Morgan Stanley Boosts Targa Resources (NYSE:TRGP) Price Target to $8.00

Targa Resources (NYSE:TRGP) had its target price increased by Morgan Stanley from $6.00 to $8.00 in a research report sent to investors on Monday, BenzingaRatingsTable reports. They currently have an underweight rating on the pipeline company’s stock.

TRGP has been the topic of several other research reports. Raymond James downgraded Targa Resources from a strong-buy rating to an outperform rating in a research note on Thursday, March 12th. Zacks Investment Research upgraded Targa Resources from a sell rating to a hold rating in a research note on Saturday, January 18th. Mizuho dropped their price target on Targa Resources from $42.00 to $40.00 and set a neutral rating on the stock in a research note on Friday, February 28th. ValuEngine downgraded Targa Resources from a buy rating to a hold rating in a research note on Tuesday, February 25th. Finally, Robert W. Baird downgraded Targa Resources from an outperform rating to a neutral rating and dropped their price target for the company from $42.00 to $28.00 in a research note on Monday, March 9th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the stock. Targa Resources presently has a consensus rating of Hold and a consensus price target of $35.59.

Targa Resources stock traded down $0.53 during trading hours on Monday, hitting $7.65. 6,119,146 shares of the stock traded hands, compared to its average volume of 3,822,418. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.89 and a quick ratio of 0.80. The firm’s 50 day moving average price is $26.58 and its 200-day moving average price is $36.07. The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of -5.31 and a beta of 1.64. Targa Resources has a 1 year low of $3.66 and a 1 year high of $43.47.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, February 20th. The pipeline company reported $0.14 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.07) by $0.21. The business had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.28 billion. Targa Resources had a negative return on equity of 0.37% and a negative net margin of 2.41%. Research analysts forecast that Targa Resources will post -0.19 earnings per share for the current fiscal year.

In related news, Director Rene R. Joyce sold 160,000 shares of the company’s stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $7.00, for a total value of $1,120,000.00. Following the completion of the transaction, the director now owns 281,820 shares of the company’s stock, valued at approximately $1,972,740. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.86% of the company’s stock.

Several institutional investors have recently made changes to their positions in TRGP. FMR LLC raised its holdings in shares of Targa Resources by 13.4% during the first quarter. FMR LLC now owns 1,192,808 shares of the pipeline company’s stock valued at $49,561,000 after acquiring an additional 140,814 shares during the last quarter. Ilmarinen Mutual Pension Insurance Co acquired a new position in shares of Targa Resources during the third quarter valued at approximately $980,000. State Street Corp raised its holdings in shares of Targa Resources by 1.5% during the third quarter. State Street Corp now owns 5,469,988 shares of the pipeline company’s stock valued at $219,729,000 after acquiring an additional 79,151 shares during the last quarter. Stifel Financial Corp raised its holdings in shares of Targa Resources by 1.5% during the third quarter. Stifel Financial Corp now owns 163,964 shares of the pipeline company’s stock valued at $6,576,000 after acquiring an additional 2,486 shares during the last quarter. Finally, Global Retirement Partners LLC grew its position in shares of Targa Resources by 32.1% in the third quarter. Global Retirement Partners LLC now owns 35,050 shares of the pipeline company’s stock valued at $1,408,000 after purchasing an additional 8,508 shares in the last quarter. 90.85% of the stock is owned by institutional investors and hedge funds.

Targa Resources Company Profile

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, 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; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.

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