Targa Resources Corp. (NYSE:TRGP - Get Free Report) CEO Matthew J. Meloy sold 48,837 shares of the business's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total value of $9,527,121.96. Following the transaction, the chief executive officer now owns 725,628 shares of the company's stock, valued at $141,555,510.24. This trade represents a 6.31 % 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 Up 2.8 %
NYSE TRGP traded up $5.48 on Friday, hitting $201.02. 3,502,763 shares of the company were exchanged, compared to its average volume of 1,580,779. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources Corp. has a twelve month low of $97.29 and a twelve month high of $218.51. The firm has a market capitalization of $43.84 billion, a P/E ratio of 35.02, a price-to-earnings-growth ratio of 0.61 and a beta of 2.29. The company's 50 day moving average price is $197.95 and its 200-day moving average price is $178.38.
Targa Resources (NYSE:TRGP - Get Free Report) last released 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 firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. Analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.
Targa Resources Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a $0.75 dividend. 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 currently 52.26%.
Analysts Set New Price Targets
TRGP has been the topic of a number of recent analyst reports. Scotiabank began coverage on shares of Targa Resources in a research report on Friday, January 10th. They set a "sector outperform" rating and a $218.00 price target on the stock. Wells Fargo & Company boosted their target price on Targa Resources from $204.00 to $220.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. The Goldman Sachs Group increased their price target on Targa Resources from $185.00 to $223.00 and gave the company a "buy" rating in a research note on Thursday, December 19th. Mizuho boosted their price objective on Targa Resources from $208.00 to $226.00 and gave the stock an "outperform" rating in a research note on Thursday, February 20th. Finally, Barclays upped their price objective on Targa Resources from $171.00 to $204.00 and gave the company an "overweight" rating in a report on Monday, January 13th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $205.43.
Read Our Latest Report on Targa Resources
Institutional Trading of Targa Resources
Several hedge funds and other institutional investors have recently modified their holdings of the business. Ameriflex Group Inc. purchased a new stake in Targa Resources in the 4th quarter worth about $31,000. Colonial Trust Co SC increased its holdings in shares of Targa Resources by 5,400.0% in the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock valued at $29,000 after purchasing an additional 162 shares during the period. Atala Financial Inc purchased a new stake in shares of Targa Resources in the fourth quarter worth approximately $31,000. Cary Street Partners Financial LLC acquired a new stake in shares of Targa Resources during the fourth quarter worth approximately $31,000. Finally, Rakuten Securities Inc. grew its position in Targa Resources by 394.6% during the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company's stock valued at $33,000 after purchasing an additional 146 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.
About Targa Resources
(
Get Free Report)
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.
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