Targa Resources Corp. (NYSE:TRGP) CAO Julie H. Boushka Sells 3,260 Shares

Targa Resources Corp. (NYSE:TRGP) CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the transaction, the chief accounting officer now directly owns 35,143 shares in the company, valued at $6,703,175.82. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link.

Targa Resources Stock Down 0.3 %

TRGP traded down $0.65 during trading on Tuesday, reaching $194.31. 1,081,338 shares of the stock traded hands, compared to its average volume of 1,651,372. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $197.14. The stock’s 50-day simple moving average is $159.88 and its two-hundred day simple moving average is $138.94. The stock has a market cap of $42.37 billion, a price-to-earnings ratio of 35.25, a price-to-earnings-growth ratio of 1.49 and a beta of 2.24. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.53.

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

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.54%. Targa Resources’s payout ratio is 54.25%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in TRGP. Oppenheimer & Co. Inc. increased its position in shares of Targa Resources by 209.6% during the first quarter. Oppenheimer & Co. Inc. now owns 8,205 shares of the pipeline company’s stock worth $919,000 after acquiring an additional 5,555 shares in the last quarter. US Bancorp DE boosted its stake in shares of Targa Resources by 5.6% during the 1st quarter. US Bancorp DE now owns 20,923 shares of the pipeline company’s stock valued at $2,343,000 after purchasing an additional 1,113 shares in the last quarter. Bleakley Financial Group LLC boosted its stake in Targa Resources by 5.4% during the first quarter. Bleakley Financial Group LLC now owns 7,469 shares of the pipeline company’s stock worth $836,000 after acquiring an additional 380 shares in the last quarter. Entropy Technologies LP bought a new position in shares of Targa Resources in the first quarter worth approximately $1,491,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in shares of Targa Resources by 5.5% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 20,618 shares of the pipeline company’s stock valued at $2,309,000 after purchasing an additional 1,066 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on TRGP shares. Royal Bank of Canada boosted their price objective on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research note on Monday. Argus upgraded Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. The Goldman Sachs Group lifted their target price on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Truist Financial increased their price objective on Targa Resources from $150.00 to $175.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Finally, Bank of America initiated coverage on Targa Resources in a report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target for the company. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average 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.