Scotiabank Has Lowered Expectations for Targa Resources (NYSE:TRGP) Stock Price

Targa Resources (NYSE:TRGP - Free Report) had its target price reduced by Scotiabank from $201.00 to $199.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have a sector outperform rating on the pipeline company's stock.

A number of other equities research analysts also recently issued reports on TRGP. Royal Bank of Canada upped their price objective on Targa Resources from $220.00 to $221.00 and gave the company an "outperform" rating in a research report on Monday, March 3rd. Mizuho reduced their target price on shares of Targa Resources from $226.00 to $218.00 and set an "outperform" rating on the stock in a research note on Monday. US Capital Advisors raised shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Wells Fargo & Company boosted their target price on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Finally, Morgan Stanley upped their price objective on Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research report on Monday, March 17th. 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.com, the company has an average rating of "Buy" and a consensus price target of $209.29.

Targa Resources Price Performance

NYSE TRGP traded down $0.61 during trading on Tuesday, hitting $161.73. 3,157,519 shares of the stock traded hands, compared to its average volume of 1,746,636. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The company has a market capitalization of $35.19 billion, a P/E ratio of 28.18, a price-to-earnings-growth ratio of 0.61 and a beta of 1.75. Targa Resources has a 12-month low of $110.09 and a 12-month high of $218.51. The firm has a 50-day simple moving average of $182.45 and a 200-day simple moving average of $188.12.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly 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 business had revenue of $4.56 billion for the quarter, compared to analysts' expectations of $5.01 billion. As a group, analysts predict that Targa Resources will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The business also recently declared a dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be given a $1.00 dividend. This represents a dividend yield of 2.34%. The ex-dividend date is Wednesday, April 30th. Targa Resources's payout ratio is 69.69%.

Insider Buying and Selling at Targa Resources

In other news, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the transaction, the insider now owns 82,139 shares of the company's stock, valued at $16,206,024.70. The trade was a 29.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 227,269 shares of the company's stock, valued at $43,731,100.98. The trade was a 11.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock worth $22,613,288 over the last quarter. Insiders own 1.34% of the company's stock.

Institutional Investors Weigh In On Targa Resources

Institutional investors have recently added to or reduced their stakes in the business. Cornerstone Planning Group LLC raised its position 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. purchased a new position in shares of Targa Resources in the fourth quarter worth $31,000. Colonial Trust Co SC lifted its stake in shares of Targa Resources by 5,400.0% during the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock worth $29,000 after buying an additional 162 shares during the period. Atala Financial Inc purchased a new position in Targa Resources in the 4th quarter worth $31,000. Finally, Cary Street Partners Financial LLC acquired a new stake in Targa Resources during the 4th quarter worth about $31,000. 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.