The Goldman Sachs Group Boosts Targa Resources (NYSE:TRGP) Price Target to $163.00

Targa Resources (NYSE:TRGP) had its target price raised by The Goldman Sachs Group from $147.00 to $163.00 in a research report released on Thursday, Benzinga reports. The brokerage currently has a buy rating on the pipeline company’s stock.

Several other analysts have also weighed in on TRGP. Wells Fargo & Company upped their target price on Targa Resources from $124.00 to $153.00 and gave the company an overweight rating in a report on Monday, August 5th. Truist Financial upped their price objective on Targa Resources from $125.00 to $150.00 and gave the company a buy rating in a research report on Monday, August 5th. Barclays upped their price objective on Targa Resources from $123.00 to $138.00 and gave the company an overweight rating in a research report on Wednesday, July 3rd. Scotiabank upped their price objective on Targa Resources from $128.00 to $142.00 and gave the company a sector outperform rating in a research report on Wednesday, July 17th. Finally, JPMorgan Chase & Co. upped their price objective on Targa Resources from $140.00 to $145.00 and gave the company an overweight rating in a research report on Tuesday, July 2nd. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Buy and a consensus price target of $141.77.

Targa Resources Stock Up 0.4 %

Targa Resources stock opened at $152.83 on Thursday. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. The firm has a market capitalization of $33.89 billion, a price-to-earnings ratio of 31.45, a price-to-earnings-growth ratio of 1.19 and a beta of 2.26. Targa Resources has a fifty-two week low of $77.97 and a fifty-two week high of $154.87. The stock’s fifty day moving average is $141.00 and its two-hundred day moving average is $125.44.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.12. The company had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same quarter in the prior year, the company earned $1.44 earnings per share. Analysts predict that Targa Resources will post 5.89 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $3.00 annualized dividend and a yield of 1.96%. Targa Resources’s dividend payout ratio (DPR) is presently 61.73%.

Insider Buying and Selling

In related news, insider Robert Muraro sold 2,500 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the transaction, the insider now directly owns 174,451 shares in the company, valued at $25,504,736.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the sale, the insider now directly owns 174,451 shares in the company, valued at $25,504,736.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Julie H. Boushka sold 1,213 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total value of $160,140.26. Following the sale, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at $6,898,969.14. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 35,534 shares of company stock worth $4,788,590. 1.39% of the stock is owned by company insiders.

Institutional Investors Weigh In On Targa Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL acquired a new stake in Targa Resources during the second quarter worth about $29,000. UMB Bank n.a. grew its stake in shares of Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after buying an additional 222 shares in the last quarter. Whittier Trust Co. acquired a new stake in shares of Targa Resources in the second quarter valued at about $44,000. Register Financial Advisors LLC acquired a new stake in shares of Targa Resources in the first quarter valued at about $45,000. Finally, Rogco LP acquired a new stake in shares of Targa Resources in the first quarter valued at about $56,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

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.