Insider Selling: Targa Resources Corp. (NYSE:TRGP) CEO Sells $9,527,121.96 in Stock

Targa Resources Corp. (NYSE:TRGP) CEO Matthew J. Meloy sold 48,837 shares of the business’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the transaction, the chief executive officer now directly owns 725,628 shares in the company, valued at approximately $141,555,510.24. The trade was a 6.31 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Targa Resources Stock Up 2.8 %

Shares of NYSE:TRGP opened at $201.02 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 has a market capitalization of $43.84 billion, a PE ratio of 35.02, a price-to-earnings-growth ratio of 0.61 and a beta of 2.29. The firm’s 50-day moving average is $197.95 and its two-hundred day moving average is $178.09. Targa Resources Corp. has a 1 year low of $97.29 and a 1 year high of $218.51.

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

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid 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 1.49%. Targa Resources’s payout ratio is 52.26%.

Institutional Trading of Targa Resources

Large investors have recently made changes to their positions in the company. Colonial Trust Co SC increased its stake in shares of Targa Resources by 5,400.0% during the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock worth $29,000 after buying an additional 162 shares during the period. Atala Financial Inc purchased a new stake in shares of Targa Resources during the fourth quarter worth approximately $31,000. Cary Street Partners Financial LLC purchased a new stake in shares of Targa Resources during the fourth quarter worth approximately $31,000. Ameriflex Group Inc. purchased a new stake in shares of Targa Resources during the fourth quarter worth approximately $31,000. Finally, Rakuten Securities Inc. increased its stake in shares of Targa Resources by 394.6% during the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock worth $33,000 after buying an additional 146 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TRGP has been the topic of several recent research reports. US Capital Advisors cut shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Royal Bank of Canada upped their target price on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Truist Financial decreased their target price on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, December 13th. Stifel Nicolaus upped their target price on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Finally, Barclays upped 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. One equities 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. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price 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.