Gerald Shrader Sells 2,750 Shares of Targa Resources (NYSE:TRGP) Stock

Targa Resources, Inc. (NYSE:TRGP) insider Gerald Shrader sold 2,750 shares of Targa Resources stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $181.21, for a total value of $498,327.50. Following 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Targa Resources Stock Performance

Targa Resources stock traded up $4.73 during midday trading on Tuesday, hitting $183.83. 2,574,265 shares of the company were exchanged, compared to its average volume of 1,755,194. The business has a fifty day simple moving average of $163.92 and a two-hundred day simple moving average of $165.69. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $218.51. The firm has a market capitalization of $39.46 billion, a PE ratio of 24.45, a price-to-earnings-growth ratio of 1.04 and a beta of 0.89. The company has a debt-to-equity ratio of 5.91, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last announced its earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). Targa Resources had a net margin of 9.35% and a return on equity of 51.87%. The business had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $4.70 billion. On average, sell-side analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 17th. Shareholders 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 dividend on an annualized basis and a dividend yield of 2.2%. Targa Resources’s dividend payout ratio (DPR) is currently 53.19%.

Wall Street Analyst Weigh In

TRGP has been the topic of several recent research reports. Stifel Nicolaus set a $213.00 target price on shares of Targa Resources in a research note on Thursday, November 6th. Morgan Stanley lifted their price target on Targa Resources from $240.00 to $261.00 and gave the stock an “overweight” rating in a report on Wednesday, November 12th. BMO Capital Markets increased their target price on shares of Targa Resources from $185.00 to $196.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. The Goldman Sachs Group reduced their price objective on Targa Resources from $189.00 to $188.00 and set a “buy” rating for the company in a research note on Thursday, November 13th. Finally, JPMorgan Chase & Co. increased their target price on shares of Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Targa Resources has a consensus rating of “Moderate Buy” and an average price target of $210.57.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Peoples Financial Services CORP. acquired a new stake in shares of Targa Resources during the 3rd quarter worth $34,000. Root Financial Partners LLC acquired a new stake in shares of Targa Resources in the third quarter valued at approximately $39,000. Disciplina Capital Management LLC bought a new stake in shares of Targa Resources during the first quarter valued at about $46,000. Avion Wealth boosted its stake in Targa Resources by 475.0% during the third quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock valued at $46,000 after buying an additional 228 shares in the last quarter. Finally, First Horizon Corp acquired a new stake in Targa Resources during the 3rd quarter worth about $47,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

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.