Targa Resources (NYSE:TRGP) Trading Down 4.8% – Time to Sell?

Shares of Targa Resources Corp. (NYSE:TRGP) fell 4.8% 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.

Analysts Set New Price Targets

TRGP has been the subject of a number of recent analyst reports. Morgan Stanley boosted their target price on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Barclays boosted their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Truist Financial raised their target price on shares of Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. US Capital Advisors lowered Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. Finally, The Goldman Sachs Group raised their price objective on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $176.50.

Targa Resources Stock Performance

The firm’s 50 day moving average is $174.40 and its 200 day moving average is $147.48. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The stock 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.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The business had revenue of $3.85 billion for the quarter, compared to the consensus estimate 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 in the prior year, the firm posted $0.97 earnings per share. Analysts anticipate that Targa Resources Corp. will post 6.28 EPS for the current year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders 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 was Thursday, October 31st. Targa Resources’s dividend payout ratio is presently 54.25%.

Insider Activity

In other news, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the transaction, the insider now directly owns 82,979 shares in the company, valued at $15,793,393.07. This trade represents a 26.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. This represents a 1.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 185,760 shares of company stock worth $30,026,712 over the last 90 days. 1.39% of the stock is currently owned by corporate insiders.

Institutional Trading of Targa Resources

Several institutional investors and hedge funds have recently bought and sold shares of TRGP. DT Investment Partners LLC purchased a new stake in shares of Targa Resources in the third quarter worth about $29,000. Strategic Investment Solutions Inc. IL acquired a new stake in Targa Resources during the second quarter valued at $29,000. UMB Bank n.a. increased its holdings in Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after buying an additional 222 shares in the last quarter. Prospera Private Wealth LLC acquired a new position in shares of Targa Resources in the third quarter worth about $35,000. Finally, Whittier Trust Co. acquired a new position in shares of Targa Resources in the second quarter worth about $44,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

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.