 Price Target at BMO Capital Markets

Targa Resources (NYSE:TRGP) had its target price increased by research analysts at BMO Capital Markets from $185.00 to $196.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the pipeline company’s stock. BMO Capital Markets’ target price suggests a potential upside of 16.90% from the stock’s current price.

Several other research analysts also recently weighed in on TRGP. Wells Fargo & Company reiterated an “overweight” rating and issued a $205.00 price target (up from $198.00) on shares of Targa Resources in a report on Friday, August 8th. Scotiabank restated an “outperform” rating on shares of Targa Resources in a report on Thursday, August 14th. Barclays increased their price objective on shares of Targa Resources from $178.00 to $195.00 and gave the stock an “overweight” rating in a report on Thursday, July 10th. Royal Bank Of Canada increased their price target on shares of Targa Resources from $205.00 to $208.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 12th. Finally, Wall Street Zen upgraded Targa Resources from a “hold” rating to a “buy” rating in a report on Sunday, September 21st. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $210.29.

Targa Resources Stock Performance

Shares of TRGP stock opened at $167.66 on Thursday. The firm has a market cap of $36.08 billion, a price-to-earnings ratio of 23.56, a PEG ratio of 0.91 and a beta of 1.16. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. Targa Resources has a 1 year low of $144.14 and a 1 year high of $218.51. The stock’s 50-day moving average is $161.04 and its two-hundred day moving average is $164.67.

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

Institutional Trading of Targa Resources

Several hedge funds and other institutional investors have recently modified their holdings of the business. Stratos Wealth Advisors LLC lifted its stake in Targa Resources by 3.6% in the 1st quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company’s stock worth $356,000 after acquiring an additional 62 shares in the last quarter. State of Wyoming grew its holdings in shares of Targa Resources by 3.2% during the 2nd quarter. State of Wyoming now owns 2,076 shares of the pipeline company’s stock valued at $361,000 after acquiring an additional 64 shares in the last quarter. UMB Bank n.a. increased its stake in shares of Targa Resources by 11.9% in the second quarter. UMB Bank n.a. now owns 658 shares of the pipeline company’s stock worth $115,000 after acquiring an additional 70 shares during the last quarter. QRG Capital Management Inc. raised its holdings in shares of Targa Resources by 0.8% during the second quarter. QRG Capital Management Inc. now owns 9,296 shares of the pipeline company’s stock worth $1,618,000 after acquiring an additional 72 shares in the last quarter. Finally, Savant Capital LLC grew its stake in Targa Resources by 2.6% in the third quarter. Savant Capital LLC now owns 2,849 shares of the pipeline company’s stock valued at $477,000 after purchasing an additional 73 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

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.