Charles Crisp Sells 3,000 Shares of Targa Resources (NYSE:TRGP) Stock

Targa Resources, Inc. (NYSE:TRGP) Director Charles Crisp sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total transaction of $870,690.00. Following the sale, the director directly owned 62,292 shares of the company’s stock, valued at approximately $18,079,007.16. This trade represents a 4.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Targa Resources Trading Down 1.5%

Shares of TRGP stock opened at $289.49 on Friday. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $307.94. The stock’s fifty day moving average price is $274.46 and its two-hundred day moving average price is $256.89. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The company has a market cap of $62.07 billion, a PE ratio of 27.68, a P/E/G ratio of 1.40 and a beta of 0.72.

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, beating the consensus estimate of $2.83 by $0.71. The company had revenue of $4.44 billion for the quarter, compared to analyst estimates of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. Equities analysts predict that Targa Resources, Inc. will post 11.2 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Friday, July 31st. Targa Resources’s payout ratio is 47.80%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Atlantic Union Bankshares Corp bought a new stake in Targa Resources in the fourth quarter valued at $27,000. First Eagle Investment Management LLC boosted 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 worth $27,000 after purchasing an additional 80 shares in the last quarter. Miller Capital Partners Inc. acquired a new stake in shares of Targa Resources in the 4th quarter valued at about $30,000. Leonteq Securities AG acquired a new stake in shares of Targa Resources in the 4th quarter valued at about $31,000. Finally, Jones Financial Companies Lllp bought a new stake in Targa Resources in the 2nd quarter valued at about $32,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on TRGP. Barclays raised their price target on shares of Targa Resources from $282.00 to $284.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. JPMorgan Chase & Co. boosted their target price on shares of Targa Resources from $291.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Mizuho increased their price target on Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. TD Cowen lifted their price objective on Targa Resources from $270.00 to $275.00 and gave the stock a “hold” rating in a research report on Friday, August 7th. Finally, Stifel Nicolaus set a $268.00 price objective on Targa Resources in a research note on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Targa Resources has an average rating of “Buy” and an average target price of $298.71.

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.