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

Targa Resources Corp. (NYSE:TRGP) insider D. Scott Pryor sold 35,000 shares of the stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the transaction, the insider now owns 82,139 shares of the company’s stock, valued at $16,206,024.70. This represents a 29.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Targa Resources Price Performance

Targa Resources stock opened at $201.02 on Friday. The business’s 50-day simple moving average is $197.95 and its 200 day simple moving average is $178.09. The stock has a market cap of $43.84 billion, a price-to-earnings ratio of 35.02, a P/E/G ratio of 0.61 and a beta of 2.29. Targa Resources Corp. has a 12-month low of $97.29 and a 12-month high of $218.51. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last posted its quarterly 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 net margin of 7.81% and a return on equity of 28.67%. The firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.48 billion. As a group, research analysts anticipate that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The business 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. This represents a $3.00 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is currently 52.26%.

Hedge Funds Weigh In On Targa Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ameriflex Group Inc. bought a new position in Targa Resources during the fourth quarter worth about $31,000. Colonial Trust Co SC boosted its holdings in 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 last quarter. Atala Financial Inc bought a new position in Targa Resources during the fourth quarter worth about $31,000. Cary Street Partners Financial LLC bought a new position in Targa Resources during the fourth quarter worth about $31,000. Finally, Rakuten Securities Inc. boosted its holdings in 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 last quarter. Institutional investors own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on TRGP shares. Barclays increased their price objective on Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Citigroup increased their target price on Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a report on Tuesday. UBS Group increased their target price on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Royal Bank of Canada increased their target price on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Finally, US Capital Advisors cut Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average 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.