Paul Chung Sells 1,816 Shares of Targa Resources (NYSE:TRGP) Stock

Targa Resources, Inc. (NYSE:TRGP) Director Paul Chung sold 1,816 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total transaction of $537,735.76. Following the completion of the transaction, the director directly owned 44,000 shares of the company’s stock, valued at approximately $13,028,840. The trade was a 3.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Targa Resources Stock Performance

NYSE TRGP opened at $290.20 on Friday. The firm’s fifty day moving average price is $277.51 and its two-hundred day moving average price is $259.69. The stock has a market cap of $62.23 billion, a PE ratio of 27.74, a PEG ratio of 1.39 and a beta of 0.72. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $307.94. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. The company had revenue of $4.44 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. On average, equities analysts expect that Targa Resources, Inc. will post 11.23 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders 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 annualized dividend and a yield of 1.7%. Targa Resources’s dividend payout ratio (DPR) is currently 47.80%.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Woodline Partners LP grew its stake in shares of Targa Resources by 40.7% in the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock valued at $3,693,000 after buying an additional 5,327 shares during the period. Focus Partners Wealth boosted its holdings in Targa Resources by 157.4% in the first quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock worth $788,000 after acquiring an additional 2,404 shares in the last quarter. Baird Financial Group Inc. grew its stake in Targa Resources by 6.3% in the second quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company’s stock valued at $644,000 after acquiring an additional 219 shares during the period. Brown Advisory Inc. grew its stake in Targa Resources by 13.1% in the second quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company’s stock valued at $787,000 after acquiring an additional 524 shares during the period. Finally, Cerity Partners LLC increased its holdings in shares of Targa Resources by 11.0% during the second quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company’s stock valued at $5,550,000 after acquiring an additional 3,163 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TRGP. Royal Bank Of Canada upped their price objective on Targa Resources from $312.00 to $338.00 and gave the company an “outperform” rating in a research note on Thursday, August 27th. Wells Fargo & Company lifted their price target on shares of Targa Resources from $282.00 to $324.00 and gave the stock an “overweight” rating in a report on Wednesday. Weiss Ratings reissued a “buy (b)” rating on shares of Targa Resources in a research note on Thursday, July 2nd. Jefferies Financial Group increased their price objective on Targa Resources from $324.00 to $345.00 and gave the company a “buy” rating in a report on Tuesday, August 18th. Finally, Wolfe Research set a $335.00 target price on Targa Resources in a report on Friday, August 7th. One 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, Targa Resources presently has an average rating of “Buy” and an average price target of $301.18.

Targa Resources Company Profile

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.