Targa Resources Corp. (NYSE:TRGP) Insider Sells $5,709,900.00 in Stock

Targa Resources Corp. (NYSE:TRGP) insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the transaction, the insider now directly owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Targa Resources Trading Down 0.3 %

TRGP stock traded down $0.65 during midday trading on Tuesday, reaching $194.31. The company’s stock had a trading volume of 1,081,340 shares, compared to its average volume of 1,651,220. The business’s 50-day simple moving average is $159.88 and its 200-day simple moving average is $138.94. The stock has a market cap of $42.37 billion, a PE ratio of 35.25, a price-to-earnings-growth ratio of 1.49 and a beta of 2.24. Targa Resources Corp. has a 52 week low of $81.03 and a 52 week high of $197.14. The company has a quick ratio of 0.53, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The company had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the prior year, the business posted $0.97 EPS. As a group, sell-side analysts expect that Targa Resources Corp. will post 6.19 EPS for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be given a $0.75 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.54%. Targa Resources’s dividend payout ratio is currently 54.25%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Strategic Investment Solutions Inc. IL acquired a new position in shares of Targa Resources during the 2nd quarter worth approximately $29,000. DT Investment Partners LLC bought a new position in Targa Resources during the 3rd quarter worth $29,000. UMB Bank n.a. grew its stake in shares of Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after acquiring an additional 222 shares in the last quarter. Prospera Private Wealth LLC bought a new position in Targa Resources during the third quarter worth about $35,000. Finally, Whittier Trust Co. acquired a new stake in Targa Resources in the 2nd quarter worth about $44,000. 92.13% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on TRGP. Royal Bank of Canada upped their target price on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research note on Monday. Truist Financial boosted their price target on shares of Targa Resources from $150.00 to $175.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Scotiabank lifted their price target on shares of Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 17th. Bank of America assumed coverage on shares of Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 price objective on the stock. Finally, Morgan Stanley boosted their price target on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $159.14.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.