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 company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the transaction, the director now directly owns 2,899 shares in the company, valued at $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 this link.

Targa Resources Price Performance

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 company has a 50 day moving average price of $197.95 and a 200-day moving average price of $178.38. Targa Resources Corp. has a 1-year low of $97.29 and a 1-year high of $218.51. The firm has a market cap of $43.84 billion, a price-to-earnings ratio of 35.02, a price-to-earnings-growth ratio of 0.61 and a beta of 2.29.

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

Targa Resources Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. US Capital Advisors downgraded shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. The Goldman Sachs Group raised their price target on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Citigroup boosted their price objective on shares of Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Barclays raised their target price on Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Finally, Stifel Nicolaus boosted their price target on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $205.43.

Institutional Trading of Targa Resources

A number of institutional investors and hedge funds have recently made changes to their positions in TRGP. MML Investors Services LLC grew its stake in Targa Resources by 65.1% in the 3rd quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock valued at $3,791,000 after acquiring an additional 10,100 shares during the period. Nordea Investment Management AB grew its position in shares of Targa Resources by 85.7% in the fourth quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock valued at $5,070,000 after purchasing an additional 13,167 shares during the period. Capital Investment Advisors LLC grew its position in shares of Targa Resources by 191.4% in the fourth quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock valued at $1,476,000 after purchasing an additional 5,431 shares during the period. Atomi Financial Group Inc. purchased a new stake in shares of Targa Resources during the fourth quarter worth about $271,000. Finally, Braun Stacey Associates Inc. acquired a new position in shares of Targa Resources during the 3rd quarter worth about $11,042,000. 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.