Targa Resources (NYSE:TRGP) Insider D. Scott Pryor Sells 17,500 Shares of Stock

Targa Resources, Inc. (NYSE:TRGP) insider D. Scott Pryor sold 17,500 shares of Targa Resources stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total value of $4,006,100.00. Following the completion of the transaction, the insider owned 31,938 shares in the company, valued at $7,311,246.96. This trade represents a 35.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Targa Resources Stock Performance

TRGP stock opened at $235.55 on Friday. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $237.50. The firm has a market cap of $50.63 billion, a price-to-earnings ratio of 27.42, a PEG ratio of 0.99 and a beta of 0.88. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67. The firm has a 50-day simple moving average of $199.75 and a two-hundred day simple moving average of $177.83.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.35 by $0.16. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. The firm had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $4.12 billion. On average, equities analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Friday, January 30th. Targa Resources’s dividend payout ratio is currently 46.57%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Citigroup upped their target price on Targa Resources from $200.00 to $262.00 and gave the company a “buy” rating in a research report on Tuesday. Scotiabank restated an “outperform” rating on shares of Targa Resources in a research note on Tuesday. UBS Group restated a “buy” rating on shares of Targa Resources in a report on Friday, January 9th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $242.00 price objective on shares of Targa Resources in a research report on Friday, February 20th. Finally, Wall Street Zen downgraded shares of Targa Resources from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $238.50.

Institutional Trading of Targa Resources

Several institutional investors and hedge funds have recently bought and sold shares of the business. Olistico Wealth LLC acquired a new stake in shares of Targa Resources in the fourth quarter worth $27,000. Atlantic Union Bankshares Corp purchased a new stake in Targa Resources in the fourth quarter valued at $27,000. Miller Capital Partners Inc. purchased a new stake in Targa Resources in the fourth quarter valued at $30,000. Leonteq Securities AG acquired a new stake in Targa Resources during the 4th quarter worth about $31,000. Finally, Peoples Financial Services CORP. purchased a new position in shares of Targa Resources during the 3rd quarter valued at about $34,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

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.