Insider Selling: Targa Resources Corp. (NYSE:TRGP) Director Sells 2,190 Shares of Stock

Targa Resources Corp. (NYSE:TRGP) Director Waters S. Iv Davis sold 2,190 shares of the company’s stock in a transaction that occurred 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 transaction, the director now directly owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. This represents a 43.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $195.51 on Friday. 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 Corp. has a fifty-two week low of $96.64 and a fifty-two week high of $218.51. The stock has a market cap of $42.64 billion, a PE ratio of 34.06, a price-to-earnings-growth ratio of 0.61 and a beta of 2.29. The stock has a fifty day moving average of $197.46 and a 200-day moving average of $177.65.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The company had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Equities research analysts anticipate that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a dividend of $0.75 per share. The ex-dividend date was Friday, January 31st. This represents a $3.00 annualized dividend and a yield of 1.53%. Targa Resources’s dividend payout ratio is currently 52.26%.

Institutional Trading of Targa Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of TRGP. MML Investors Services LLC increased its holdings in shares of Targa Resources by 65.1% in the third quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock worth $3,791,000 after purchasing an additional 10,100 shares during the period. Nordea Investment Management AB grew its position in Targa Resources by 85.7% during the fourth quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock worth $5,070,000 after buying an additional 13,167 shares in the last quarter. Capital Investment Advisors LLC increased its stake in Targa Resources by 191.4% in the 4th quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock worth $1,476,000 after acquiring an additional 5,431 shares during the last quarter. Atomi Financial Group Inc. purchased a new stake in shares of Targa Resources in the 4th quarter valued at about $271,000. Finally, Braun Stacey Associates Inc. bought a new stake in shares of Targa Resources during the 3rd quarter valued at about $11,042,000. Institutional investors own 92.13% of the company’s stock.

Analyst Ratings Changes

TRGP has been the subject of a number of recent analyst reports. Truist Financial reduced their price objective on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research note on Friday, December 13th. The Goldman Sachs Group raised their price objective on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Royal Bank of Canada boosted their target price on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. US Capital Advisors downgraded shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Finally, Mizuho lifted their price target on shares of Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Targa Resources presently has an average rating of “Buy” and an average price target of $205.43.

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.