Targa Resources (NYSE:TRGP) Upgraded to Strong-Buy by Argus

Targa Resources (NYSE:TRGP) was upgraded by stock analysts at Argus to a “strong-buy” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

A number of other research analysts also recently issued reports on TRGP. UBS Group upped their target price 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 increased their price objective on shares of Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a report on Monday, August 5th. Wells Fargo & Company lifted their target price on shares of Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. The Goldman Sachs Group increased their price target on Targa Resources from $132.00 to $147.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Finally, Royal Bank of Canada lifted their price objective on Targa Resources from $147.00 to $153.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 13th. One analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $140.54.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $149.75 on Tuesday. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. The firm has a 50 day simple moving average of $137.46 and a 200 day simple moving average of $121.41. Targa Resources has a fifty-two week low of $77.97 and a fifty-two week high of $152.42. The firm has a market cap of $32.81 billion, a P/E ratio of 30.81, a P/E/G ratio of 1.16 and a beta of 2.26.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The company had revenue of $3.56 billion during the quarter, compared to analysts’ expectations of $4.33 billion. During the same period last year, the firm earned $1.44 EPS. Sell-side analysts predict that Targa Resources will post 5.88 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the transaction, the insider now owns 174,451 shares of the company’s stock, valued at $25,504,736.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the transaction, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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 owns 232,827 shares in the company, valued at $32,137,110.81. The disclosure for this sale can be found here. In the last three months, insiders sold 45,534 shares of company stock valued at $5,989,390. 1.39% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Targa Resources

Hedge funds have recently made changes to their positions in the business. Strategic Investment Solutions Inc. IL acquired a new position in Targa Resources during the second quarter worth $29,000. UMB Bank n.a. lifted its position in Targa Resources by 2,220.0% during 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. Spire Wealth Management boosted its stake in shares of Targa Resources by 2,400.0% during the 1st quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock worth $31,000 after buying an additional 264 shares during the last quarter. Whittier Trust Co. bought a new position in shares of Targa Resources in the 2nd quarter valued at about $44,000. Finally, Register Financial Advisors LLC acquired a new stake in shares of Targa Resources in the first quarter valued at about $45,000. 92.13% of the stock is owned by institutional investors.

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.