Joe Bob Perkins Sells 150,000 Shares of Targa Resources Corp. (NYSE:TRGP) Stock

Targa Resources Corp. (NYSE:TRGP) Director Joe Bob Perkins sold 150,000 shares of the company’s stock in a transaction on 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 transaction, the director now directly owns 110,470 shares in the company, valued at approximately $17,181,399.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Targa Resources Trading Up 0.3 %

Targa Resources stock opened at $146.80 on Friday. The stock has a 50-day simple moving average of $142.49 and a 200 day simple moving average of $126.66. The stock has a market capitalization of $32.16 billion, a P/E ratio of 29.90, a PEG ratio of 1.24 and a beta of 2.26. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. Targa Resources Corp. has a 52 week low of $77.97 and a 52 week high of $157.68.

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 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 analyst estimates of $4.33 billion. During the same period in the previous year, the firm earned $1.44 EPS. Analysts expect that Targa Resources Corp. will post 5.88 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date of this dividend was Wednesday, July 31st. Targa Resources’s dividend payout ratio is presently 61.73%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Argus raised shares of Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. UBS Group upped their target price on shares of Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a research report on Tuesday, June 11th. Royal Bank of Canada raised their price target on Targa Resources from $147.00 to $153.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 13th. JPMorgan Chase & Co. lifted their price objective on Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 2nd. Finally, Morgan Stanley increased their target price on Targa Resources from $134.00 to $140.00 and gave the company an “overweight” rating in a research note on Monday, June 10th. One research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Targa Resources has an average rating of “Buy” and a consensus price target of $141.77.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of TRGP. Vanguard Group Inc. boosted its holdings 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 period. Caxton Associates LP bought a new stake in Targa Resources in the 2nd quarter valued at $2,323,000. Price T Rowe Associates Inc. MD grew its holdings in Targa Resources by 231.3% in 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 buying an additional 962,073 shares in the last quarter. New Mexico Educational Retirement Board increased 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 worth $5,118,000 after buying an additional 33,900 shares during the period. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Targa Resources by 160.3% during the first quarter. BNP Paribas Financial Markets now owns 290,080 shares of the pipeline company’s stock worth $32,486,000 after buying an additional 178,655 shares in the last quarter. Institutional investors and hedge funds 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.