Targa Resources (NYSE:TRGP) Director Sells $537,735.76 in Stock

Targa Resources, Inc. (NYSE:TRGP) Director Paul Chung sold 1,816 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total value of $537,735.76. Following the completion of the sale, the director directly owned 44,000 shares of the company’s stock, valued at approximately $13,028,840. This trade represents a 3.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Targa Resources Stock Up 0.0%

Shares of TRGP stock traded up $0.05 during trading hours on Thursday, reaching $293.51. The company had a trading volume of 791,382 shares, compared to its average volume of 1,329,497. The company has a market cap of $62.94 billion, a price-to-earnings ratio of 28.06, a price-to-earnings-growth ratio of 1.41 and a beta of 0.72. 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, Inc. has a 12 month low of $144.14 and a 12 month high of $307.94. The business has a fifty day simple moving average of $276.76 and a 200-day simple moving average of $258.98.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.83 by $0.71. The business had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. On average, research analysts expect that Targa Resources, Inc. will post 11.23 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were issued a dividend of $1.25 per share. 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 Investors Weigh In On Targa Resources

Hedge funds have recently modified their holdings of the stock. Optimize Financial Inc. purchased a new position in Targa Resources in the second quarter valued at approximately $204,000. Amundi increased its position in Targa Resources by 10.8% in the second quarter. Amundi now owns 2,222,046 shares of the pipeline company’s stock worth $595,817,000 after buying an additional 215,915 shares during the last quarter. Groupe la Francaise bought a new stake in shares of Targa Resources in the second quarter valued at $494,000. First Eagle Investment Management LLC lifted its position in shares of Targa Resources by 381.0% during the 2nd quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company’s stock valued at $27,000 after buying an additional 80 shares during the last quarter. Finally, California State Teachers Retirement System lifted its position in shares of Targa Resources by 37,275.4% during the 2nd quarter. California State Teachers Retirement System now owns 93,258,824 shares of the pipeline company’s stock valued at $25,006,421,000 after buying an additional 93,009,305 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

TRGP has been the subject of several analyst reports. US Capital Advisors lowered shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. Wolfe Research set a $335.00 price target on Targa Resources in a research report on Friday, August 7th. Raymond James Financial set a $335.00 price target on Targa Resources in a report on Friday, August 7th. Mizuho boosted their price objective on Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Finally, Jefferies Financial Group upped their price objective on Targa Resources from $324.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $301.18.

Targa Resources Company Profile

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.