Barclays Issues Pessimistic Forecast for Targa Resources (NYSE:TRGP) Stock Price

Targa Resources (NYSE:TRGP) had its price objective trimmed by Barclays from $211.00 to $206.00 in a research report report published on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the pipeline company’s stock.

Several other analysts also recently commented on the stock. Mizuho raised their price objective on shares of Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Scotiabank lowered their price target on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a report on Thursday, March 6th. Morgan Stanley increased their price objective 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. Citigroup upped their target price on shares of Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. Finally, Wells Fargo & Company lifted their price target on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Thirteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Targa Resources has an average rating of “Buy” and an average price target of $210.64.

Targa Resources Stock Performance

Shares of NYSE:TRGP traded down $8.78 during midday trading on Wednesday, hitting $164.87. The company had a trading volume of 1,453,229 shares, compared to its average volume of 1,882,635. Targa Resources has a 12-month low of $110.09 and a 12-month high of $218.51. The company has a fifty day moving average of $193.55 and a two-hundred day moving average of $186.73. The company has a market cap of $35.87 billion, a price-to-earnings ratio of 28.72, a PEG ratio of 0.61 and a beta of 1.75. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.46). The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. On average, equities research analysts expect that Targa Resources will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a dividend of $0.75 per share. The ex-dividend date was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.82%. Targa Resources’s dividend payout ratio is 52.26%.

Insider Buying and Selling

In related news, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the sale, the director now owns 2,899 shares in the company, valued at $568,957.74. This trade represents a 43.03 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider D. Scott Pryor sold 35,000 shares of the business’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the sale, the insider now directly owns 82,139 shares of the company’s stock, valued at approximately $16,206,024.70. This trade represents a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 115,914 shares of company stock valued at $22,613,288. Insiders own 1.39% of the company’s stock.

Institutional Trading of Targa Resources

Several institutional investors and hedge funds have recently modified their holdings of the stock. Janus Henderson Group PLC lifted its holdings in shares of Targa Resources by 0.4% in the 3rd quarter. Janus Henderson Group PLC now owns 25,300 shares of the pipeline company’s stock worth $3,744,000 after buying an additional 108 shares during the period. Integrated Wealth Concepts LLC increased its position in Targa Resources by 3.9% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 3,283 shares of the pipeline company’s stock valued at $486,000 after purchasing an additional 122 shares during the period. Orion Portfolio Solutions LLC raised its holdings in shares of Targa Resources by 20.4% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 9,282 shares of the pipeline company’s stock valued at $1,374,000 after purchasing an additional 1,570 shares in the last quarter. MML Investors Services LLC lifted its position in shares of Targa Resources by 65.1% in the 3rd quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock worth $3,791,000 after purchasing an additional 10,100 shares during the period. Finally, Nomura Asset Management Co. Ltd. boosted its stake in shares of Targa Resources by 25.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 94,411 shares of the pipeline company’s stock valued at $13,974,000 after purchasing an additional 18,921 shares in the last quarter. 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.