Targa Resources (NYSE:TRGP) Price Target Lowered to $210.00 at Scotiabank

Targa Resources (NYSE:TRGP) had its price target reduced by Scotiabank from $218.00 to $210.00 in a report issued on Thursday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the pipeline company’s stock.

A number of other brokerages have also commented on TRGP. Citigroup upped their price target on Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. Truist Financial cut their target price on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research note on Friday, December 13th. Barclays raised their price target on shares of Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. US Capital Advisors lowered shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Finally, Wells Fargo & Company lifted their target price on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $206.43.

Targa Resources Price Performance

NYSE TRGP opened at $181.78 on Thursday. The company has a market cap of $39.65 billion, a P/E ratio of 31.67, a P/E/G ratio of 0.61 and a beta of 2.29. Targa Resources has a 1 year low of $103.18 and a 1 year high of $218.51. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The company has a fifty day simple moving average of $198.68 and a 200 day simple moving average of $179.43.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. On average, sell-side analysts predict that Targa Resources will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.65%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s payout ratio is 52.26%.

Insider Buying and Selling

In other news, Director Waters S. Iv Davis sold 2,190 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the sale, the director now owns 2,899 shares in the company, valued at approximately $568,957.74. This represents a 43.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the transaction, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at $141,555,510.24. This represents a 6.31 % 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. 1.39% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Targa Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp increased its holdings in shares of Targa Resources by 8.0% in the third quarter. Van ECK Associates Corp now owns 71,523 shares of the pipeline company’s stock valued at $10,586,000 after purchasing an additional 5,288 shares in the last quarter. National Pension Service boosted its position in Targa Resources by 2.9% in the 3rd quarter. National Pension Service now owns 298,382 shares of the pipeline company’s stock valued at $44,164,000 after buying an additional 8,321 shares during the last quarter. QRG Capital Management Inc. increased its stake in shares of Targa Resources by 33.9% in the 3rd quarter. QRG Capital Management Inc. now owns 8,086 shares of the pipeline company’s stock valued at $1,197,000 after buying an additional 2,048 shares during the period. Advisor Resource Council bought a new stake in shares of Targa Resources during the third quarter worth $675,000. Finally, Principal Financial Group Inc. lifted its stake in shares of Targa Resources by 2.9% during the third quarter. Principal Financial Group Inc. now owns 814,296 shares of the pipeline company’s stock valued at $120,540,000 after acquiring an additional 22,621 shares during the period. Institutional investors and hedge funds 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.