Insider Selling: Targa Resources Corp. (NYSE:TRGP) Insider Sells 30,000 Shares of Stock

Targa Resources Corp. (NYSE:TRGP) insider D. Scott Pryor sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the sale, the insider now owns 82,979 shares of the company’s stock, valued at $15,793,393.07. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $193.03 on Thursday. Targa Resources Corp. has a 52 week low of $81.03 and a 52 week high of $197.14. The business’s fifty day simple moving average is $160.77 and its 200-day simple moving average is $139.48. The firm has a market cap of $42.09 billion, a PE ratio of 34.91, a price-to-earnings-growth ratio of 0.78 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.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.17. The firm 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 quarter in the previous year, the business earned $0.97 EPS. Equities analysts forecast that Targa Resources Corp. will post 6.19 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.55%. Targa Resources’s dividend payout ratio (DPR) is 54.25%.

Institutional Investors Weigh In On Targa Resources

Several large investors have recently bought and sold shares of the stock. Buckley Wealth Management LLC increased its holdings in Targa Resources by 0.7% during the 3rd quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company’s stock worth $1,469,000 after purchasing an additional 65 shares during the period. Massmutual Trust Co. FSB ADV increased its holdings in Targa Resources by 9.8% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock worth $138,000 after purchasing an additional 83 shares during the period. Prime Capital Investment Advisors LLC increased its holdings in Targa Resources by 4.0% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock worth $321,000 after purchasing an additional 84 shares during the period. Fifth Third Bancorp increased its holdings in Targa Resources by 1.0% during the 2nd quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock worth $1,148,000 after purchasing an additional 89 shares during the period. Finally, Huntington National Bank increased its holdings in Targa Resources by 22.9% during the 3rd quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock worth $71,000 after purchasing an additional 89 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TRGP. Wells Fargo & Company lifted their price target on Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Morgan Stanley lifted their price target on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Bank of America began coverage on Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target on the stock. Argus raised Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Finally, The Goldman Sachs Group lifted their price target on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $159.14.

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.