Targa Resources (NYSE:TRGP) Reaches New 1-Year High – Still a Buy?

Targa Resources Corp. (NYSE:TRGP)’s share price hit a new 52-week high on Thursday . The company traded as high as $163.75 and last traded at $163.75, with a volume of 339 shares. The stock had previously closed at $163.40.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Scotiabank upped their target price on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 17th. Royal Bank of Canada upped their target price on shares of Targa Resources from $147.00 to $153.00 and gave the company an “outperform” rating in a research note on Tuesday, August 13th. Barclays upped their target price on shares of Targa Resources from $123.00 to $138.00 and gave the company an “overweight” rating in a research note on Wednesday, July 3rd. Truist Financial upped their target price on shares of Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Twelve equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $141.77.

Targa Resources Price Performance

The stock has a market cap of $36.75 billion, a P/E ratio of 34.11, a price-to-earnings-growth ratio of 1.29 and a beta of 2.25. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. The company’s fifty day simple moving average is $146.71 and its 200-day simple moving average is $129.99.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The business had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same quarter in the prior year, the firm earned $1.44 EPS. As a group, sell-side analysts forecast that Targa Resources Corp. will post 5.9 EPS for the current year.

Insider Transactions at Targa Resources

In other news, Director Joe Bob Perkins sold 150,000 shares of the company’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the sale, the director now owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Targa Resources news, Director Paul W. Chung sold 916 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total transaction of $124,896.60. Following the sale, the director now owns 238,591 shares of the company’s stock, valued at $32,531,882.85. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the sale, the director now directly owns 110,470 shares in the company, valued at approximately $17,181,399.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 175,534 shares of company stock valued at $26,815,021. 1.39% of the stock is owned by insiders.

Institutional Investors Weigh In On Targa Resources

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Targa Resources by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock valued at $3,025,521,000 after purchasing an additional 201,817 shares during the period. Caxton Associates LP acquired a new position in Targa Resources during the 2nd quarter valued at about $2,323,000. Price T Rowe Associates Inc. MD lifted its position 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 valued at $119,712,000 after purchasing an additional 962,073 shares during the period. New Mexico Educational Retirement Board lifted its position in Targa Resources by 287.3% during 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 purchasing an additional 33,900 shares during the period. 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 valued at $32,486,000 after purchasing an additional 178,655 shares during the period. Institutional investors own 92.13% of the company’s stock.

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.