The Goldman Sachs Group Issues Pessimistic Forecast for Targa Resources (NYSE:TRGP) Stock Price

Targa Resources (NYSE:TRGP) had its price objective cut by equities research analysts at The Goldman Sachs Group from $218.00 to $194.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the pipeline company’s stock. The Goldman Sachs Group’s price target would indicate a potential upside of 23.09% from the company’s previous close.

Several other analysts have also weighed in on the company. Truist Financial upped their target price on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a report on Tuesday, March 18th. Citigroup raised their price objective on shares of Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research note on Tuesday, February 25th. US Capital Advisors raised Targa Resources from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Barclays cut their price target on Targa Resources from $211.00 to $206.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. Finally, Wells Fargo & Company increased their price objective on Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Thirteen equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Targa Resources has a consensus rating of “Buy” and an average price target of $207.21.

Targa Resources Stock Down 0.4 %

TRGP opened at $157.61 on Monday. The business has a 50 day simple moving average of $180.89 and a 200-day simple moving average of $188.23. The stock has a market capitalization of $34.29 billion, a P/E ratio of 27.46, a P/E/G ratio of 0.61 and a beta of 1.22. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources has a 12 month low of $112.05 and a 12 month high of $218.51.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The company had revenue of $4.56 billion during the quarter, compared to analyst estimates of $5.01 billion. On average, equities analysts anticipate that Targa Resources will post 8.15 earnings per share for the current fiscal year.

Insider Transactions at Targa Resources

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

Institutional Investors Weigh In On Targa Resources

Several institutional investors and hedge funds have recently modified their holdings of the stock. Cornerstone Planning Group LLC boosted its holdings in Targa Resources by 578.9% in the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock worth $26,000 after acquiring an additional 110 shares during the period. Colonial Trust Co SC lifted its position in shares of Targa Resources by 5,400.0% during the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock worth $29,000 after purchasing an additional 162 shares in the last quarter. Atala Financial Inc purchased a new position in shares of Targa Resources in the fourth quarter valued at $31,000. Cary Street Partners Financial LLC purchased a new stake in Targa Resources during the 4th quarter worth $31,000. Finally, Ameriflex Group Inc. acquired a new position in Targa Resources in the 4th quarter worth $31,000. Hedge funds and other 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.