Targa Resources (NYSE:TRGP) Given New $194.00 Price Target at The Goldman Sachs Group

Targa Resources (NYSE:TRGP - Get Free Report) had its price objective decreased by equities research analysts at The Goldman Sachs Group from $218.00 to $194.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the pipeline company's stock. The Goldman Sachs Group's price objective indicates a potential upside of 21.62% from the stock's current price.

A number of other research firms have also recently weighed in on TRGP. Wells Fargo & Company upped their target price on shares of Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Truist Financial raised their target price on Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research report on Tuesday, March 18th. Mizuho lowered their price target on Targa Resources from $226.00 to $218.00 and set an "outperform" rating on the stock in a research report on Monday, April 28th. Citigroup upped their target price on shares of Targa Resources from $218.00 to $227.00 and gave the stock a "buy" rating in a report on Tuesday, February 25th. Finally, Morgan Stanley lifted their price target on shares of Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a report on Monday, March 17th. Thirteen analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Targa Resources presently has a consensus rating of "Buy" and a consensus price target of $202.93.

Targa Resources Stock Performance

TRGP traded down $0.54 on Monday, hitting $159.51. 1,653,488 shares of the stock traded hands, compared to its average volume of 1,771,652. The business has a fifty day moving average price of $178.73 and a two-hundred day moving average price of $187.98. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The firm has a market capitalization of $34.71 billion, a PE ratio of 27.79, a P/E/G ratio of 0.61 and a beta of 1.22. Targa Resources has a 52 week low of $112.27 and a 52 week high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The firm had revenue of $4.56 billion during the quarter, compared to analyst estimates of $5.01 billion. On average, research analysts predict that Targa Resources will post 8.15 EPS for the current fiscal year.

Insider Activity at Targa Resources

In related news, CEO Matthew J. Meloy sold 48,837 shares of the business's stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the transaction, the chief executive officer now owns 725,628 shares in the company, valued at approximately $141,555,510.24. The trade was a 6.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Waters S. Iv Davis sold 2,190 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the sale, the director now owns 2,899 shares in the company, valued at approximately $568,957.74. This trade represents a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock worth $22,613,288 over the last ninety days. Company insiders own 1.34% of the company's stock.

Hedge Funds Weigh In On Targa Resources

Several institutional investors have recently modified their holdings of the business. Snowden Capital Advisors LLC boosted its holdings in shares of Targa Resources by 2.0% in the fourth quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company's stock valued at $473,000 after buying an additional 53 shares during the period. Ritholtz Wealth Management lifted its position in Targa Resources by 1.3% in the 1st quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company's stock valued at $991,000 after acquiring an additional 62 shares in the last quarter. Stratos Wealth Advisors LLC boosted its stake in Targa Resources by 3.6% in the 1st quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company's stock worth $356,000 after purchasing an additional 62 shares during the period. Fisher Asset Management LLC increased its holdings in Targa Resources by 3.1% during the 4th quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company's stock worth $396,000 after purchasing an additional 67 shares in the last quarter. Finally, Mather Group LLC. raised its stake in shares of Targa Resources by 2.3% in the 4th quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company's stock valued at $540,000 after purchasing an additional 68 shares during the period. 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.