Targa Resources (NYSE:TRGP) Earns Outperform Rating from Royal Bank Of Canada

Targa Resources (NYSE:TRGP)‘s stock had its “outperform” rating restated by analysts at Royal Bank Of Canada in a note issued to investors on Tuesday,Benzinga reports. They currently have a $205.00 price target on the pipeline company’s stock. Royal Bank Of Canada’s target price suggests a potential upside of 23.42% from the company’s previous close.

Several other research analysts have also recently issued reports on the stock. US Capital Advisors upgraded shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. UBS Group decreased their price target on Targa Resources from $259.00 to $228.00 and set a “buy” rating for the company in a research note on Thursday, May 15th. Morgan Stanley lifted their price target on Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a research report on Monday, March 17th. Mizuho set a $212.00 target price on Targa Resources and gave the company an “outperform” rating in a research note on Tuesday, May 20th. Finally, Scotiabank lifted their target price on Targa Resources from $193.00 to $197.00 and gave the stock a “sector outperform” rating in a report on Thursday, June 5th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $209.86.

Targa Resources Price Performance

Shares of TRGP opened at $166.10 on Tuesday. Targa Resources has a one year low of $122.56 and a one year high of $218.51. The stock’s fifty day moving average is $167.22 and its 200-day moving average is $181.83. The company has a debt-to-equity ratio of 6.04, a quick ratio of 0.57 and a current ratio of 0.65. The firm has a market capitalization of $36.03 billion, a price-to-earnings ratio of 30.59, a price-to-earnings-growth ratio of 0.60 and a beta of 1.07.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). The company had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. Equities analysts anticipate that Targa Resources will post 8.15 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in TRGP. Mariner Investment Group LLC acquired a new stake in shares of Targa Resources during the second quarter worth approximately $1,741,000. Eagle Global Advisors LLC boosted its stake in shares of Targa Resources by 1.7% during the 2nd quarter. Eagle Global Advisors LLC now owns 502,715 shares of the pipeline company’s stock valued at $87,513,000 after buying an additional 8,355 shares during the period. CX Institutional grew its holdings in shares of Targa Resources by 14.3% during the 2nd quarter. CX Institutional now owns 1,527 shares of the pipeline company’s stock valued at $266,000 after acquiring an additional 191 shares in the last quarter. Affinity Wealth Management LLC grew its holdings in shares of Targa Resources by 2.0% during the 2nd quarter. Affinity Wealth Management LLC now owns 5,773 shares of the pipeline company’s stock valued at $1,005,000 after acquiring an additional 113 shares in the last quarter. Finally, Fifth Third Bancorp increased its stake in shares of Targa Resources by 17.0% in the second quarter. Fifth Third Bancorp now owns 10,934 shares of the pipeline company’s stock worth $1,903,000 after acquiring an additional 1,591 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

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.