Matthew J. Meloy Sells 48,837 Shares of Targa Resources Corp. (NYSE:TRGP) Stock

Targa Resources Corp. (NYSE:TRGP) CEO Matthew J. Meloy sold 48,837 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the transaction, the chief executive officer now owns 725,628 shares in the company, valued at $141,555,510.24. This represents a 6.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $201.02 on Friday. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The stock has a fifty day moving average price of $197.95 and a 200 day moving average price of $178.09. Targa Resources Corp. has a 1-year low of $97.29 and a 1-year high of $218.51. The company has a market cap of $43.84 billion, a PE ratio of 35.02, a P/E/G ratio of 0.61 and a beta of 2.29.

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

Targa Resources Dividend Announcement

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

Wall Street Analyst Weigh In

TRGP has been the topic of several recent analyst reports. Truist Financial dropped their price target on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research note on Friday, December 13th. Royal Bank of Canada increased their price target on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Citigroup increased their price target on shares of Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research note on Tuesday. Scotiabank assumed coverage on Targa Resources in a report on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 price objective for the company. Finally, Wells Fargo & Company increased their price objective on Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $205.43.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Targa Resources in the fourth quarter worth $29,768,000. Employees Retirement System of Texas purchased a new position in Targa Resources in the fourth quarter worth $2,038,000. Ameriflex Group Inc. purchased a new position in Targa Resources in the fourth quarter worth $31,000. Mackenzie Financial Corp raised its position in Targa Resources by 32.2% in the fourth quarter. Mackenzie Financial Corp now owns 156,371 shares of the pipeline company’s stock worth $27,912,000 after acquiring an additional 38,105 shares in the last quarter. Finally, Toronto Dominion Bank raised its position in Targa Resources by 383.0% in the fourth quarter. Toronto Dominion Bank now owns 376,353 shares of the pipeline company’s stock worth $67,179,000 after acquiring an additional 298,429 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

About Targa Resources

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.