Targa Resources Corp. (NYSE:TRGP) Insider D. Scott Pryor Sells 35,000 Shares

Targa Resources Corp. (NYSE:TRGP) insider D. Scott Pryor sold 35,000 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the sale, the insider now directly owns 82,139 shares of the company’s stock, valued at $16,206,024.70. The trade was a 29.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $195.51 on Friday. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The firm’s 50 day simple moving average is $197.46 and its 200-day simple moving average is $177.65. Targa Resources Corp. has a 12 month low of $96.64 and a 12 month high of $218.51. The stock has a market capitalization of $42.64 billion, a price-to-earnings ratio of 34.06, a PEG ratio of 0.61 and a beta of 2.29.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The firm had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Analysts expect that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.53%. Targa Resources’s payout ratio is currently 52.26%.

Institutional Investors Weigh In On Targa Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Ameriflex Group Inc. acquired a new stake in shares of Targa Resources during the fourth quarter worth about $31,000. Mackenzie Financial Corp boosted its position in shares of Targa Resources by 32.2% during the 4th quarter. Mackenzie Financial Corp now owns 156,371 shares of the pipeline company’s stock worth $27,912,000 after purchasing an additional 38,105 shares in the last quarter. Toronto Dominion Bank increased its holdings in Targa Resources by 383.0% during the 4th quarter. Toronto Dominion Bank now owns 376,353 shares of the pipeline company’s stock valued at $67,179,000 after acquiring an additional 298,429 shares in the last quarter. Vise Technologies Inc. lifted its stake in shares of Targa Resources by 121.6% during the 4th quarter. Vise Technologies Inc. now owns 5,572 shares of the pipeline company’s stock worth $995,000 after purchasing an additional 3,058 shares during the period. Finally, Pinkerton Retirement Specialists LLC increased its position in Targa Resources by 172.9% during the 4th quarter. Pinkerton Retirement Specialists LLC now owns 4,727 shares of the pipeline company’s stock worth $844,000 after purchasing an additional 2,995 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on TRGP. Barclays increased their target price on shares of Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. The Goldman Sachs Group raised their price target on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Truist Financial cut their price objective on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, December 13th. Stifel Nicolaus boosted their target price on shares of Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Finally, UBS Group raised their price target on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday, November 15th. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Targa Resources currently has a consensus rating of “Buy” and a consensus price target of $205.43.

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.