Targa Resources (NYSE:TRGP) Insider Patrick Mcdonie Sells 31,537 Shares

Targa Resources, Inc. (NYSE:TRGP) insider Patrick Mcdonie sold 31,537 shares of the business’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $239.36, for a total value of $7,548,696.32. Following the completion of the transaction, the insider directly owned 305,163 shares in the company, valued at approximately $73,043,815.68. This represents a 9.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Targa Resources Price Performance

Shares of Targa Resources stock traded down $0.76 during trading on Wednesday, reaching $243.28. The company’s stock had a trading volume of 988,794 shares, compared to its average volume of 1,421,064. The stock has a 50-day moving average price of $202.07 and a two-hundred day moving average price of $179.06. The stock has a market capitalization of $52.29 billion, a P/E ratio of 28.32, a price-to-earnings-growth ratio of 1.03 and a beta of 0.84. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 5.21. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $250.00.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, topping analysts’ consensus estimates of $2.35 by $0.16. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. The firm had revenue of $4.06 billion for the quarter, compared to analyst estimates of $4.12 billion. As a group, sell-side analysts anticipate that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were issued a $1.00 dividend. The ex-dividend date of this dividend was Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.6%. Targa Resources’s dividend payout ratio (DPR) is currently 46.57%.

Institutional Trading of Targa Resources

A number of institutional investors and hedge funds have recently modified their holdings of TRGP. Mcguire Capital Advisors Inc. bought a new position in Targa Resources during the 4th quarter worth approximately $52,000. Corient Private Wealth LLC raised its holdings in Targa Resources by 548.8% in the fourth quarter. Corient Private Wealth LLC now owns 224,984 shares of the pipeline company’s stock worth $41,510,000 after purchasing an additional 190,306 shares during the period. Beacon Pointe Advisors LLC raised its holdings in Targa Resources by 104.2% in the fourth quarter. Beacon Pointe Advisors LLC now owns 3,022 shares of the pipeline company’s stock worth $557,000 after purchasing an additional 1,542 shares during the period. CacheTech Inc. bought a new position in shares of Targa Resources during the fourth quarter worth $214,000. Finally, Empowered Funds LLC grew its holdings in shares of Targa Resources by 180.9% in the 4th quarter. Empowered Funds LLC now owns 19,949 shares of the pipeline company’s stock valued at $3,681,000 after buying an additional 12,846 shares during the period. 92.13% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Royal Bank Of Canada increased their price objective on Targa Resources from $218.00 to $260.00 and gave the company an “outperform” rating in a research report on Friday, February 27th. UBS Group reiterated a “buy” rating on shares of Targa Resources in a report on Friday, January 9th. The Goldman Sachs Group reiterated a “buy” rating and issued a $242.00 price objective on shares of Targa Resources in a research report on Friday, February 20th. Weiss Ratings upgraded shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 29th. Finally, TD Cowen raised their target price on shares of Targa Resources from $192.00 to $220.00 and gave the company a “hold” rating in a research note on Monday, February 23rd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Targa Resources currently has an average rating of “Moderate Buy” and a consensus target price of $240.79.

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.