Targa Resources (NYSE:TRGP) Director Sells $870,690.00 in Stock

Targa Resources, Inc. (NYSE:TRGP) Director Charles Crisp sold 3,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total value of $870,690.00. Following the transaction, the director owned 62,292 shares in the company, valued at approximately $18,079,007.16. This trade represents a 4.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Targa Resources Stock Performance

TRGP opened at $288.38 on Friday. The business has a fifty day simple moving average of $275.05 and a 200 day simple moving average of $257.11. The company has a market capitalization of $61.84 billion, a PE ratio of 27.57, a price-to-earnings-growth ratio of 1.38 and a beta of 0.72. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $307.94. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The firm had revenue of $4.44 billion for the quarter, compared to analyst estimates of $4.90 billion. Research analysts expect that Targa Resources, Inc. will post 11.2 EPS for the current year.

Targa Resources Announces Dividend

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

Institutional Trading of Targa Resources

Several large investors have recently made changes to their positions in TRGP. California State Teachers Retirement System lifted its stake in Targa Resources by 37,275.4% during the second quarter. California State Teachers Retirement System now owns 93,258,824 shares of the pipeline company’s stock worth $25,006,421,000 after purchasing an additional 93,009,305 shares during the last quarter. BlackRock Inc. increased its stake in shares of Targa Resources by 1.4% in the 2nd quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company’s stock valued at $5,586,077,000 after purchasing an additional 291,114 shares during the last quarter. State Street Corp increased its stake in shares of Targa Resources by 1.3% in the 4th quarter. State Street Corp now owns 12,668,233 shares of the pipeline company’s stock valued at $2,337,289,000 after purchasing an additional 162,878 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Targa Resources by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock worth $1,078,497,000 after buying an additional 45,495 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Targa Resources during the 4th quarter worth $735,758,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

TRGP has been the topic of a number of analyst reports. Scotiabank increased their target price on shares of Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 12th. Raymond James Financial set a $335.00 price target on Targa Resources in a research note on Friday, August 7th. US Capital Advisors downgraded Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. Royal Bank Of Canada raised their price objective on Targa Resources from $312.00 to $338.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Targa Resources in a report on Thursday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $298.71.

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.