Targa Resources, Inc. (NYSE:TRGP - Get Free Report) insider Gerald Shrader sold 2,750 shares of the stock in a transaction on Friday, December 5th. The stock was sold at an average price of $181.21, for a total value of $498,327.50. Following the completion of the transaction, the insider owned 29,561 shares in the company, valued at approximately $5,356,748.81. This represents a 8.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
Targa Resources Stock Performance
Shares of TRGP stock opened at $183.83 on Wednesday. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 5.91. The firm has a fifty day simple moving average of $164.25 and a two-hundred day simple moving average of $165.86. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $218.51. The firm has a market capitalization of $39.46 billion, a PE ratio of 24.45, a price-to-earnings-growth ratio of 1.03 and a beta of 0.89.
Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share for the quarter, missing analysts' consensus estimates of $2.22 by ($0.02). The business had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $4.70 billion. Targa Resources had a net margin of 9.35% and a return on equity of 51.87%. Analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.
Targa Resources Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, November 17th. Shareholders of record on Friday, October 31st were paid a dividend of $1.00 per share. The ex-dividend date was Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.2%. Targa Resources's payout ratio is 53.19%.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of the business. Peoples Financial Services CORP. purchased a new stake in shares of Targa Resources during the 3rd quarter valued at $34,000. Disciplina Capital Management LLC bought a new position in Targa Resources during the first quarter valued at $46,000. Root Financial Partners LLC purchased a new stake in Targa Resources in the third quarter worth $39,000. Avion Wealth increased its position in Targa Resources by 475.0% in the third quarter. Avion Wealth now owns 276 shares of the pipeline company's stock worth $46,000 after buying an additional 228 shares during the last quarter. Finally, First Horizon Corp bought a new stake in shares of Targa Resources in the third quarter valued at $47,000. Hedge funds and other institutional investors own 92.13% of the company's stock.
Wall Street Analyst Weigh In
TRGP has been the subject of a number of recent research reports. Mizuho decreased their price objective on Targa Resources from $212.00 to $207.00 and set an "outperform" rating for the company in a report on Friday, August 29th. The Goldman Sachs Group decreased their price target on Targa Resources from $189.00 to $188.00 and set a "buy" rating for the company in a report on Thursday, November 13th. Morgan Stanley raised their price objective on Targa Resources from $240.00 to $261.00 and gave the company an "overweight" rating in a research note on Wednesday, November 12th. UBS Group reaffirmed a "buy" rating and set a $228.00 price objective on shares of Targa Resources in a report on Tuesday, December 2nd. Finally, JPMorgan Chase & Co. increased their target price on shares of Targa Resources from $214.00 to $215.00 and gave the company an "overweight" rating in a report on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $210.57.
Get Our Latest Research Report on Targa Resources
Targa Resources Company Profile
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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.
Further Reading
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