Insider Selling: Targa Resources Corp. (NYSE:TRGP) CAO Sells 1,213 Shares of Stock

Targa Resources Corp. (NYSE:TRGP) CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the sale, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Targa Resources Price Performance

TRGP stock traded down $1.02 during trading on Friday, hitting $135.69. The company had a trading volume of 1,744,611 shares, compared to its average volume of 1,628,773. The firm has a market capitalization of $30.08 billion, a price-to-earnings ratio of 27.92, a P/E/G ratio of 0.69 and a beta of 2.27. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. The business has a 50 day moving average of $129.19 and a 200 day moving average of $113.93. Targa Resources Corp. has a fifty-two week low of $77.97 and a fifty-two week high of $139.35.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. The firm had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same quarter in the previous year, the company earned $1.44 earnings per share. As a group, research analysts predict that Targa Resources Corp. will post 5.51 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st will be issued a $0.75 dividend. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $3.00 annualized dividend and a dividend yield of 2.21%. Targa Resources’s dividend payout ratio is currently 61.73%.

Hedge Funds Weigh In On Targa Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Blackstone Inc. lifted its position in Targa Resources by 60.4% in the 4th quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock worth $820,290,000 after buying an additional 3,554,989 shares in the last quarter. Norges Bank purchased a new position in Targa Resources in the fourth quarter valued at about $187,123,000. Price T Rowe Associates Inc. MD raised its stake in shares of Targa Resources by 231.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock worth $119,712,000 after purchasing an additional 962,073 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Targa Resources by 239.1% during the 2nd quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock valued at $101,877,000 after buying an additional 557,832 shares during the last quarter. Finally, abrdn plc grew its stake in shares of Targa Resources by 802.0% in the 4th quarter. abrdn plc now owns 484,917 shares of the pipeline company’s stock valued at $42,125,000 after buying an additional 431,156 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

TRGP has been the subject of several recent research reports. Scotiabank increased their price objective on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 17th. Truist Financial boosted their price objective on shares of Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Barclays boosted their price target on Targa Resources from $123.00 to $138.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 3rd. Wells Fargo & Company raised their price objective on Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Finally, Argus began coverage on Targa Resources in a report on Wednesday, June 26th. They set a “buy” rating and a $140.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $138.62.

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.