Targa Resources (NYSE:TRGP) Price Target Cut to $193.00 by Analysts at Scotiabank

Targa Resources (NYSE:TRGP - Get Free Report) had its target price cut by investment analysts at Scotiabank from $199.00 to $193.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a "sector outperform" rating on the pipeline company's stock. Scotiabank's price objective points to a potential upside of 17.26% from the stock's previous close.

A number of other equities research analysts have also issued reports on TRGP. Barclays reduced their target price on Targa Resources from $206.00 to $178.00 and set an "overweight" rating on the stock in a research note on Tuesday. Truist Financial increased their price objective on Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a research note on Tuesday, March 18th. US Capital Advisors upgraded Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Morgan Stanley upped their target price on shares of Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a report on Monday, March 17th. Finally, Wells Fargo & Company raised their price target on shares of Targa Resources from $204.00 to $220.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. Thirteen analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $199.21.

Targa Resources Stock Performance

Shares of TRGP stock opened at $164.59 on Tuesday. 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 stock has a 50 day simple moving average of $176.83 and a 200-day simple moving average of $188.32. The company has a market cap of $35.70 billion, a price-to-earnings ratio of 28.67, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22. Targa Resources has a 12-month low of $113.65 and a 12-month high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last issued 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 analysts' expectations of $5.01 billion. On average, equities analysts forecast that Targa Resources will post 8.15 EPS for the current year.

Insider Activity

In related news, insider Jennifer R. Kneale sold 29,887 shares of the company's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the sale, the insider now directly owns 227,269 shares of the company's stock, valued at approximately $43,731,100.98. This represents a 11.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Waters S. Iv Davis sold 2,190 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the sale, the director now owns 2,899 shares of the company's stock, valued at approximately $568,957.74. This represents a 43.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock valued at $22,613,288 in the last three months. Corporate insiders own 1.34% of the company's stock.

Institutional Investors Weigh In On Targa Resources

A number of large investors have recently modified their holdings of TRGP. SCS Capital Management LLC acquired a new position in Targa Resources during the 1st quarter worth approximately $5,711,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Targa Resources by 20.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,577,637 shares of the pipeline company's stock valued at $316,269,000 after purchasing an additional 272,770 shares during the period. Woodline Partners LP lifted its position in shares of Targa Resources by 40.7% during the first quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company's stock worth $3,693,000 after purchasing an additional 5,327 shares in the last quarter. MBB Public Markets I LLC purchased a new position in shares of Targa Resources in the first quarter valued at $320,000. Finally, Coppell Advisory Solutions LLC boosted its stake in shares of Targa Resources by 1,137.9% in the first quarter. Coppell Advisory Solutions LLC now owns 11,649 shares of the pipeline company's stock valued at $2,335,000 after purchasing an additional 10,708 shares during the period. 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.

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