Targa Resources (NYSE:TRGP) Price Target Raised to $147.00

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

A number of other research firms also recently commented on TRGP. Wells Fargo & Company increased their price objective on Targa Resources from $109.00 to $124.00 and gave the stock an overweight rating in a report on Friday, May 3rd. Barclays increased their target price 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. Argus assumed coverage on Targa Resources in a research report on Wednesday, June 26th. They issued a buy rating and a $140.00 price target for the company. Stifel Nicolaus increased their price objective on Targa Resources from $111.00 to $130.00 and gave the company a buy rating in a report on Tuesday, April 16th. Finally, Truist Financial boosted their target price on Targa Resources from $120.00 to $125.00 and gave the stock a buy rating in a report on Monday, June 10th. One investment analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $138.62.

Targa Resources Price Performance

TRGP traded down $2.52 during trading on Friday, reaching $128.06. The stock had a trading volume of 1,308,247 shares, compared to its average volume of 1,591,396. The stock has a 50 day moving average of $127.48 and a two-hundred day moving average of $112.61. The firm has a market capitalization of $28.39 billion, a price-to-earnings ratio of 25.58, a price-to-earnings-growth ratio of 0.70 and a beta of 2.27. Targa Resources has a 1-year low of $77.97 and a 1-year high of $139.35. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 2.73.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $4.33 billion. During the same period in the previous year, the firm posted $1.44 earnings per share. As a group, equities analysts anticipate that Targa Resources will post 5.4 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Wednesday, July 31st will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date is Wednesday, July 31st. Targa Resources’s dividend payout ratio (DPR) is 61.73%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 2,691 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $113.00, for a total transaction of $304,083.00. Following the transaction, the chief accounting officer now owns 57,228 shares in the company, valued at $6,466,764. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Charles R. Crisp sold 7,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $112.54, for a total transaction of $787,780.00. Following the sale, the director now directly owns 95,471 shares in the company, valued at $10,744,306.34. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Julie H. Boushka sold 2,691 shares of the company’s 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 completion of the transaction, the chief accounting officer now directly owns 57,228 shares of the company’s stock, valued at $6,466,764. The disclosure for this sale can be found here. In the last 90 days, insiders sold 52,691 shares of company stock worth $6,197,632. Insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Several institutional investors have recently bought and sold shares of the company. Addison Advisors LLC bought a new stake in Targa Resources in the 4th quarter valued at $27,000. UMB Bank n.a. grew its position in Targa Resources by 2,220.0% in the second 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 last quarter. Spire Wealth Management raised its stake in Targa Resources by 2,400.0% during the first quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock worth $31,000 after acquiring an additional 264 shares in the last quarter. EdgeRock Capital LLC bought a new position in shares of Targa Resources in the fourth quarter worth about $42,000. Finally, Delos Wealth Advisors LLC acquired a new stake in shares of Targa Resources in the 4th quarter valued at approximately $43,000. 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.