Insider Selling: Targa Resources Corp. (NYSE:TRGP) Director Sells $429,809.40 in Stock

Targa Resources Corp. (NYSE:TRGP) Director Waters S. Iv Davis sold 2,190 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the transaction, the director now directly owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. This represents a 43.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Targa Resources Price Performance

Targa Resources stock traded down $3.06 during trading hours on Thursday, hitting $195.51. 1,483,192 shares of the company traded hands, compared to its average volume of 1,530,199. The firm’s 50-day simple moving average is $197.00 and its two-hundred day simple moving average is $177.53. The firm has a market cap of $42.64 billion, a P/E ratio of 34.06, a P/E/G ratio of 0.61 and a beta of 2.29. Targa Resources Corp. has a 1-year low of $96.64 and a 1-year high of $218.51. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

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

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date was Friday, January 31st. Targa Resources’s dividend payout ratio is presently 52.26%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on TRGP shares. US Capital Advisors cut shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Wells Fargo & Company increased their target price on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Stifel Nicolaus boosted their price target on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Citigroup upped their price target on Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Scotiabank initiated coverage on shares of Targa Resources in a research note on Friday, January 10th. They set a “sector outperform” rating and a $218.00 target price for the company. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Targa Resources currently has a consensus rating of “Buy” and an average target price of $205.43.

Institutional Trading of Targa Resources

Several institutional investors have recently modified their holdings of the company. Colonial Trust Co SC grew its stake in shares of Targa Resources by 5,400.0% in the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock worth $29,000 after purchasing an additional 162 shares during the last quarter. Atala Financial Inc bought a new stake in Targa Resources during the fourth quarter worth approximately $31,000. Cary Street Partners Financial LLC acquired a new position in Targa Resources in the fourth quarter worth approximately $31,000. Ameriflex Group Inc. bought a new position in shares of Targa Resources in the fourth quarter valued at $31,000. Finally, Rakuten Securities Inc. lifted its position 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 valued at $33,000 after acquiring an additional 146 shares during the last quarter. Institutional investors and hedge funds 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.