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

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

Several other equities analysts have also weighed in on TRGP. Royal Bank of Canada raised their target price on Targa Resources from $220.00 to $221.00 and gave the company an "outperform" rating in a report on Monday, March 3rd. Barclays raised their target price on Targa Resources from $171.00 to $204.00 and gave the company an "overweight" rating in a report on Monday, January 13th. Stifel Nicolaus raised their target price on Targa Resources from $190.00 to $224.00 and gave the company a "buy" rating in a report on Wednesday, November 20th. Wells Fargo & Company raised their target price on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Finally, Truist Financial cut their target price on Targa Resources from $225.00 to $220.00 and set a "buy" rating on the stock in a report on Friday, December 13th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $206.43.

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Targa Resources Stock Down 0.0 %

TRGP traded down $0.05 during trading on Thursday, reaching $181.93. 2,635,095 shares of the stock traded hands, compared to its average volume of 1,659,243. The stock has a market cap of $39.68 billion, a price-to-earnings ratio of 31.70, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. Targa Resources has a fifty-two week low of $103.18 and a fifty-two week high of $218.51. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The stock's 50-day simple moving average is $198.77 and its two-hundred day simple moving average is $179.95.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.90 by ($0.46). The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. As a group, equities research analysts expect that Targa Resources will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

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

Insider Buying and Selling

In related news, insider Jennifer R. Kneale sold 29,887 shares of Targa Resources stock in a transaction dated Tuesday, February 25th. The stock was 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. This trade represents a 11.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total value of $429,809.40. Following the sale, the director now directly owns 2,899 shares in the company, valued at approximately $568,957.74. This trade represents a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock valued at $22,613,288 over the last three months. 1.39% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Targa Resources

A number of institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Targa Resources during the fourth quarter valued at approximately $505,132,000. GQG Partners LLC acquired a new stake in Targa Resources during the fourth quarter valued at approximately $393,335,000. Canada Pension Plan Investment Board boosted its holdings in Targa Resources by 981.8% during the fourth quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company's stock valued at $204,223,000 after purchasing an additional 1,038,350 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Targa Resources during the fourth quarter valued at approximately $150,372,000. Finally, TD Asset Management Inc. boosted its holdings in Targa Resources by 568.7% during the fourth quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company's stock valued at $173,212,000 after purchasing an additional 825,267 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

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.