Targa Resources Corp. (NYSE:TRGP) Sees Significant Drop in Short Interest

Targa Resources Corp. (NYSE:TRGP) saw a large drop in short interest during the month of June. As of June 15th, there was short interest totalling 3,590,000 shares, a drop of 13.1% from the May 31st total of 4,130,000 shares. Based on an average daily trading volume, of 1,550,000 shares, the short-interest ratio is presently 2.3 days. Approximately 1.7% of the shares of the company are short sold.

Targa Resources Price Performance

Targa Resources stock traded up $0.95 during mid-day trading on Monday, hitting $129.73. The company’s stock had a trading volume of 452,936 shares, compared to its average volume of 1,646,478. The stock has a market capitalization of $28.76 billion, a P/E ratio of 26.50, a P/E/G ratio of 0.76 and a beta of 2.27. Targa Resources has a twelve month low of $74.95 and a twelve month high of $130.53. The stock’s fifty day moving average price is $118.04 and its two-hundred day moving average price is $104.12. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 2.73.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.13). The company had revenue of $4.56 billion during the quarter, compared to analyst estimates of $4.28 billion. Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. Research analysts forecast that Targa Resources will post 5.27 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Monday, April 29th. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 dividend on an annualized basis and a yield of 2.31%. Targa Resources’s dividend payout ratio is currently 61.73%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TRGP. Barclays lifted their price target on Targa Resources from $116.00 to $122.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. Wells Fargo & Company boosted their price target on Targa Resources from $109.00 to $124.00 and gave the stock an “overweight” rating in a research report on Friday, May 3rd. Mizuho raised their price target on Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. JPMorgan Chase & Co. upped their price objective on shares of Targa Resources from $130.00 to $140.00 and gave the stock an “overweight” rating in a report on Friday, June 7th. Finally, Argus assumed coverage on shares of Targa Resources in a research note on Wednesday, June 26th. They set a “buy” rating and a $140.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Targa Resources presently has an average rating of “Moderate Buy” and a consensus price target of $129.46.

Insider Transactions at Targa Resources

In other news, Director Charles R. Crisp sold 7,000 shares of Targa Resources stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $112.54, for a total value of $787,780.00. Following the completion of the transaction, the director now directly owns 95,471 shares of the company’s stock, valued at approximately $10,744,306.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CAO Julie H. Boushka sold 2,691 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total transaction of $304,083.00. Following the completion of the transaction, the chief accounting officer now owns 57,228 shares of the company’s stock, valued at $6,466,764. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Charles R. Crisp sold 7,000 shares of the stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $112.54, for a total transaction of $787,780.00. Following the completion of the sale, the director now directly owns 95,471 shares in the company, valued at approximately $10,744,306.34. The disclosure for this sale can be found here. In the last quarter, insiders sold 42,791 shares of company stock worth $4,907,563. 1.44% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Addison Advisors LLC purchased a new stake in shares of Targa Resources in the fourth quarter worth approximately $27,000. Spire Wealth Management increased its stake in Targa Resources by 2,400.0% in the 1st quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock valued at $31,000 after buying an additional 264 shares during the period. VisionPoint Advisory Group LLC boosted its stake in shares of Targa Resources by 111.2% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock valued at $34,000 after buying an additional 209 shares during the period. EdgeRock Capital LLC purchased a new position in shares of Targa Resources during the 4th quarter valued at $42,000. Finally, Delos Wealth Advisors LLC acquired a new position in shares of Targa Resources in the fourth quarter worth $43,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

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.