Insider Selling: Targa Resources (NYSE:TRGP) Director Sells $2,713,687.92 in Stock

Targa Resources, Inc. (NYSE:TRGP) Director Charles Crisp sold 10,602 shares of the business’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the sale, the director owned 66,492 shares in the company, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Targa Resources Stock Up 1.7%

Shares of TRGP stock opened at $272.04 on Friday. The stock has a market cap of $58.39 billion, a P/E ratio of 27.51, a PEG ratio of 1.67 and a beta of 0.75. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $273.11. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. The company’s fifty day simple moving average is $244.80 and its two-hundred day simple moving average is $208.36.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.27). The company had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. Analysts predict that Targa Resources, Inc. will post 10.66 EPS for the current fiscal year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were paid a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 1.8%. The ex-dividend date was Thursday, April 30th. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s dividend payout ratio is presently 50.56%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Stifel Nicolaus set a $268.00 price target on shares of Targa Resources in a research note on Friday, May 8th. Seaport Research Partners restated a “neutral” rating on shares of Targa Resources in a report on Monday, May 4th. Wells Fargo & Company boosted their target price on shares of Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Morgan Stanley boosted their target price on shares of Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, TD Cowen boosted their target price on shares of Targa Resources from $236.00 to $245.00 and gave the stock a “hold” rating in a report on Monday, May 11th. Fourteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Targa Resources currently has an average rating of “Moderate Buy” and a consensus price target of $266.36.

Hedge Funds Weigh In On Targa Resources

Several hedge funds have recently added to or reduced their stakes in TRGP. Norges Bank bought a new position in Targa Resources during the 4th quarter valued at about $735,758,000. Wellington Management Group LLP grew its holdings in Targa Resources by 9.0% during the 3rd 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 last quarter. Goldman Sachs Group Inc. grew its holdings in Targa Resources by 48.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock valued at $607,023,000 after purchasing an additional 1,075,246 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Targa Resources during the 3rd quarter valued at about $121,426,000. Finally, Tortoise Capital Advisors L.L.C. grew its holdings in Targa Resources by 20.3% during the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock valued at $625,272,000 after purchasing an additional 572,562 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

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.