Royal Bank of Canada Lowers Targa Resources (NYSE:TRGP) Price Target to $191.00

Targa Resources (NYSE:TRGP) had its price target decreased by Royal Bank of Canada from $199.00 to $191.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the pipeline company’s stock. Royal Bank of Canada’s target price suggests a potential upside of 19.74% from the stock’s previous close.

TRGP has been the subject of several other reports. Morgan Stanley raised their target price on shares of Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a research note on Monday, March 17th. Citigroup lifted their price objective on shares of Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. Mizuho dropped their target price on shares of Targa Resources from $226.00 to $218.00 and set an “outperform” rating on the stock in a report on Monday, April 28th. Wells Fargo & Company lifted their price target on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Finally, The Goldman Sachs Group cut their price objective on Targa Resources from $218.00 to $194.00 and set a “buy” rating for the company in a research report on Monday, May 5th. Thirteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $202.93.

Targa Resources Stock Down 0.3 %

Shares of TRGP stock opened at $159.51 on Thursday. The firm’s fifty day moving average price is $178.73 and its two-hundred day moving average price is $187.98. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources has a 1 year low of $112.27 and a 1 year high of $218.51. The firm has a market capitalization of $34.71 billion, a P/E ratio of 27.79, a PEG ratio of 0.61 and a beta of 1.22.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The company had revenue of $4.56 billion during the quarter, compared to analyst estimates of $5.01 billion. On average, equities analysts predict that Targa Resources will post 8.15 EPS for the current fiscal year.

Insiders Place Their Bets

In other Targa Resources news, CEO Matthew J. Meloy sold 48,837 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the sale, the chief executive officer now directly owns 725,628 shares in the company, valued at $141,555,510.24. This represents a 6.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Waters S. Iv Davis sold 2,190 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the transaction, the director now owns 2,899 shares of the company’s stock, valued at $568,957.74. The trade was a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock worth $22,613,288 in the last quarter. 1.34% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Cornerstone Planning Group LLC increased its stake in shares of Targa Resources by 578.9% in the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock valued at $26,000 after purchasing an additional 110 shares during the last quarter. Ameriflex Group Inc. bought a new position in Targa Resources in the fourth quarter valued at about $31,000. Colonial Trust Co SC grew its position in Targa Resources by 5,400.0% in the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock valued at $29,000 after acquiring an additional 162 shares during the last quarter. Atala Financial Inc acquired a new position in Targa Resources during the fourth quarter worth about $31,000. Finally, Cary Street Partners Financial LLC bought a new position in shares of Targa Resources in the fourth quarter worth about $31,000. 92.13% of the stock is owned by institutional investors.

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.