Insider Selling: Targa Resources Corp. (NYSE:TRGP) CAO Sells $621,812.40 in Stock

Targa Resources Corp. (NYSE:TRGP) CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the sale, the chief accounting officer now owns 35,143 shares in the company, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Targa Resources Stock Performance

NYSE TRGP opened at $191.55 on Friday. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The business’s 50 day moving average is $161.69 and its two-hundred day moving average is $139.86. Targa Resources Corp. has a 12-month low of $81.03 and a 12-month high of $197.14. The stock has a market capitalization of $41.77 billion, a price-to-earnings ratio of 34.64, a PEG ratio of 0.77 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last released its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping 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 company had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the previous year, the firm posted $0.97 EPS. Research analysts expect that Targa Resources Corp. will post 6.19 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.57%. The ex-dividend date is Thursday, October 31st. Targa Resources’s payout ratio is 54.25%.

Hedge Funds Weigh In On Targa Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Targa Resources during the 2nd quarter worth approximately $29,000. DT Investment Partners LLC purchased a new stake in shares of Targa Resources during the 3rd quarter worth approximately $29,000. UMB Bank n.a. boosted its stake in shares of Targa Resources by 2,220.0% during the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after acquiring an additional 222 shares in the last quarter. Prospera Private Wealth LLC purchased a new stake in shares of Targa Resources during the 3rd quarter worth approximately $35,000. Finally, Whittier Trust Co. purchased a new stake in Targa Resources in the 2nd quarter valued at approximately $44,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Argus upgraded Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Bank of America assumed coverage on Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 target price on the stock. 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 research report on Thursday, September 19th. Truist Financial lifted their target price on Targa Resources from $150.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Finally, Morgan Stanley lifted their target price on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Targa Resources currently has a consensus rating of “Buy” and an average target price of $159.14.

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.