Targa Resources (NYSE:TRGP) PT Raised to $163.00 at The Goldman Sachs Group

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

TRGP has been the subject of a number of other research reports. Royal Bank of Canada increased their price target on Targa Resources from $147.00 to $153.00 and gave the company an outperform rating in a research report on Tuesday, August 13th. UBS Group raised their price objective on shares of Targa Resources from $116.00 to $147.00 and gave the stock a buy rating in a research note on Tuesday, June 11th. Truist Financial raised their target price on Targa Resources from $125.00 to $150.00 and gave the stock a buy rating in a research report on Monday, August 5th. Scotiabank upped their price target 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, Morgan Stanley raised their price objective on Targa Resources from $134.00 to $140.00 and gave the stock an overweight rating in a research report on Monday, June 10th. One research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Buy and an average price target of $141.77.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $152.83 on Thursday. The stock has a fifty day moving average price of $141.00 and a two-hundred day moving average price of $125.59. The firm has a market cap of $33.89 billion, a P/E ratio of 31.45, a PEG ratio of 1.19 and a beta of 2.26. Targa Resources has a 1 year low of $77.97 and a 1 year high of $154.87. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data 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. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The company had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. During the same quarter last year, the firm posted $1.44 EPS. Research analysts forecast 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. Stockholders of record on Wednesday, July 31st were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.96%. The ex-dividend date was Wednesday, July 31st. Targa Resources’s dividend payout ratio is presently 61.73%.

Insider Activity

In other news, insider Robert Muraro sold 9,900 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $130.31, for a total value of $1,290,069.00. Following the completion of the transaction, the insider now directly owns 186,951 shares in the company, valued at approximately $24,361,584.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Gerald R. Shrader sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $136.06, for a total transaction of $408,180.00. Following the completion of the transaction, the insider now directly owns 29,603 shares in the company, valued at approximately $4,027,784.18. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Robert Muraro sold 9,900 shares of Targa Resources stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $130.31, for a total value of $1,290,069.00. Following the completion of the sale, the insider now directly owns 186,951 shares in the company, valued at $24,361,584.81. The disclosure for this sale can be found here. Insiders have sold a total of 35,534 shares of company stock valued at $4,788,590 over the last quarter. Company insiders own 1.39% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Fifth Third Bancorp boosted its stake in shares of Targa Resources by 1.0% during the second quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock valued at $1,148,000 after purchasing an additional 89 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in Targa Resources by 17.2% during the first quarter. Massmutual Trust Co. FSB ADV now owns 633 shares of the pipeline company’s stock worth $71,000 after buying an additional 93 shares in the last quarter. Catalina Capital Group LLC grew its position in shares of Targa Resources by 3.4% in the second quarter. Catalina Capital Group LLC now owns 3,043 shares of the pipeline company’s stock valued at $392,000 after purchasing an additional 99 shares during the period. Gulf International Bank UK Ltd lifted its holdings in Targa Resources by 0.6% in the 1st quarter. Gulf International Bank UK Ltd now owns 17,695 shares of the pipeline company’s stock valued at $1,981,000 after purchasing an additional 100 shares in the last quarter. Finally, &PARTNERS grew its holdings in Targa Resources by 1.1% in the 2nd quarter. &PARTNERS now owns 10,107 shares of the pipeline company’s stock valued at $1,302,000 after buying an additional 107 shares in the last quarter. Institutional investors 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.