Key Points
- Director Paul Chung sold 1,816 Targa Resources shares at an average price of $296.11, generating approximately $537,736. His remaining 44,000-share stake is valued at about $13.03 million, representing a 3.96% reduction.
- Targa reported quarterly adjusted earnings of $3.54 per share, beating analyst expectations of $2.83, while revenue of $4.44 billion fell short of the $4.90 billion consensus estimate.
- Analysts remain broadly bullish, with a consensus “Buy” rating and a $301.18 average price target. The company also pays a quarterly dividend of $1.25 per share, equal to a 1.7% yield.
Targa Resources, Inc. (NYSE:TRGP - Get Free Report) Director Paul Chung sold 1,816 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total transaction of $537,735.76. Following the transaction, the director directly owned 44,000 shares in the company, valued at approximately $13,028,840. This represents a 3.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
Targa Resources Stock Up 0.0%
Shares of NYSE TRGP opened at $293.51 on Friday. The stock has a market capitalization of $62.94 billion, a PE ratio of 28.06, a P/E/G ratio of 1.39 and a beta of 0.72. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. The firm has a fifty day moving average of $277.16 and a 200-day moving average of $259.47. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $307.94.
Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, topping the consensus estimate of $2.83 by $0.71. The business had revenue of $4.44 billion for the quarter, compared to analyst estimates of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. On average, analysts anticipate that Targa Resources, Inc. will post 11.23 EPS for the current year.
Targa Resources Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were paid a dividend of $1.25 per share. The ex-dividend date was Friday, July 31st. This represents a $5.00 annualized dividend and a yield of 1.7%. Targa Resources's dividend payout ratio is currently 47.80%.
Hedge Funds Weigh In On Targa Resources
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Atlantic Union Bankshares Corp acquired a new stake in Targa Resources in the fourth quarter valued at approximately $27,000. First Eagle Investment Management LLC boosted its stake in shares of Targa Resources by 381.0% in the second quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company's stock valued at $27,000 after purchasing an additional 80 shares during the period. Miller Capital Partners Inc. purchased a new position in shares of Targa Resources in the fourth quarter valued at $30,000. Leonteq Securities AG acquired a new stake in Targa Resources during the 4th quarter valued at $31,000. Finally, Jones Financial Companies Lllp acquired a new stake in Targa Resources during the 2nd quarter valued at $32,000. Hedge funds and other institutional investors own 92.13% of the company's stock.
Wall Street Analysts Forecast Growth
Several research firms have recently weighed in on TRGP. UBS Group reaffirmed a "buy" rating and issued a $318.00 price objective on shares of Targa Resources in a research note on Thursday, July 9th. Wells Fargo & Company raised their price target on shares of Targa Resources from $282.00 to $324.00 and gave the company an "overweight" rating in a report on Wednesday. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Targa Resources in a research report on Thursday, July 2nd. TD Cowen boosted their price objective on shares of Targa Resources from $270.00 to $275.00 and gave the stock a "hold" rating in a research note on Friday, August 7th. Finally, Royal Bank Of Canada increased their price objective on shares of Targa Resources from $312.00 to $338.00 and gave the stock an "outperform" rating in a research report on Thursday, August 27th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $301.18.
Check Out Our Latest Report 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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