Targa Resources (NYSE:TRGP) Upgraded at Argus

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

TRGP has been the topic of a number of other reports. Scotiabank upped their price objective on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 17th. Truist Financial boosted their target price on Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Royal Bank of Canada boosted their price objective on Targa Resources from $147.00 to $153.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. The Goldman Sachs Group increased their target price on Targa Resources from $132.00 to $147.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Finally, Barclays lifted their target price on Targa Resources from $123.00 to $138.00 and gave the company an “overweight” rating in a research report on Wednesday, July 3rd. One equities research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Targa Resources currently has a consensus rating of “Buy” and an average target price of $140.54.

Targa Resources Stock Up 1.8 %

TRGP opened at $149.75 on Tuesday. Targa Resources has a twelve month low of $77.97 and a twelve month high of $152.42. The company has a market cap of $32.81 billion, a PE ratio of 30.81, a price-to-earnings-growth ratio of 1.16 and a beta of 2.26. The company has a 50-day moving average price of $137.46 and a 200 day moving average price of $121.41. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (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 23.98%. The firm had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. During the same quarter in the prior year, the firm posted $1.44 earnings per share. Sell-side analysts expect that Targa Resources will post 5.88 earnings per share for the current fiscal year.

Insider Buying and Selling at Targa Resources

In related news, insider Robert Muraro sold 9,900 shares of the business’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 sale, the insider now owns 186,951 shares in the company, valued at $24,361,584.81. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Robert Muraro sold 9,900 shares of the stock in a transaction on 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 transaction, 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 Securities & Exchange Commission, which is available at this link. Also, insider Gerald R. Shrader sold 3,000 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $136.06, for a total transaction of $408,180.00. Following the completion of the sale, the insider now directly owns 29,603 shares of the company’s stock, valued at $4,027,784.18. The disclosure for this sale can be found here. Insiders have sold a total of 45,534 shares of company stock worth $5,989,390 over the last ninety days. Corporate insiders own 1.39% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Targa Resources by 0.8% during the first quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock worth $3,025,521,000 after acquiring an additional 201,817 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Targa Resources by 231.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock worth $119,712,000 after buying an additional 962,073 shares during the period. New Mexico Educational Retirement Board increased its position in Targa Resources by 287.3% in the 1st quarter. New Mexico Educational Retirement Board now owns 45,700 shares of the pipeline company’s stock valued at $5,118,000 after acquiring an additional 33,900 shares during the period. Ieq Capital LLC raised its stake in Targa Resources by 8.5% during the 4th quarter. Ieq Capital LLC now owns 6,169 shares of the pipeline company’s stock valued at $536,000 after acquiring an additional 482 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its position in Targa Resources by 160.3% during the 1st quarter. BNP Paribas Financial Markets now owns 290,080 shares of the pipeline company’s stock worth $32,486,000 after acquiring an additional 178,655 shares during the period. Institutional investors and hedge funds 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.