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

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

Several other brokerages also recently weighed in on TRGP. Truist Financial raised their target price on Targa Resources from $125.00 to $150.00 and gave the company a buy rating in a research note on Monday, August 5th. Scotiabank boosted their price target on shares of Targa Resources from $128.00 to $142.00 and gave the stock a sector outperform rating in a research report on Wednesday, July 17th. Barclays raised their price objective 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. Royal Bank of Canada boosted their target price on Targa Resources from $147.00 to $153.00 and gave the stock an outperform rating in a research report on Tuesday, August 13th. Finally, UBS Group upped their price target 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. One investment analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Buy and an average target price of $141.77.

Targa Resources Stock Performance

Shares of TRGP opened at $152.83 on Thursday. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. The company’s fifty day moving average is $141.00 and its two-hundred day moving average is $125.59. The stock has a market capitalization of $33.89 billion, a P/E ratio of 31.45, a P/E/G ratio of 1.19 and a beta of 2.26. Targa Resources has a 1 year low of $77.97 and a 1 year high of $154.87.

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, beating 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 business had revenue of $3.56 billion during the quarter, compared to analysts’ expectations of $4.33 billion. During the same quarter last year, the business posted $1.44 earnings per share. On average, sell-side analysts predict that Targa Resources will post 5.89 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were paid a $0.75 dividend. The ex-dividend date was Wednesday, July 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.96%. Targa Resources’s payout ratio is 61.73%.

Insider Activity at Targa Resources

In related news, insider Robert Muraro sold 9,900 shares of the firm’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 transaction of $1,290,069.00. Following the completion of the transaction, the insider now owns 186,951 shares in the company, valued at approximately $24,361,584.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Targa Resources news, insider Robert Muraro sold 9,900 shares of the firm’s 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 completion of the sale, the insider now owns 186,951 shares in the company, valued at approximately $24,361,584.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Julie H. Boushka sold 1,213 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the transaction, the chief accounting officer now owns 52,257 shares in the company, valued at approximately $6,898,969.14. The disclosure for this sale can be found here. Insiders have sold 35,534 shares of company stock worth $4,788,590 over the last three months. Company insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Hedge funds have recently bought and sold shares of the company. Blackstone Inc. boosted its position in Targa Resources by 60.4% during the 4th quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock worth $820,290,000 after acquiring an additional 3,554,989 shares during the last quarter. Norges Bank acquired a new position in shares of Targa Resources during the 4th quarter worth approximately $187,123,000. Price T Rowe Associates Inc. MD increased its stake in Targa Resources by 231.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock worth $119,712,000 after acquiring an additional 962,073 shares during the period. Zurich Insurance Group Ltd FI acquired a new position in Targa Resources in the second quarter valued at about $72,345,000. Finally, American Century Companies Inc. raised its position in shares of Targa Resources by 239.1% in the 2nd quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock valued at $101,877,000 after buying an additional 557,832 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

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.