Key Points
- President Jennifer Kneale sold 29,509 shares on Feb. 24 at an average price of $230.12 for $6.79M, trimming her stake by 11.15% to 235,260 shares (valued at about $54.14M).
- Targa reported Q earnings of $2.51 per share (beating estimates by $0.16) on $4.06B revenue (slightly below expectations) and recently paid a $1.00 quarterly dividend ($4.00 annualized, ~1.7% yield).
- Analysts carry an average "Moderate Buy" rating with a $235.50 price target; TRGP trades near $229.85, has a $49.4B market cap and a 52-week range of $144.14–$233.28.
Targa Resources, Inc. (NYSE:TRGP - Get Free Report) Director Charles Crisp sold 1,359 shares of the company's stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $229.30, for a total transaction of $311,618.70. Following the completion of the transaction, the director owned 77,094 shares of the company's stock, valued at approximately $17,677,654.20. This trade represents a 1.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.
Targa Resources Stock Performance
TRGP stock traded up $2.29 on Thursday, reaching $232.43. The company's stock had a trading volume of 245,972 shares, compared to its average volume of 1,346,410. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $233.28. The company has a debt-to-equity ratio of 5.21, a current ratio of 0.67 and a quick ratio of 0.55. The company has a market capitalization of $49.96 billion, a P/E ratio of 27.06, a price-to-earnings-growth ratio of 1.00 and a beta of 0.88. The firm has a fifty day moving average of $197.54 and a two-hundred day moving average of $176.97.
Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.35 by $0.16. The company had revenue of $4.06 billion during the quarter, compared to analysts' expectations of $4.12 billion. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%. As a group, analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.
Targa Resources Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 1.7%. The ex-dividend date was Friday, January 30th. Targa Resources's payout ratio is presently 46.57%.
Analyst Upgrades and Downgrades
TRGP has been the topic of several research analyst reports. Royal Bank Of Canada raised their price target on shares of Targa Resources from $213.00 to $218.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 3rd. The Goldman Sachs Group restated a "buy" rating and set a $242.00 target price on shares of Targa Resources in a research report on Friday, February 20th. Scotiabank reiterated an "outperform" rating on shares of Targa Resources in a research note on Tuesday. Wells Fargo & Company boosted their target price on shares of Targa Resources from $207.00 to $248.00 and gave the company an "overweight" rating in a research note on Friday, February 20th. Finally, Stifel Nicolaus increased their price target 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 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's stock. Based on data from MarketBeat, Targa Resources currently has a consensus rating of "Moderate Buy" and a consensus price target of $235.50.
Get Our Latest Stock Report on Targa Resources
Hedge Funds Weigh In On Targa Resources
Several institutional investors and hedge funds have recently modified their holdings of the business. Alps Advisors Inc. grew its holdings in shares of Targa Resources by 5.5% during the 3rd quarter. Alps Advisors Inc. now owns 143,904 shares of the pipeline company's stock valued at $24,110,000 after purchasing an additional 7,497 shares during the last quarter. Commonwealth Equity Services LLC boosted its position in Targa Resources by 137.9% during the 3rd quarter. Commonwealth Equity Services LLC now owns 66,636 shares of the pipeline company's stock worth $11,164,000 after buying an additional 38,626 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in Targa Resources by 2.4% during the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 682,300 shares of the pipeline company's stock worth $114,313,000 after acquiring an additional 16,000 shares during the last quarter. Envestnet Asset Management Inc. increased its position in Targa Resources by 5.0% in the 3rd quarter. Envestnet Asset Management Inc. now owns 484,462 shares of the pipeline company's stock valued at $81,167,000 after acquiring an additional 22,969 shares during the period. Finally, Nordea Investment Management AB raised its stake in shares of Targa Resources by 13.5% during the third quarter. Nordea Investment Management AB now owns 146,368 shares of the pipeline company's stock valued at $24,325,000 after acquiring an additional 17,457 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.
About Targa Resources
(
Get Free Report)
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.
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