Insider Selling: Targa Resources Corp. (NYSE:TRGP) Insider Sells 35,000 Shares of Stock

Targa Resources Corp. (NYSE:TRGP) insider D. Scott Pryor sold 35,000 shares of the firm’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the sale, the insider now directly owns 82,139 shares in the company, valued at approximately $16,206,024.70. This represents a 29.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Targa Resources Stock Up 2.8 %

TRGP stock opened at $201.02 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The business has a 50 day moving average price of $197.95 and a two-hundred day moving average price of $178.09. The company has a market cap of $43.84 billion, a price-to-earnings ratio of 35.02, a P/E/G ratio of 0.61 and a beta of 2.29. Targa Resources Corp. has a twelve month low of $97.29 and a twelve month high of $218.51.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. Analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a $0.75 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.49%. Targa Resources’s dividend payout ratio is 52.26%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in TRGP. Colonial Trust Co SC boosted its stake in shares of Targa Resources by 5,400.0% during the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock worth $29,000 after acquiring an additional 162 shares during the period. Atala Financial Inc bought a new position in shares of Targa Resources during the 4th quarter worth approximately $31,000. Cary Street Partners Financial LLC bought a new position in shares of Targa Resources during the 4th quarter worth approximately $31,000. Ameriflex Group Inc. bought a new position in shares of Targa Resources during the 4th quarter worth approximately $31,000. Finally, Rakuten Securities Inc. boosted its stake in shares of Targa Resources by 394.6% during the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock worth $33,000 after acquiring an additional 146 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on TRGP shares. US Capital Advisors lowered Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Truist Financial dropped their price target on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, December 13th. Citigroup lifted their target price on Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research report on Tuesday. The Goldman Sachs Group lifted their target price on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Finally, Mizuho lifted their target price on Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $205.43.

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.