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

Targa Resources (NYSE:TRGP) had its price target cut by equities researchers at Mizuho from $226.00 to $218.00 in a report released on Monday,Benzinga reports. The firm currently has an “outperform” rating on the pipeline company’s stock. Mizuho’s price objective points to a potential upside of 22.42% from the stock’s current price.

TRGP has been the topic of a number of other reports. Scotiabank cut their target price on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 6th. US Capital Advisors raised shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Truist Financial lifted their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Tuesday, March 18th. Citigroup lifted their target price on Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Finally, Morgan Stanley boosted their target price on Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a report on Monday, March 17th. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $209.29.

Targa Resources Price Performance

Targa Resources stock opened at $178.08 on Monday. The firm’s 50-day simple moving average is $184.43 and its 200 day simple moving average is $188.27. The firm has a market capitalization of $38.75 billion, a PE ratio of 31.02, a P/E/G ratio of 0.61 and a beta of 1.75. Targa Resources has a 52 week low of $110.09 and a 52 week high of $218.51. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results 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 business had revenue of $4.41 billion during the quarter, compared to analyst estimates 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 predict that Targa Resources will post 8.15 EPS for the current fiscal year.

Insider Transactions at Targa Resources

In related news, Director Waters S. Iv Davis sold 2,190 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the sale, the director now owns 2,899 shares of the company’s stock, valued at $568,957.74. This represents a 43.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Matthew J. Meloy sold 48,837 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the sale, the chief executive officer now owns 725,628 shares of the company’s stock, valued at approximately $141,555,510.24. The trade was a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock worth $22,613,288 over the last quarter. Company insiders own 1.34% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Institutional investors and hedge funds have recently made changes to their positions in the stock. Ameriflex Group Inc. acquired a new stake in shares of Targa Resources during the 4th quarter worth approximately $31,000. Colonial Trust Co SC boosted its holdings in 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 purchasing an additional 162 shares during the last quarter. Atala Financial Inc bought a new position in Targa Resources in the 4th quarter valued at $31,000. Cary Street Partners Financial LLC purchased a new position in Targa Resources in the fourth quarter valued at about $31,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in Targa Resources in the fourth quarter worth $32,000. 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.