Targa Resources (NYSE:TRGP) Price Target Lowered to $188.00 at The Goldman Sachs Group

Targa Resources (NYSE:TRGP) had its target price cut by equities researchers at The Goldman Sachs Group from $189.00 to $188.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the pipeline company’s stock. The Goldman Sachs Group’s price target points to a potential upside of 9.80% from the company’s current price.

Several other brokerages also recently issued reports on TRGP. Weiss Ratings reiterated a “buy (b-)” rating on shares of Targa Resources in a research note on Wednesday, October 8th. BMO Capital Markets increased their price target on Targa Resources from $185.00 to $196.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. Stifel Nicolaus set a $213.00 price objective on shares of Targa Resources in a research report on Thursday, November 6th. Wall Street Zen downgraded shares of Targa Resources from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Royal Bank Of Canada lifted their target price on shares of Targa Resources from $205.00 to $208.00 and gave the stock an “outperform” rating in a report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $210.29.

Targa Resources Stock Up 0.4%

NYSE TRGP traded up $0.63 during trading hours on Thursday, reaching $171.21. 50,355 shares of the company’s stock were exchanged, compared to its average volume of 1,768,003. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. The company has a market capitalization of $36.75 billion, a price-to-earnings ratio of 24.22, a price-to-earnings-growth ratio of 0.91 and a beta of 1.16. The company’s 50-day moving average is $161.48 and its two-hundred day moving average is $164.62. Targa Resources has a one year low of $144.14 and a one year high of $218.51.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.22 by ($0.02). Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The firm had revenue of $4.15 billion during the quarter, compared to analyst estimates of $4.70 billion. On average, analysts forecast that Targa Resources will post 8.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Targa Resources

A number of institutional investors and hedge funds have recently bought and sold shares of TRGP. Norges Bank bought a new stake in shares of Targa Resources during the second quarter worth about $708,366,000. GQG Partners LLC increased its holdings in Targa Resources by 64.0% during the 1st quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company’s stock worth $724,560,000 after purchasing an additional 1,410,747 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Targa Resources in the first quarter worth approximately $196,351,000. Wellington Management Group LLP grew its holdings in Targa Resources by 7.5% during the first quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company’s stock worth $2,764,673,000 after buying an additional 962,631 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in Targa Resources by 43.6% during the first quarter. Goldman Sachs Group Inc. now owns 2,748,708 shares of the pipeline company’s stock worth $551,033,000 after buying an additional 834,666 shares in the last quarter. Institutional investors and hedge funds own 92.13% 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 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.