Insider Selling: Targa Resources Corp. (NYSE:TRGP) CEO Sells 48,837 Shares of Stock

Targa Resources Corp. (NYSE:TRGP) CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction dated 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 transaction, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at approximately $141,555,510.24. This represents a 6.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Targa Resources Trading Down 1.5 %

NYSE TRGP opened at $195.51 on Friday. The company’s 50-day simple moving average is $197.46 and its two-hundred day simple moving average is $177.65. Targa Resources Corp. has a one year low of $96.64 and a one year high of $218.51. The company has a market capitalization of $42.64 billion, a price-to-earnings ratio of 34.06, a price-to-earnings-growth ratio of 0.61 and a beta of 2.29. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The business had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Equities analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s payout ratio is 52.26%.

Institutional Investors Weigh In On Targa Resources

Institutional investors have recently added to or reduced their stakes in the stock. Colonial Trust Co SC raised its holdings in Targa Resources by 5,400.0% in 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 4th quarter worth approximately $31,000. Cary Street Partners Financial LLC bought a new position in shares of Targa Resources during the 4th quarter worth approximately $31,000. Ameriflex Group Inc. purchased a new stake in Targa Resources during the fourth quarter valued at approximately $31,000. Finally, Rakuten Securities Inc. boosted its stake in Targa Resources by 394.6% in the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after acquiring an additional 146 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Truist Financial decreased their price objective on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research note on Friday, December 13th. Barclays boosted their price objective on Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a report on Monday, January 13th. UBS Group upped their price objective on Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Mizuho lifted their target price on Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Finally, US Capital Advisors cut shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Targa Resources presently has a consensus rating of “Buy” and a consensus target price of $205.43.

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.