Targa Resources (TRGP) Price Target Lowered to $56.00 at Citigroup

Targa Resources (NYSE:TRGP) had its target price dropped by equities research analysts at Citigroup to $56.00 in a report issued on Sunday. Citigroup’s target price suggests a potential upside of 20.12% from the stock’s previous close.

A number of other equities analysts also recently commented on the company. Raymond James raised their price objective on Targa Resources from $58.00 to $64.00 and gave the stock a “strong-buy” rating in a report on Wednesday, October 17th. Wells Fargo & Co upgraded Targa Resources from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $55.00 to $63.00 in a report on Tuesday, September 18th. Zacks Investment Research downgraded Targa Resources from a “buy” rating to a “hold” rating in a report on Thursday, September 6th. Morgan Stanley raised their price objective on Targa Resources from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Friday, August 17th. Finally, SunTrust Banks set a $56.00 price objective on Targa Resources and gave the stock a “hold” rating in a report on Friday, August 17th. Nine investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Targa Resources presently has a consensus rating of “Buy” and a consensus price target of $58.20.

Targa Resources stock opened at $46.62 on Friday. The stock has a market capitalization of $10.23 billion, a PE ratio of -108.42 and a beta of 1.92. The company has a current ratio of 0.68, a quick ratio of 0.61 and a debt-to-equity ratio of 0.78. Targa Resources has a 12 month low of $41.75 and a 12 month high of $59.21.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, November 8th. The pipeline company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.31). The firm had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Targa Resources had a return on equity of 1.31% and a net margin of 3.42%. On average, equities analysts forecast that Targa Resources will post 0.31 earnings per share for the current fiscal year.

In related news, Director Chris Tong bought 2,200 shares of the company’s stock in a transaction that occurred on Friday, November 16th. The shares were acquired at an average cost of $47.00 per share, for a total transaction of $103,400.00. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.76% of the company’s stock.

Several large investors have recently made changes to their positions in TRGP. Waddell & Reed Financial Inc. grew its stake in Targa Resources by 4.3% during the 2nd quarter. Waddell & Reed Financial Inc. now owns 215,430 shares of the pipeline company’s stock valued at $10,662,000 after purchasing an additional 8,950 shares in the last quarter. Baird Financial Group Inc. grew its stake in Targa Resources by 4.6% during the 2nd quarter. Baird Financial Group Inc. now owns 42,704 shares of the pipeline company’s stock valued at $2,113,000 after purchasing an additional 1,861 shares in the last quarter. IFM Investors Pty Ltd grew its stake in Targa Resources by 14.2% during the 3rd quarter. IFM Investors Pty Ltd now owns 11,591 shares of the pipeline company’s stock valued at $653,000 after purchasing an additional 1,444 shares in the last quarter. Andra AP fonden acquired a new stake in Targa Resources during the 2nd quarter valued at approximately $1,539,000. Finally, PointState Capital LP grew its stake in Targa Resources by 92.3% during the 2nd quarter. PointState Capital LP now owns 8,853,306 shares of the pipeline company’s stock valued at $438,150,000 after purchasing an additional 4,248,784 shares in the last quarter. Institutional investors and hedge funds own 93.25% of the company’s stock.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages in gathering, compressing, treating, processing, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.

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