Targa Resources (NYSE:TRGP) Insider Sells $498,327.50 in Stock

Targa Resources, Inc. (NYSE:TRGP) insider Gerald Shrader sold 2,750 shares of Targa Resources stock in a transaction on Friday, December 5th. The shares were sold at an average price of $181.21, for a total value of $498,327.50. Following the completion of the sale, the insider directly owned 29,561 shares of the company’s stock, valued at $5,356,748.81. This trade represents a 8.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Targa Resources Trading Up 1.1%

TRGP stock opened at $185.51 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 5.91. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $218.51. The company has a market cap of $39.82 billion, a P/E ratio of 24.67, a PEG ratio of 1.06 and a beta of 0.89. The business has a fifty day moving average of $165.01 and a 200-day moving average of $166.12.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Wednesday, November 5th. The pipeline company reported $2.20 EPS for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). The firm had revenue of $4.15 billion during the quarter, compared to analyst estimates of $4.70 billion. Targa Resources had a return on equity of 51.87% and a net margin of 9.35%. As a group, equities research analysts expect that Targa Resources, Inc. 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 Monday, November 17th. Stockholders of record on Friday, October 31st were given a dividend of $1.00 per share. The ex-dividend date was Friday, October 31st. This represents a $4.00 annualized dividend and a dividend yield of 2.2%. Targa Resources’s payout ratio is currently 53.19%.

Institutional Trading of Targa Resources

A number of large investors have recently made changes to their positions in TRGP. Norges Bank bought a new position in Targa Resources during the second quarter worth about $708,366,000. Wellington Management Group LLP increased its holdings in shares of Targa Resources by 9.0% in the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock worth $3,291,012,000 after acquiring an additional 1,620,253 shares in the last quarter. GQG Partners LLC raised its position in shares of Targa Resources by 64.0% during the first quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company’s stock worth $724,560,000 after purchasing an additional 1,410,747 shares during the period. Nuveen LLC acquired a new stake in shares of Targa Resources during the first quarter worth about $196,351,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Targa Resources during the 3rd quarter valued at about $121,426,000. Institutional investors own 92.13% of the company’s stock.

Analysts Set New Price Targets

TRGP has been the topic of several analyst reports. Scotiabank cut their price objective on shares of Targa Resources from $199.00 to $198.00 and set a “sector outperform” rating on the stock in a report on Thursday, November 13th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Targa Resources in a research report on Wednesday, October 8th. JPMorgan Chase & Co. raised their price target on Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 7th. Wall Street Zen cut Targa Resources from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, UBS Group reissued a “buy” rating and issued a $228.00 target price on shares of Targa Resources in a research note on Tuesday, December 2nd. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $210.57.

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.