Targa Resources (NYSE:TRGP) Director Sells $719,208.00 in Stock

Targa Resources, Inc. (NYSE:TRGP) Director Waters Iv Davis sold 2,400 shares of Targa Resources stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $299.67, for a total transaction of $719,208.00. Following the sale, the director owned 1,529 shares of the company’s stock, valued at approximately $458,195.43. The trade was a 61.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Targa Resources Stock Performance

TRGP opened at $289.49 on Friday. The stock has a market cap of $62.07 billion, a P/E ratio of 27.68, a P/E/G ratio of 1.40 and a beta of 0.72. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. The stock’s 50 day simple moving average is $274.46 and its 200 day simple moving average is $256.89. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $307.94.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.71. The firm had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. As a group, equities analysts anticipate that Targa Resources, Inc. will post 11.2 EPS for the current fiscal year.

Targa Resources Dividend Announcement

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. California State Teachers Retirement System lifted its stake in shares of Targa Resources by 37,275.4% during the 2nd quarter. California State Teachers Retirement System now owns 93,258,824 shares of the pipeline company’s stock worth $25,006,421,000 after purchasing an additional 93,009,305 shares during the period. BlackRock Inc. grew its position in shares of Targa Resources by 1.4% in the second quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company’s stock valued at $5,586,077,000 after purchasing an additional 291,114 shares during the period. State Street Corp increased its stake in Targa Resources by 1.3% in the fourth quarter. State Street Corp now owns 12,668,233 shares of the pipeline company’s stock valued at $2,337,289,000 after purchasing an additional 162,878 shares during the last quarter. Geode Capital Management LLC lifted its position in Targa Resources by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock worth $1,078,497,000 after buying an additional 45,495 shares during the period. Finally, Norges Bank acquired a new stake in Targa Resources in the 4th quarter worth about $735,758,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on TRGP shares. UBS Group reiterated a “buy” rating and issued a $318.00 price objective on shares of Targa Resources in a research report on Thursday, July 9th. Raymond James Financial set a $335.00 price target on Targa Resources in a research report on Friday, August 7th. TD Cowen increased their price objective on Targa Resources from $270.00 to $275.00 and gave the company a “hold” rating in a research note on Friday, August 7th. Citigroup reiterated a “buy” rating on shares of Targa Resources in a research report on Wednesday, May 27th. Finally, Mizuho boosted their target price on shares of Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target 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.