Targa Resources (NYSE:TRGP) Reaches New 52-Week High - Still a Buy?

Shares of Targa Resources Corp. (NYSE:TRGP - Get Free Report) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $163.75 and last traded at $163.75, with a volume of 339 shares trading hands. The stock had previously closed at $163.40.

Analyst Ratings Changes

TRGP has been the topic of several analyst reports. The Goldman Sachs Group boosted their price objective on shares of Targa Resources from $147.00 to $163.00 and gave the stock a "buy" rating in a research note on Thursday, September 19th. Truist Financial raised their price objective on Targa Resources from $125.00 to $150.00 and gave the stock a "buy" rating in a research report on Monday, August 5th. Barclays upped their target price on Targa Resources from $123.00 to $138.00 and gave the company an "overweight" rating in a report on Wednesday, July 3rd. Argus upgraded shares of Targa Resources to a "strong-buy" rating in a report on Tuesday, September 3rd. Finally, Wells Fargo & Company upped their price objective on shares of Targa Resources from $124.00 to $153.00 and gave the company an "overweight" rating in a research note on Monday, August 5th. Twelve analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Targa Resources has a consensus rating of "Buy" and a consensus price target of $141.77.

Targa Resources Trading Down 0.5 %

The stock has a market capitalization of $35.60 billion, a P/E ratio of 33.47, a P/E/G ratio of 1.25 and a beta of 2.25. The firm's 50 day simple moving average is $146.18 and its two-hundred day simple moving average is $129.76. 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 - Get Free Report) last posted its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping analysts' consensus estimates of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The business had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $4.33 billion. During the same period in the prior year, the business earned $1.44 EPS. As a group, analysts forecast that Targa Resources Corp. will post 5.9 earnings per share for the current fiscal year.

Insider Activity at Targa Resources

In related news, insider Robert Muraro sold 2,500 shares of the company's stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the sale, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Robert Muraro sold 2,500 shares of the company's stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Julie H. Boushka sold 1,213 shares of the firm's stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the transaction, the chief accounting officer now owns 52,257 shares in the company, valued at approximately $6,898,969.14. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 175,534 shares of company stock valued at $26,815,021. 1.39% of the stock is owned by company insiders.

Institutional Investors Weigh In On Targa Resources

Institutional investors have recently added to or reduced their stakes in the company. CHICAGO TRUST Co NA bought a new position in Targa Resources in the 3rd quarter valued at $415,000. Inspire Investing LLC boosted its holdings in shares of Targa Resources by 31.3% in the 3rd quarter. Inspire Investing LLC now owns 27,994 shares of the pipeline company's stock worth $4,143,000 after buying an additional 6,671 shares during the last quarter. Ritholtz Wealth Management grew its position in Targa Resources by 9.6% during the third quarter. Ritholtz Wealth Management now owns 5,024 shares of the pipeline company's stock valued at $744,000 after buying an additional 440 shares during the period. Requisite Capital Management LLC purchased a new stake in Targa Resources during the third quarter worth about $204,000. Finally, Valeo Financial Advisors LLC bought a new stake in Targa Resources in the third quarter worth about $226,000. 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.