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

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

Other equities research analysts have also recently issued reports about the company. Argus upgraded Targa Resources to a strong-buy rating in a research note on Tuesday, September 3rd. Royal Bank of Canada raised their price target on shares of Targa Resources from $147.00 to $153.00 and gave the company an outperform rating in a research note on Tuesday, August 13th. Barclays raised their target price on shares of Targa Resources from $123.00 to $138.00 and gave the company an overweight rating in a research report on Wednesday, July 3rd. Truist Financial boosted their price target on Targa Resources from $125.00 to $150.00 and gave the stock a buy rating in a report on Monday, August 5th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Targa Resources from $140.00 to $145.00 and gave the stock an overweight rating in a research report on Tuesday, July 2nd. One 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 MarketBeat, the company currently has an average rating of Buy and a consensus target price of $141.77.

Targa Resources Price Performance

Shares of TRGP opened at $152.14 on Thursday. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. The company’s fifty day simple moving average is $140.64 and its 200 day simple moving average is $124.92. Targa Resources has a 1-year low of $77.97 and a 1-year high of $154.87. The company has a market cap of $33.33 billion, a price-to-earnings ratio of 31.30, a PEG ratio of 1.19 and a beta of 2.26.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share 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 firm had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter in the previous year, the business earned $1.44 earnings per share. On average, research analysts forecast that Targa Resources will post 5.89 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend was Wednesday, July 31st. Targa Resources’s dividend payout ratio (DPR) is presently 61.73%.

Insider Buying and Selling at Targa Resources

In related news, insider Robert Muraro sold 9,900 shares of the business’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 transaction 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 $24,361,584.81. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Targa Resources news, insider Robert Muraro sold 9,900 shares of the company’s stock in a transaction that occurred on 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 owns 186,951 shares of the company’s stock, valued at $24,361,584.81. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Paul W. Chung sold 5,264 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $138.03, for a total value of $726,589.92. Following the completion of the sale, the director now directly owns 232,827 shares of the company’s stock, valued at approximately $32,137,110.81. The disclosure for this sale can be found here. Insiders have sold 35,534 shares of company stock valued at $4,788,590 in the last 90 days. 1.39% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Targa Resources

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Targa Resources by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock valued at $3,025,521,000 after acquiring an additional 201,817 shares in the last quarter. Blackstone Inc. grew its holdings in Targa Resources by 2.7% during the first quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock valued at $1,085,794,000 after purchasing an additional 252,729 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Targa Resources by 13.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after acquiring an additional 271,444 shares during the period. Norges Bank bought a new stake in shares of Targa Resources during the 4th quarter valued at $187,123,000. Finally, Westwood Holdings Group Inc. lifted its position in shares of Targa Resources by 13.7% in the fourth quarter. Westwood Holdings Group Inc. now owns 1,772,359 shares of the pipeline company’s stock valued at $153,965,000 after acquiring an additional 213,070 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Company Profile

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.