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

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

Several other research analysts have also recently weighed in on TRGP. JPMorgan Chase & Co. upped their price target on shares of Targa Resources from $140.00 to $145.00 and gave the stock an overweight rating in a report on Tuesday, July 2nd. Royal Bank of Canada raised their price target on Targa Resources from $123.00 to $128.00 and gave the company an outperform rating in a report on Thursday, May 16th. Scotiabank boosted their price objective on Targa Resources from $128.00 to $142.00 and gave the stock a sector outperform rating in a report on Wednesday, July 17th. UBS Group lifted 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. Finally, Argus began coverage on shares of Targa Resources in a research note on Wednesday, June 26th. They issued a buy rating and a $140.00 price target for the company. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $138.62.

Targa Resources Stock Performance

Shares of TRGP traded down $2.52 during trading hours on Friday, hitting $128.06. The company’s stock had a trading volume of 1,308,247 shares, compared to its average volume of 1,591,396. The business has a 50 day simple moving average of $127.48 and a two-hundred day simple moving average of $112.61. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62. Targa Resources has a 52-week low of $77.97 and a 52-week high of $139.35. The company has a market cap of $28.39 billion, a price-to-earnings ratio of 25.58, a PEG ratio of 0.70 and a beta of 2.27.

Targa Resources (NYSE:TRGP) last issued its earnings results 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 return on equity of 23.75% and a net margin of 6.60%. The business 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 company earned $1.44 EPS. On average, equities analysts expect that Targa Resources will post 5.4 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business 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 $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 2.34%. The ex-dividend date is Wednesday, July 31st. Targa Resources’s dividend payout ratio (DPR) is currently 61.73%.

Insider Transactions at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 9,900 shares of Targa Resources 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 sale, the insider now directly owns 186,951 shares of the company’s stock, valued at approximately $24,361,584.81. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Robert Muraro sold 9,900 shares of the 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 transaction, the insider now directly owns 186,951 shares in the company, valued at approximately $24,361,584.81. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Julie H. Boushka sold 2,691 shares of the company’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 completion of the sale, the chief accounting officer now owns 57,228 shares in the company, valued at approximately $6,466,764. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,691 shares of company stock valued at $6,197,632. Company insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Targa Resources

Several hedge funds have recently added to or reduced their stakes in the stock. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Targa Resources by 14.0% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 50,845 shares of the pipeline company’s stock worth $4,417,000 after buying an additional 6,226 shares in the last quarter. Fifth Third Bancorp boosted its stake in Targa Resources by 55.4% during the 4th quarter. Fifth Third Bancorp now owns 4,039 shares of the pipeline company’s stock valued at $351,000 after purchasing an additional 1,440 shares during the last quarter. UMB Bank n.a. increased its holdings in shares of Targa Resources by 1,351.4% in the 4th quarter. UMB Bank n.a. now owns 2,003 shares of the pipeline company’s stock worth $174,000 after purchasing an additional 1,865 shares in the last quarter. Asset Management One Co. Ltd. raised its stake in shares of Targa Resources by 3.3% in the fourth quarter. Asset Management One Co. Ltd. now owns 83,463 shares of the pipeline company’s stock worth $7,207,000 after purchasing an additional 2,635 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its position in shares of Targa Resources by 15,867.4% during the fourth quarter. International Assets Investment Management LLC now owns 89,737 shares of the pipeline company’s stock valued at $7,795,000 after buying an additional 89,175 shares during the last quarter. 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.