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

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

TRGP has been the topic of several other reports. Royal Bank Of Canada lifted their price objective on 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 downgraded shares of Targa Resources from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. BMO Capital Markets lifted their price target on Targa Resources from $185.00 to $196.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Mizuho decreased their target price on Targa Resources from $212.00 to $207.00 and set an “outperform” rating on the stock in a report on Friday, August 29th. Finally, Stifel Nicolaus set a $213.00 price objective on shares of Targa Resources in a research report on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $209.86.

Targa Resources Trading Down 0.8%

TRGP stock traded down $1.37 during midday trading on Thursday, reaching $169.22. The company’s stock had a trading volume of 502,422 shares, compared to its average volume of 1,769,858. The firm has a market capitalization of $36.32 billion, a price-to-earnings ratio of 23.94, a PEG ratio of 0.91 and a beta of 1.16. The stock has a fifty day simple moving average of $161.48 and a two-hundred day simple moving average of $164.62. Targa Resources has a 1 year low of $144.14 and a 1 year high of $218.51. 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 (NYSE:TRGP) last announced its quarterly earnings data on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.22 by ($0.02). Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The company had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $4.70 billion. On average, equities research analysts predict that Targa Resources will post 8.15 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of TRGP. Allworth Financial LP raised its stake in shares of Targa Resources by 22.7% in the first quarter. Allworth Financial LP now owns 628 shares of the pipeline company’s stock valued at $126,000 after acquiring an additional 116 shares during the period. Cerity Partners LLC lifted its stake in Targa Resources by 4.4% in the 1st quarter. Cerity Partners LLC now owns 28,718 shares of the pipeline company’s stock valued at $5,757,000 after buying an additional 1,209 shares in the last quarter. CWM LLC boosted its holdings in Targa Resources by 24.2% in the 1st quarter. CWM LLC now owns 8,455 shares of the pipeline company’s stock worth $1,695,000 after buying an additional 1,650 shares during the last quarter. Wealthfront Advisers LLC increased its stake in Targa Resources by 9.8% during the 1st quarter. Wealthfront Advisers LLC now owns 19,230 shares of the pipeline company’s stock worth $3,855,000 after buying an additional 1,714 shares in the last quarter. Finally, Larson Financial Group LLC raised its holdings in shares of Targa Resources by 8.5% during the first quarter. Larson Financial Group LLC now owns 1,440 shares of the pipeline company’s stock valued at $289,000 after acquiring an additional 113 shares during the last quarter. 92.13% of the stock is owned by 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.