Targa Resources (NYSE:TRGP) Given New $163.00 Price Target at The Goldman Sachs Group

Targa Resources (NYSE:TRGP) had its target price increased by analysts at The Goldman Sachs Group from $147.00 to $163.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the pipeline company’s stock. The Goldman Sachs Group’s price objective suggests a potential upside of 7.17% from the stock’s previous close.

Other equities analysts have also recently issued reports about the stock. Royal Bank of Canada upped their price objective on shares of Targa Resources from $147.00 to $153.00 and gave the company an “outperform” rating in a research report on Tuesday, August 13th. JPMorgan Chase & Co. upped their price objective on shares of Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research report on Tuesday, July 2nd. UBS Group upped their price objective on shares of Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a research report on Tuesday, June 11th. Truist Financial upped their price objective on shares of Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Finally, Barclays increased their price target on shares of Targa Resources from $123.00 to $138.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 3rd. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $141.77.

Targa Resources Trading Down 0.1 %

Shares of TRGP stock traded down $0.09 on Thursday, reaching $152.10. 264,679 shares of the stock were exchanged, compared to its average volume of 1,624,671. The stock has a market cap of $33.32 billion, a P/E ratio of 31.30, a price-to-earnings-growth ratio of 1.19 and a beta of 2.26. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. The firm has a 50 day moving average of $140.27 and a two-hundred day moving average of $124.73. Targa Resources has a 1-year low of $77.97 and a 1-year high of $154.81.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The business had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same period in the prior year, the firm posted $1.44 EPS. On average, research analysts anticipate that Targa Resources will post 5.89 EPS for the current year.

Insider Activity

In other news, insider Robert Muraro sold 9,900 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were 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 $24,361,584.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Robert Muraro sold 9,900 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were 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 owns 186,951 shares of the company’s stock, valued at approximately $24,361,584.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Gerald R. Shrader sold 3,000 shares of the firm’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 of the company’s stock, valued at approximately $4,027,784.18. The disclosure for this sale can be found here. Insiders sold 35,534 shares of company stock worth $4,788,590 over the last three months. Corporate insiders own 1.39% of the company’s stock.

Hedge Funds Weigh In On Targa Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL purchased a new stake in Targa Resources in the 2nd quarter worth approximately $29,000. UMB Bank n.a. lifted its position in Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after buying an additional 222 shares in the last quarter. Whittier Trust Co. purchased a new stake in Targa Resources in the 2nd quarter worth approximately $44,000. Register Financial Advisors LLC bought a new position in shares of Targa Resources during the 1st quarter valued at $45,000. Finally, Quarry LP bought a new position in shares of Targa Resources during the 4th quarter valued at $50,000. 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.