Key Points
- D. Scott Pryor sold 17,500 shares of Targa Resources on Feb. 25 at an average price of $228.92 for $4.006M, cutting his stake by 35.4% to 31,938 shares (worth ≈$7.31M).
- Targa beat EPS estimates for the quarter ($2.51 vs. $2.35) on $4.06B in revenue and recently paid a $1.00 quarterly dividend (annualized $4.00, yield ~1.7%).
- Analysts remain largely positive—MarketBeat shows a "Moderate Buy" consensus with an average target of $238.50 and recent price-target raises from Citigroup and Morgan Stanley—and institutional investors own about 92.13% of the stock.
Targa Resources, Inc. (NYSE:TRGP - Get Free Report) Director Lindsey Cooksen sold 435 shares of Targa Resources stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $231.72, for a total transaction 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 represents a 3.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
Targa Resources Stock Up 1.9%
Shares of Targa Resources stock opened at $235.55 on Friday. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $237.50. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21. The company's 50 day moving average is $199.75 and its 200 day moving average is $177.83. The company has a market cap of $50.63 billion, a price-to-earnings ratio of 27.42, a price-to-earnings-growth ratio of 0.99 and a beta of 0.88.
Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, beating analysts' consensus estimates of $2.35 by $0.16. The business had revenue of $4.06 billion during the quarter, compared to analyst estimates of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. Research analysts anticipate that Targa Resources, Inc. will post 8.15 EPS for the current year.
Targa Resources Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were issued a $1.00 dividend. The ex-dividend date of this dividend was Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a yield of 1.7%. Targa Resources's dividend payout ratio is currently 46.57%.
Hedge Funds Weigh In On Targa Resources
A number of hedge funds have recently modified their holdings of the company. Norges Bank bought a new stake in shares of Targa Resources during the 2nd quarter valued at $708,366,000. Wellington Management Group LLP increased its stake in Targa Resources by 9.0% in the 3rd quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company's stock worth $3,291,012,000 after buying an additional 1,620,253 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Targa Resources by 48.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company's stock worth $607,023,000 after buying an additional 1,075,246 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Targa Resources during the third quarter valued at about $121,426,000. Finally, Tortoise Capital Advisors L.L.C. lifted its position in shares of Targa Resources by 20.3% in the fourth 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 acquiring an additional 572,562 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several equities research analysts have recently commented on the stock. Scotiabank reaffirmed an "outperform" rating on shares of Targa Resources in a research report on Tuesday. UBS Group reissued a "buy" rating on shares of Targa Resources in a report on Friday, January 9th. Citigroup upped their target price on shares of Targa Resources from $200.00 to $262.00 and gave the company a "buy" rating in a report on Tuesday. Royal Bank Of Canada increased their price target on shares of Targa Resources from $218.00 to $260.00 and gave the stock an "outperform" rating in a research report on Friday. Finally, Weiss Ratings upgraded shares of Targa Resources from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, January 29th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, Targa Resources currently has a consensus rating of "Moderate Buy" and a consensus target price of $238.50.
Check Out Our Latest Analysis on Targa Resources
Targa Resources Company Profile
(
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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