Waters Iv Davis Sells 2,400 Shares of Targa Resources (NYSE:TRGP) Stock

Targa Resources, Inc. (NYSE:TRGP) Director Waters Iv Davis sold 2,400 shares of the business’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $299.67, for a total transaction of $719,208.00. Following the sale, the director directly owned 1,529 shares in the company, valued at $458,195.43. The trade was a 61.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $294.38 on Thursday. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $307.94. The company has a 50 day simple moving average of $273.84 and a two-hundred day simple moving average of $256.34. The company has a market capitalization of $63.12 billion, a price-to-earnings ratio of 28.14, a P/E/G ratio of 1.37 and a beta of 0.72. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, topping analysts’ consensus estimates of $2.83 by $0.71. The firm had revenue of $4.44 billion for the quarter, compared to analysts’ expectations of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. Analysts expect that Targa Resources, Inc. will post 11.2 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were issued a dividend of $1.25 per share. The ex-dividend date was Friday, July 31st. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. Targa Resources’s dividend payout ratio (DPR) is presently 47.80%.

Trending Headlines about Targa Resources

Here are the key news stories impacting Targa Resources this week:

• Positive Sentiment: J.P. Morgan reaffirmed its Buy rating on Targa Resources, maintaining a constructive view of the company’s growth outlook. Its recent price target of $315 remains above the stock’s recent trading level. J.P. Morgan Buy-rating article
• Positive Sentiment: Recent fundamentals remain supportive. Targa’s second-quarter adjusted EPS of $3.54 exceeded the $2.83 consensus estimate, while midstream industry results benefited from strong throughput, margins and demand for natural gas and NGL exports. Targa has also expanded long-term ExxonMobil-linked Permian agreements and announced new processing and pipeline projects. Midstream earnings outlook article
• Positive Sentiment: The company’s leadership plan adds experienced midstream executive Brent Secrest as President of Logistics and Transportation and promotes Benjamin Branstetter to CFO. Targa said the changes are intended to support long-term growth, while retiring CFO William Byers will remain an adviser through year-end to aid continuity. Targa leadership announcement
• Neutral Sentiment: Institutional positioning was mixed, with 546 investors adding shares and 490 reducing holdings in the latest quarter. Analyst opinion remains favorable overall, but the median price target of $275 is below recent trading levels, suggesting valuation is a consideration.
• Negative Sentiment: Several directors have recently sold shares, including Charles R. Crisp’s $870,690 sale and Waters S. Iv Davis’s $719,208 sale. The transactions do not necessarily indicate a change in business outlook, but the absence of reported insider purchases may weigh on sentiment. Targa insider trading report
• Negative Sentiment: A sharp decline in crude prices recently pressured energy stocks broadly. Investors may also remain cautious about the CFO transition and Targa’s substantial debt-to-equity ratio of approximately 5.0.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on TRGP shares. Erste Group Bank began coverage on Targa Resources in a research note on Thursday, June 25th. They issued a “buy” rating for the company. Wolfe Research set a $335.00 price objective on shares of Targa Resources in a report on Friday, August 7th. Mizuho raised their target price on shares of Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Raymond James Financial set a $335.00 target price on shares of Targa Resources in a research report on Friday, August 7th. Finally, Wells Fargo & Company raised their price target on Targa Resources from $270.00 to $282.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $297.18.

Hedge Funds Weigh In On Targa Resources

Several institutional investors have recently made changes to their positions in the business. Atlantic Union Bankshares Corp purchased a new stake in Targa Resources during the fourth quarter valued at approximately $27,000. First Eagle Investment Management LLC boosted its stake in shares of Targa Resources by 381.0% during the 2nd quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company’s stock worth $27,000 after acquiring an additional 80 shares during the last quarter. Miller Capital Partners Inc. purchased a new position in shares of Targa Resources during the 4th quarter worth $30,000. Leonteq Securities AG bought a new stake in shares of Targa Resources during the 4th quarter valued at $31,000. Finally, Jones Financial Companies Lllp bought a new stake in shares of Targa Resources during the 2nd quarter valued at $32,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.