The Goldman Sachs Group Increases 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 note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the pipeline company’s stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 6.63% from the company’s current price.

Several other equities research analysts also recently weighed in on TRGP. Royal Bank of Canada lifted 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. Wells Fargo & Company increased their price target on Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Argus upgraded Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. UBS Group upped their target price on Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, July 2nd. One 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 MarketBeat, Targa Resources presently has an average rating of “Buy” and an average target price of $141.77.

Targa Resources Stock Up 0.4 %

Shares of Targa Resources stock opened at $152.86 on Thursday. The firm has a market cap of $33.89 billion, a price-to-earnings ratio of 31.45, a PEG ratio of 1.19 and a beta of 2.26. The stock’s 50-day moving average is $141.00 and its 200 day moving average is $125.28. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. Targa Resources has a one year low of $77.97 and a one year high of $154.87.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping 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 the consensus estimate of $4.33 billion. During the same quarter last year, the firm posted $1.44 EPS. Equities research analysts anticipate that Targa Resources will post 5.89 EPS for the current year.

Insider Buying and Selling at Targa Resources

In other news, CAO Julie H. Boushka sold 12,641 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $134.50, for a total value of $1,700,214.50. Following the transaction, the chief accounting officer now owns 38,403 shares in the company, valued at approximately $5,165,203.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Targa Resources news, insider Robert Muraro sold 9,900 shares of Targa Resources stock in a transaction dated 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 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 is accessible through this hyperlink. Also, CAO Julie H. Boushka sold 12,641 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $134.50, for a total transaction of $1,700,214.50. Following the transaction, the chief accounting officer now directly owns 38,403 shares of the company’s stock, valued at $5,165,203.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 35,534 shares of company stock worth $4,788,590. Insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

A number of hedge funds have recently modified their holdings of the stock. Strategic Investment Solutions Inc. IL bought a new stake in shares of Targa Resources in the second quarter valued at $29,000. UMB Bank n.a. raised its stake 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 valued at $30,000 after acquiring an additional 222 shares during the period. Whittier Trust Co. purchased a new stake in Targa Resources during the second quarter valued at about $44,000. Register Financial Advisors LLC bought a new position in Targa Resources during the first quarter worth about $45,000. Finally, Quarry LP purchased a new position in shares of Targa Resources in the fourth quarter worth about $50,000. 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.