Key Points
- Director Charles Crisp sold 10,602 shares of Targa Resources for about $2.71 million at an average price of $255.96, reducing his ownership by 13.75%.
- Targa Resources reported weaker-than-expected earnings for the quarter, posting $2.21 EPS versus the $2.48 consensus and revenue of $4.09 billion versus expectations of $4.68 billion.
- The company raised its quarterly dividend to $1.25 per share from $1.00, bringing the annualized payout to $5.00 and a yield of about 1.9%.
Targa Resources, Inc. (NYSE:TRGP - Get Free Report) Director Charles Crisp sold 10,602 shares of the stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the transaction, the director owned 66,492 shares of the company's stock, valued at $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.
Targa Resources Stock Up 3.1%
Shares of TRGP opened at $263.12 on Thursday. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $263.38. The stock has a market capitalization of $56.48 billion, a price-to-earnings ratio of 26.60, a PEG ratio of 1.65 and a beta of 0.75. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The stock has a fifty day moving average of $243.75 and a 200-day moving average of $207.11.
Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts' consensus estimates of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The firm had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. As a group, sell-side analysts anticipate that Targa Resources, Inc. will post 10.3 earnings per share for the current fiscal year.
Targa Resources Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Thursday, April 30th will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Thursday, April 30th. This is a positive change from Targa Resources's previous quarterly dividend of $1.00. Targa Resources's dividend payout ratio is currently 50.56%.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of TRGP. Olistico Wealth LLC bought a new position in Targa Resources during the 4th quarter worth $27,000. Atlantic Union Bankshares Corp acquired a new stake in Targa Resources during the 4th quarter worth about $27,000. Miller Capital Partners Inc. acquired a new stake in Targa Resources during the 4th quarter worth about $30,000. Leonteq Securities AG acquired a new stake in Targa Resources during the 4th quarter worth about $31,000. Finally, Peoples Financial Services CORP. acquired a new stake in Targa Resources during the 3rd quarter worth about $34,000. 92.13% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages have recently commented on TRGP. Citigroup increased their price target on Targa Resources from $200.00 to $262.00 and gave the company a "buy" rating in a research note on Tuesday, February 24th. Seaport Research Partners reaffirmed a "neutral" rating on shares of Targa Resources in a research report on Monday, May 4th. Morgan Stanley raised their target price on Targa Resources from $327.00 to $331.00 and gave the stock an "overweight" rating in a research report on Tuesday. Mizuho raised their target price on Targa Resources from $207.00 to $260.00 and gave the stock an "outperform" rating in a research report on Thursday, March 19th. Finally, Wells Fargo & Company raised their target price on Targa Resources from $264.00 to $270.00 and gave the stock an "overweight" rating in a research report on Friday, May 8th. Fourteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $265.86.
Get 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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