Targa Resources (NYSE:TRGP) Now Covered by Analysts at Scotiabank

Scotiabank assumed coverage on shares of Targa Resources (NYSE:TRGP) in a report released on Friday morning, Marketbeat.com reports. The firm issued a sector outperform rating and a $218.00 price objective on the pipeline company’s stock.

Other equities research analysts have also issued research reports about the stock. Barclays boosted their price target on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Royal Bank of Canada upped their price target on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Bank of America started coverage on Targa Resources in a report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price objective on the stock. Truist Financial reduced their target price on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a report on Friday, December 13th. Finally, Morgan Stanley lifted their price target on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $186.86.

Targa Resources Trading Up 0.8 %

Shares of Targa Resources stock opened at $193.59 on Friday. The firm has a 50-day simple moving average of $189.18 and a two-hundred day simple moving average of $160.81. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources has a fifty-two week low of $81.03 and a fifty-two week high of $209.87. The company has a market cap of $42.21 billion, a P/E ratio of 35.01, a price-to-earnings-growth ratio of 0.73 and a beta of 2.30.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The company had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter in the prior year, the business posted $0.97 earnings per share. As a group, equities analysts predict that Targa Resources will post 6.26 earnings per share for the current fiscal year.

Insider Buying and Selling at Targa Resources

In related news, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the sale, the insider now directly owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. This trade represents a 26.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the transaction, the chief accounting officer now directly owns 35,143 shares in the company, valued at $6,703,175.82. The trade was a 8.49 % decrease in their position. The disclosure for this sale can be found here. 1.39% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Targa Resources

Institutional investors and hedge funds have recently made changes to their positions in the stock. Commonwealth Equity Services LLC raised its position in Targa Resources by 5.3% in the second quarter. Commonwealth Equity Services LLC now owns 9,714 shares of the pipeline company’s stock valued at $1,251,000 after purchasing an additional 486 shares during the period. Acadian Asset Management LLC purchased a new position in Targa Resources during the 2nd quarter valued at about $1,380,000. Ashton Thomas Private Wealth LLC acquired a new position in Targa Resources in the 2nd quarter valued at about $78,000. Choreo LLC purchased a new stake in Targa Resources during the second quarter worth about $929,000. Finally, Royal London Asset Management Ltd. lifted its position in shares of Targa Resources by 0.5% during the second quarter. Royal London Asset Management Ltd. now owns 68,366 shares of the pipeline company’s stock worth $8,804,000 after purchasing an additional 309 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other 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.