Insider Selling: Targa Resources (NYSE:TRGP) Director Sells $100,798.20 in Stock

Targa Resources, Inc. (NYSE:TRGP) Director Lindsey Cooksen sold 435 shares of the company’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $231.72, for a total value of $100,798.20. Following the completion of the sale, the director owned 11,670 shares of the company’s stock, valued at $2,704,172.40. This trade represents a 3.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Targa Resources Stock Up 1.9%

Shares of TRGP stock opened at $235.55 on Monday. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $237.50. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67. The business’s fifty day moving average is $199.75 and its 200-day moving average is $177.98. The stock has a market cap of $50.63 billion, a PE ratio of 27.42, a price-to-earnings-growth ratio of 1.01 and a beta of 0.84.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.35 by $0.16. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%.The firm had revenue of $4.06 billion for the quarter, compared to analyst estimates of $4.12 billion. Equities analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were paid a $1.00 dividend. The ex-dividend date of this dividend was Friday, January 30th. This represents a $4.00 annualized dividend and a dividend yield of 1.7%. Targa Resources’s payout ratio is currently 46.57%.

Analyst Ratings Changes

TRGP has been the subject of several recent research reports. UBS Group reissued a “buy” rating on shares of Targa Resources in a research note on Friday, January 9th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $242.00 price target on shares of Targa Resources in a report on Friday, February 20th. Royal Bank Of Canada increased their price objective on Targa Resources from $218.00 to $260.00 and gave the company an “outperform” rating in a research report on Friday. Weiss Ratings upgraded Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 29th. Finally, Stifel Nicolaus boosted their target price on Targa Resources from $213.00 to $243.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Targa Resources currently has an average rating of “Moderate Buy” and an average target price of $238.50.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of TRGP. Norges Bank purchased a new position in Targa Resources during the 2nd quarter valued at about $708,366,000. Wellington Management Group LLP raised its position in shares of Targa Resources by 9.0% in the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock valued at $3,291,012,000 after purchasing an additional 1,620,253 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Targa Resources by 48.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock worth $607,023,000 after purchasing an additional 1,075,246 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Targa Resources during the third quarter worth $121,426,000. Finally, Tortoise Capital Advisors L.L.C. boosted its stake in Targa Resources by 20.3% during the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock worth $625,272,000 after buying an additional 572,562 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.