Targa Resources Corp. (NYSE:TRGP) Insider Sells $5,750,856.54 in Stock

Targa Resources Corp. (NYSE:TRGP) insider Jennifer R. Kneale sold 29,887 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total value of $5,750,856.54. Following the completion of the transaction, the insider now owns 227,269 shares in the company, valued at $43,731,100.98. The trade was a 11.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Targa Resources Stock Performance

Shares of TRGP stock opened at $201.02 on Friday. The business’s 50-day moving average price is $197.95 and its 200-day moving average price is $178.09. Targa Resources Corp. has a 12 month low of $97.29 and a 12 month high of $218.51. The firm has a market capitalization of $43.84 billion, a price-to-earnings ratio of 35.02, a PEG ratio of 0.61 and a beta of 2.29. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS 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 firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. Equities research analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 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 1.49%. The ex-dividend date was Friday, January 31st. Targa Resources’s payout ratio is 52.26%.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Citigroup raised their price target on Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday. Truist Financial decreased their price target on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, December 13th. Stifel Nicolaus raised their price target on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Scotiabank assumed coverage on Targa Resources in a research report on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 price target on the stock. Finally, US Capital Advisors cut Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $205.43.

Institutional Trading of Targa Resources

A number of hedge funds have recently made changes to their positions in TRGP. International Assets Investment Management LLC boosted its stake in shares of Targa Resources by 14,163.5% during the third quarter. International Assets Investment Management LLC now owns 204,254 shares of the pipeline company’s stock valued at $30,232,000 after purchasing an additional 202,822 shares in the last quarter. Allworth Financial LP lifted its stake in shares of Targa Resources by 43.6% in the third quarter. Allworth Financial LP now owns 553 shares of the pipeline company’s stock worth $82,000 after acquiring an additional 168 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Targa Resources by 80.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,593 shares of the pipeline company’s stock worth $4,638,000 after acquiring an additional 14,051 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Targa Resources by 11.0% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,371 shares of the pipeline company’s stock worth $1,979,000 after acquiring an additional 1,321 shares during the period. Finally, DekaBank Deutsche Girozentrale lifted its stake in shares of Targa Resources by 24.6% in the third quarter. DekaBank Deutsche Girozentrale now owns 71,038 shares of the pipeline company’s stock worth $10,380,000 after acquiring an additional 14,029 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

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.