Targa Resources (NYSE:TRGP) Stock Passes Above Two Hundred Day Moving Average - Time to Sell?

Targa Resources Corp. (NYSE:TRGP - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $157.38 and traded as high as $178.82. Targa Resources shares last traded at $177.76, with a volume of 1,068,492 shares.

Analyst Ratings Changes

TRGP has been the topic of a number of research analyst reports. US Capital Advisors cut Targa Resources from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, November 26th. Truist Financial decreased their price objective on Targa Resources from $225.00 to $220.00 and set a "buy" rating for the company in a report on Friday, December 13th. Morgan Stanley raised their target price on shares of Targa Resources from $173.00 to $202.00 and gave the stock an "overweight" rating in a research report on Friday, October 25th. Bank of America started coverage on shares of Targa Resources in a research report on Thursday, October 17th. They issued a "buy" rating and a $182.00 price target for the company. Finally, Wells Fargo & Company lifted their price objective on shares of Targa Resources from $190.00 to $204.00 and gave the company an "overweight" rating in a research note on Wednesday, December 18th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $181.43.

Targa Resources Stock Up 0.4 %

The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The firm has a 50 day moving average price of $185.78 and a 200-day moving average price of $157.80. The firm has a market cap of $38.92 billion, a price-to-earnings ratio of 32.28, a P/E/G ratio of 0.73 and a beta of 2.28.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping analysts' consensus estimates of $1.58 by $0.17. The business had revenue of $3.85 billion during the quarter, compared to analysts' expectations of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period last year, the company posted $0.97 EPS. On average, equities analysts forecast that Targa Resources Corp. will post 6.26 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources's dividend payout ratio is presently 54.25%.

Insiders Place Their Bets

In other news, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total transaction of $621,812.40. Following the transaction, the chief accounting officer now directly owns 35,143 shares in the company, valued at $6,703,175.82. This represents a 8.49 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider D. Scott Pryor sold 30,000 shares of the company's stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the transaction, the insider now directly owns 82,979 shares of the company's stock, valued at $15,793,393.07. This trade represents a 26.55 % decrease in their position. The disclosure for this sale can be found here. 1.39% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Targa Resources

Several institutional investors have recently bought and sold shares of TRGP. Wellington Management Group LLP raised its holdings in shares of Targa Resources by 4.4% during the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company's stock valued at $2,235,927,000 after buying an additional 633,589 shares during the period. Geode Capital Management LLC boosted its stake in shares of Targa Resources by 1.7% in the third quarter. Geode Capital Management LLC now owns 5,717,487 shares of the pipeline company's stock valued at $843,680,000 after purchasing an additional 97,583 shares during the period. Dimensional Fund Advisors LP grew its holdings in Targa Resources by 13.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company's stock valued at $296,647,000 after purchasing an additional 271,444 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Targa Resources by 1.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,331,503 shares of the pipeline company's stock worth $197,076,000 after buying an additional 14,287 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in Targa Resources by 8.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,257,613 shares of the pipeline company's stock worth $186,139,000 after buying an additional 96,268 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

About Targa Resources

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.