The Goldman Sachs Group Boosts Targa Resources (NYSE:TRGP) Price Target to $147.00

Targa Resources (NYSE:TRGP) had its price objective increased by The Goldman Sachs Group from $132.00 to $147.00 in a research note published on Friday morning, Benzinga reports. The Goldman Sachs Group currently has a buy rating on the pipeline company’s stock.

A number of other brokerages also recently commented on TRGP. Truist Financial boosted their target price on shares of Targa Resources from $120.00 to $125.00 and gave the stock a buy rating in a research note on Monday, June 10th. Argus started coverage on Targa Resources in a research report on Wednesday, June 26th. They set a buy rating and a $140.00 target price on the stock. JPMorgan Chase & Co. upped their price target on Targa Resources from $140.00 to $145.00 and gave the company an overweight rating in a report on Tuesday, July 2nd. Morgan Stanley raised their price objective on shares of Targa Resources from $134.00 to $140.00 and gave the stock an overweight rating in a report on Monday, June 10th. Finally, Barclays increased 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. One investment analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $134.46.

Targa Resources Stock Down 4.1 %

NYSE TRGP traded down $5.52 during trading hours on Friday, hitting $130.58. 1,766,901 shares of the company were exchanged, compared to its average volume of 1,236,312. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 2.73. The firm has a market cap of $28.95 billion, a price-to-earnings ratio of 26.87, a PEG ratio of 0.73 and a beta of 2.27. The company has a 50 day moving average of $127.48 and a two-hundred day moving average of $112.18. Targa Resources has a 52-week low of $77.97 and a 52-week high of $139.35.

Targa Resources (NYSE:TRGP) last issued 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. Targa Resources had a net margin of 6.60% and a return on equity of 23.75%. The firm had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $4.33 billion. During the same quarter last year, the company earned $1.44 earnings per share. Equities research analysts anticipate that Targa Resources will post 5.37 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Wednesday, July 31st will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $3.00 annualized dividend and a yield of 2.30%. Targa Resources’s dividend payout ratio is currently 61.73%.

Insider Activity

In other news, insider Robert Muraro sold 10,000 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $120.08, for a total value of $1,200,800.00. Following the completion of the transaction, the insider now owns 196,951 shares in the company, valued at approximately $23,649,876.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Julie H. Boushka sold 2,691 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $113.00, for a total transaction of $304,083.00. Following the sale, the chief accounting officer now owns 57,228 shares of the company’s stock, valued at $6,466,764. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Robert Muraro sold 10,000 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $120.08, for a total transaction of $1,200,800.00. Following the completion of the transaction, the insider now directly owns 196,951 shares of the company’s stock, valued at approximately $23,649,876.08. The disclosure for this sale can be found here. Insiders sold 52,691 shares of company stock valued at $6,197,632 in the last three months. 1.39% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Targa Resources

Several institutional investors and hedge funds have recently modified their holdings of the company. National Bank of Canada FI lifted its stake in shares of Targa Resources by 2.7% during the 2nd quarter. National Bank of Canada FI now owns 344,336 shares of the pipeline company’s stock worth $45,201,000 after purchasing an additional 9,088 shares during the period. TD Asset Management Inc lifted its position in Targa Resources by 38.2% during the second quarter. TD Asset Management Inc now owns 106,409 shares of the pipeline company’s stock worth $13,703,000 after buying an additional 29,390 shares during the period. Rhumbline Advisers boosted its stake in Targa Resources by 0.7% in the 2nd quarter. Rhumbline Advisers now owns 484,466 shares of the pipeline company’s stock worth $62,389,000 after buying an additional 3,209 shares during the last quarter. Natixis Advisors LLC grew its holdings in Targa Resources by 27.9% in the 2nd quarter. Natixis Advisors LLC now owns 25,317 shares of the pipeline company’s stock valued at $3,260,000 after buying an additional 5,521 shares during the period. Finally, Summit Financial LLC increased its stake in shares of Targa Resources by 29.4% during the 2nd quarter. Summit Financial LLC now owns 4,772 shares of the pipeline company’s stock valued at $615,000 after acquiring an additional 1,083 shares during 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.