Insider Selling: Targa Resources (NYSE:TRGP) Director Sells $537,735.76 in Stock

Targa Resources, Inc. (NYSE:TRGP) Director Paul Chung sold 1,816 shares of the company’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total value of $537,735.76. Following the sale, the director owned 44,000 shares of the company’s stock, valued at $13,028,840. This trade represents a 3.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

Targa Resources Stock Down 1.1%

Targa Resources stock opened at $290.20 on Friday. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $307.94. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The firm’s 50-day simple moving average is $277.51 and its 200 day simple moving average is $259.69. The stock has a market cap of $62.23 billion, a PE ratio of 27.74, a price-to-earnings-growth ratio of 1.38 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The firm had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. Research analysts predict that Targa Resources, Inc. will post 11.23 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were given a dividend of $1.25 per share. The ex-dividend date was Friday, July 31st. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. Targa Resources’s dividend payout ratio is currently 47.80%.

Institutional Investors Weigh In On Targa Resources

Hedge funds have recently bought and sold shares of the stock. Atlantic Union Bankshares Corp purchased a new stake in shares of Targa Resources during the 4th quarter valued at $27,000. First Eagle Investment Management LLC raised its holdings in shares of Targa Resources by 381.0% during the 2nd quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company’s stock valued at $27,000 after buying an additional 80 shares in the last quarter. Miller Capital Partners Inc. purchased a new stake in Targa Resources in the fourth quarter worth approximately $30,000. Leonteq Securities AG purchased a new position in shares of Targa Resources during the fourth quarter worth approximately $31,000. Finally, Jones Financial Companies Lllp bought a new stake in shares of Targa Resources in the 2nd quarter worth approximately $32,000. 92.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TRGP has been the topic of a number of recent research reports. Wolfe Research set a $335.00 price objective on Targa Resources in a report on Friday, August 7th. US Capital Advisors downgraded shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Royal Bank Of Canada boosted their price objective on shares of Targa Resources from $312.00 to $338.00 and gave the company an “outperform” rating in a research note on Thursday, August 27th. Citigroup reaffirmed a “buy” rating on shares of Targa Resources in a report on Wednesday, May 27th. Finally, Morgan Stanley raised their price target on shares of Targa Resources from $333.00 to $343.00 and gave the company an “overweight” rating in a report on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $301.18.

About Targa Resources

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.