Targa Resources (NYSE:TRGP) Price Target Cut to $198.00 by Analysts at Scotiabank

Targa Resources (NYSE:TRGP) had its price target cut by Scotiabank from $199.00 to $198.00 in a report published on Thursday morning,Benzinga reports. They currently have a sector outperform rating on the pipeline company’s stock.

A number of other equities analysts have also recently weighed in on TRGP. The Goldman Sachs Group decreased their price objective on Targa Resources from $189.00 to $188.00 and set a “buy” rating on the stock in a report on Thursday. Morgan Stanley increased their price target on shares of Targa Resources from $240.00 to $261.00 and gave the company an “overweight” rating in a research report on Wednesday. BMO Capital Markets boosted their price objective on shares of Targa Resources from $185.00 to $196.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Mizuho cut their price objective on shares of Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a research note on Friday, August 29th. Finally, Cfra Research raised shares of Targa Resources to a “hold” rating in a report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Targa Resources presently has an average rating of “Moderate Buy” and an average target price of $209.86.

Targa Resources Stock Performance

Shares of NYSE:TRGP traded up $3.29 during midday trading on Thursday, reaching $173.00. 1,801,545 shares of the company traded hands, compared to its average volume of 1,774,087. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. Targa Resources has a 12 month low of $144.14 and a 12 month high of $218.51. The firm has a market capitalization of $37.13 billion, a price-to-earnings ratio of 24.47, a price-to-earnings-growth ratio of 0.91 and a beta of 1.16. The firm’s fifty day moving average price is $161.75 and its two-hundred day moving average price is $164.60.

Targa Resources (NYSE:TRGP) last posted its earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.22 by ($0.02). The firm had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $4.70 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. On average, equities analysts expect that Targa Resources will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Friday, October 31st will be given a $1.00 dividend. The ex-dividend date is Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.3%. Targa Resources’s payout ratio is presently 53.19%.

Institutional Trading of Targa Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Peoples Financial Services CORP. purchased a new stake in Targa Resources in the third quarter worth $34,000. Disciplina Capital Management LLC bought a new stake in shares of Targa Resources during the 1st quarter valued at $46,000. Root Financial Partners LLC purchased a new stake in shares of Targa Resources in the 3rd quarter worth about $39,000. Avion Wealth grew its position in shares of Targa Resources by 475.0% in the 3rd quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock worth $46,000 after buying an additional 228 shares during the period. Finally, First Horizon Corp bought a new position in shares of Targa Resources in the 3rd quarter worth about $47,000. Hedge funds and other institutional investors 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.