Targa Resources (NYSE:TRGP) Stock Price Down 4.8% – Here’s Why

Targa Resources Corp. (NYSE:TRGP)’s share price fell 4.8% during mid-day trading on Monday . The company traded as low as $194.12 and last traded at $194.56. 462,002 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 1,647,772 shares. The stock had previously closed at $204.30.

Analyst Ratings Changes

A number of equities analysts have commented on the company. UBS Group lifted their price target on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Stifel Nicolaus upped their target price on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Bank of America initiated coverage on shares of Targa Resources in a report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target on the stock. Morgan Stanley upped their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Finally, Barclays lifted their target price 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. 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. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $176.50.

Targa Resources Stock Down 4.9 %

The company has a market cap of $42.36 billion, a P/E ratio of 36.62, a price-to-earnings-growth ratio of 0.80 and a beta of 2.24. 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 company has a fifty day moving average of $174.40 and a 200 day moving average of $147.48.

Targa Resources (NYSE:TRGP) last announced its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The company had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same period last year, the firm earned $0.97 EPS. On average, research analysts anticipate that Targa Resources Corp. will post 6.28 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.54%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s dividend payout ratio is currently 54.25%.

Insider Transactions at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the transaction, the insider now owns 174,451 shares of the company’s stock, valued at $25,504,736.20. This represents a 1.41 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the sale, the director now owns 110,470 shares in the company, valued at $17,181,399.10. This represents a 57.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,760 shares of company stock valued at $30,026,712 over the last 90 days. Company insiders own 1.39% of the company’s stock.

Institutional Trading of Targa Resources

Hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP boosted its stake in Targa Resources by 4.4% during the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock worth $2,235,927,000 after buying an additional 633,589 shares during the period. Geode Capital Management LLC grew its holdings in Targa Resources by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 5,717,487 shares of the pipeline company’s stock valued at $843,680,000 after purchasing an additional 97,583 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Targa Resources by 13.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after purchasing an additional 271,444 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Targa Resources by 1.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,331,503 shares of the pipeline company’s stock worth $197,076,000 after purchasing an additional 14,287 shares during the last quarter. Finally, Barclays PLC boosted its position in shares of Targa Resources by 19.5% during the third quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company’s stock valued at $153,124,000 after buying an additional 168,602 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

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.