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

Targa Resources (NYSE:TRGP) had its price target boosted by Morgan Stanley from $6.00 to $8.00 in a research note issued to investors on Monday morning, BenzingaRatingsTable reports. The firm currently has an underweight rating on the pipeline company’s stock.

Other equities research analysts also recently issued research reports about the stock. Mizuho cut their target price on shares of Targa Resources from $42.00 to $40.00 and set a neutral rating for the company in a research report on Friday, February 28th. Royal Bank of Canada increased their target price on shares of Targa Resources from $48.00 to $49.00 and gave the stock an outperform rating in a research report on Friday, February 21st. Stifel Nicolaus dropped their price target on shares of Targa Resources from $41.00 to $27.00 and set a hold rating on the stock in a research note on Friday, March 13th. Credit Suisse Group dropped their price target on shares of Targa Resources from $27.00 to $21.00 and set an outperform rating on the stock in a research note on Thursday, March 19th. Finally, Zacks Investment Research upgraded shares of Targa Resources from a sell rating to a hold rating in a research note on Saturday, January 18th. Two research 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. The stock has a consensus rating of Hold and a consensus price target of $35.59.

TRGP stock traded down $0.53 during midday trading on Monday, reaching $7.65. The company had a trading volume of 6,119,146 shares, compared to its average volume of 3,822,418. Targa Resources has a 1 year low of $3.66 and a 1 year high of $43.47. The company has a current ratio of 0.89, a quick ratio of 0.80 and a debt-to-equity ratio of 0.88. The company has a market capitalization of $1.92 billion, a P/E ratio of -5.31 and a beta of 1.64. The company has a 50 day moving average of $26.58 and a two-hundred day moving average of $36.07.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, February 20th. The pipeline company reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.21. Targa Resources had a negative net margin of 2.41% and a negative return on equity of 0.37%. The company had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.28 billion. On average, sell-side analysts anticipate that Targa Resources will post -0.19 earnings per share for the current year.

In other Targa Resources news, Director Rene R. Joyce sold 160,000 shares of the firm’s stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $7.00, for a total value of $1,120,000.00. Following the sale, the director now directly owns 281,820 shares in the company, valued at approximately $1,972,740. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.86% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. State Street Corp lifted its holdings in shares of Targa Resources by 6.5% during the 4th quarter. State Street Corp now owns 5,823,692 shares of the pipeline company’s stock worth $237,781,000 after acquiring an additional 353,704 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Targa Resources by 5.0% during the 4th quarter. Geode Capital Management LLC now owns 2,764,588 shares of the pipeline company’s stock worth $113,364,000 after acquiring an additional 130,581 shares during the period. Norges Bank bought a new position in shares of Targa Resources during the 4th quarter worth about $73,146,000. Duff & Phelps Investment Management Co. lifted its holdings in shares of Targa Resources by 5.8% during the 4th quarter. Duff & Phelps Investment Management Co. now owns 1,703,849 shares of the pipeline company’s stock worth $69,568,000 after acquiring an additional 93,052 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of Targa Resources by 4.1% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,538,693 shares of the pipeline company’s stock worth $62,825,000 after acquiring an additional 61,018 shares during the period. 90.85% of the stock is owned by institutional investors.

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, 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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Analyst Recommendations for Targa Resources (NYSE:TRGP)

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