Targa Resources (NYSE:TRGP) Director Paul Chung Sells 1,816 Shares

Targa Resources, Inc. (NYSE:TRGP) Director Paul Chung sold 1,816 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total value of $537,735.76. Following the completion of the transaction, the director directly owned 44,000 shares in the company, valued at approximately $13,028,840. The trade was a 3.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $293.51 on Friday. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. The stock has a fifty day moving average price of $277.16 and a 200 day moving average price of $259.47. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $307.94. The company has a market cap of $62.94 billion, a PE ratio of 28.06, a P/E/G ratio of 1.39 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.71. The company had revenue of $4.44 billion for the quarter, compared to analysts’ expectations of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. Sell-side analysts forecast that Targa Resources, Inc. will post 11.23 EPS for the current year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were issued a $1.25 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. Targa Resources’s payout ratio is presently 47.80%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Atlantic Union Bankshares Corp acquired a new position in Targa Resources in the fourth quarter valued at $27,000. First Eagle Investment Management LLC lifted its position in Targa Resources by 381.0% during the second quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company’s stock worth $27,000 after buying an additional 80 shares during the period. Miller Capital Partners Inc. acquired a new stake in Targa Resources in the 4th quarter worth about $30,000. Leonteq Securities AG acquired a new stake in Targa Resources in the 4th quarter worth about $31,000. Finally, Jones Financial Companies Lllp purchased a new stake in Targa Resources in the 2nd quarter valued at about $32,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analysts Set New Price Targets

TRGP has been the subject of several analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of Targa Resources in a report on Thursday, July 2nd. Truist Financial boosted their price objective on shares of Targa Resources from $289.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Scotiabank upped their target price on Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. Erste Group Bank began coverage on Targa Resources in a research report on Thursday, June 25th. They set a “buy” rating for the company. Finally, UBS Group reaffirmed a “buy” rating and set a $318.00 price target on shares of Targa Resources in a research note on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $301.18.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.