Key Points
- Patrick Mcdonie sold 31,537 shares of Targa Resources at an average price of $239.36 on March 2, receiving about $7.55 million and reducing his stake by 9.37% to 305,163 shares (≈$73.04M).
- Recent quarter: Targa posted $2.51 EPS (beat the $2.35 estimate) on $4.06 billion in revenue (slightly below estimates), with a 10.88% net margin and 65.48% ROE, and analysts have a consensus "Moderate Buy" rating with an average target of $240.79.
- Dividend: The company pays a $1.00 quarterly dividend (annualized $4.00), yielding about 1.6% with a payout ratio near 46.6%.
Targa Resources, Inc. (NYSE:TRGP - Get Free Report) insider Patrick Mcdonie sold 31,537 shares of Targa Resources stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the sale, the insider owned 305,163 shares of the company's stock, valued at approximately $73,043,815.68. The trade was a 9.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.
Targa Resources Stock Down 0.3%
NYSE:TRGP opened at $243.28 on Thursday. 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's fifty day moving average price is $203.26 and its 200-day moving average price is $179.51. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $250.00. The firm has a market capitalization of $52.29 billion, a P/E ratio of 28.32, a PEG ratio of 1.05 and a beta of 0.84.
Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, beating the consensus estimate of $2.35 by $0.16. The company had revenue of $4.06 billion for 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%. As a group, equities research analysts anticipate that Targa Resources, Inc. will post 8.15 EPS for the current year.
Targa Resources Dividend Announcement
The business also recently declared 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 1.6%. Targa Resources's payout ratio is presently 46.57%.
Institutional Inflows and Outflows
Hedge funds have recently modified their holdings of the stock. Hantz Financial Services Inc. increased its stake in Targa Resources by 10.5% during the 4th quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company's stock worth $97,000 after buying an additional 50 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its stake in shares of Targa Resources by 0.7% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,455 shares of the pipeline company's stock worth $1,376,000 after acquiring an additional 51 shares during the last quarter. First Horizon Corp increased its position in shares of Targa Resources by 20.1% during the fourth quarter. First Horizon Corp now owns 340 shares of the pipeline company's stock worth $63,000 after purchasing an additional 57 shares in the last quarter. Larson Financial Group LLC raised its stake in Targa Resources by 4.1% in the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the pipeline company's stock valued at $253,000 after purchasing an additional 60 shares during the last quarter. Finally, Equitable Holdings Inc. lifted its holdings in Targa Resources by 3.6% in the 3rd quarter. Equitable Holdings Inc. now owns 1,714 shares of the pipeline company's stock valued at $287,000 after purchasing an additional 60 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.
Analysts Set New Price Targets
Several equities analysts recently issued reports on the stock. Barclays reiterated an "overweight" rating and issued a $226.00 target price on shares of Targa Resources in a research note on Friday, February 20th. Weiss Ratings upgraded shares of Targa Resources from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, January 29th. UBS Group reissued a "buy" rating on shares of Targa Resources in a research note on Friday, January 9th. Scotiabank restated an "outperform" rating on shares of Targa Resources in a research note on Tuesday, February 24th. Finally, Wells Fargo & Company upped their price target on Targa Resources from $207.00 to $248.00 and gave the stock an "overweight" rating in a report on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Targa Resources currently has a consensus rating of "Moderate Buy" and an average target price of $240.79.
Read Our Latest Report on TRGP
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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