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 business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the transaction, the insider now directly owns 82,979 shares in the company, valued at $15,793,393.07. The trade was a 26.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Targa Resources Trading Down 0.8 %

Shares of NYSE:TRGP opened at $191.55 on Friday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources Corp. has a 52-week low of $81.03 and a 52-week high of $197.14. The company has a 50-day simple moving average of $161.69 and a 200 day simple moving average of $139.86. The company has a market capitalization of $41.77 billion, a P/E ratio of 34.64, a price-to-earnings-growth ratio of 0.78 and a beta of 2.24.

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

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be paid 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 yield of 1.57%. Targa Resources’s dividend payout ratio (DPR) is currently 54.25%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of TRGP. Zurich Insurance Group Ltd FI acquired a new position in shares of Targa Resources in the second quarter valued at approximately $72,345,000. American Century Companies Inc. increased its position in Targa Resources by 239.1% during the 2nd quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock worth $101,877,000 after buying an additional 557,832 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Targa Resources by 26.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock worth $194,720,000 after buying an additional 360,675 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Targa Resources by 13.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after acquiring an additional 271,444 shares during the period. Finally, Blackstone Inc. grew its stake in shares of Targa Resources by 2.7% in the first quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock valued at $1,085,794,000 after acquiring an additional 252,729 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on TRGP. 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. The Goldman Sachs Group raised their price objective on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Barclays increased their price target on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Finally, Morgan Stanley increased their price objective on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target 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.