Waters S. Iv Davis Sells 2,190 Shares of Targa Resources Corp. (NYSE:TRGP) Stock

Targa Resources Corp. (NYSE:TRGP) Director Waters S. Iv Davis sold 2,190 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the sale, the director now directly owns 2,899 shares in the company, valued at $568,957.74. This trade represents a 43.03 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Targa Resources Stock Down 1.5 %

NYSE:TRGP traded down $3.06 during mid-day trading on Thursday, hitting $195.51. The company had a trading volume of 1,483,192 shares, compared to its average volume of 1,530,199. Targa Resources Corp. has a 1 year low of $96.64 and a 1 year high of $218.51. The business has a fifty day simple moving average of $197.00 and a 200-day simple moving average of $177.53. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The firm has a market capitalization of $42.64 billion, a price-to-earnings ratio of 34.06, a PEG ratio of 0.61 and a beta of 2.29.

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

Targa Resources Announces Dividend

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

Institutional Investors Weigh In On Targa Resources

Large investors have recently added to or reduced their stakes in the company. Ameriflex Group Inc. acquired a new position in Targa Resources in the 4th quarter worth $31,000. Colonial Trust Co SC increased its position in shares of Targa Resources by 5,400.0% during the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock worth $29,000 after acquiring an additional 162 shares during the last quarter. Atala Financial Inc acquired a new position in shares of Targa Resources in the fourth quarter worth about $31,000. Cary Street Partners Financial LLC acquired a new position in shares of Targa Resources in the fourth quarter worth about $31,000. Finally, Rakuten Securities Inc. boosted its holdings 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 purchasing an additional 146 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on TRGP shares. Wells Fargo & Company raised their price target on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Truist Financial decreased their target price on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, December 13th. Mizuho boosted their price target on Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Barclays raised their price objective on Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Finally, Citigroup increased their target price on Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Targa Resources presently has an average rating of “Buy” and an average 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.