Targa Resources Corp. (NYSE:TRGP) CAO Sells $304,083.00 in Stock

Targa Resources Corp. (NYSE:TRGP) CAO Julie H. Boushka sold 2,691 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $113.00, for a total value of $304,083.00. Following the sale, the chief accounting officer now owns 57,228 shares of the company’s stock, valued at approximately $6,466,764. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Targa Resources Stock Up 1.0 %

Shares of Targa Resources stock traded up $1.14 on Thursday, hitting $113.59. 1,209,733 shares of the company’s stock traded hands, compared to its average volume of 1,715,394. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 2.73. The firm’s 50-day moving average is $110.94 and its 200 day moving average is $95.46. The stock has a market cap of $25.18 billion, a P/E ratio of 23.14 and a beta of 2.19. Targa Resources Corp. has a 52-week low of $67.36 and a 52-week high of $117.87.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). The company had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.50 billion. Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. Equities analysts anticipate that Targa Resources Corp. will post 5.72 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be issued a $0.75 dividend. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 annualized dividend and a yield of 2.64%. The ex-dividend date is Monday, April 29th. Targa Resources’s payout ratio is currently 61.73%.

Institutional Trading of Targa Resources

Institutional investors and hedge funds have recently bought and sold shares of the company. Addison Advisors LLC bought a new position in Targa Resources during the fourth quarter worth $27,000. Spire Wealth Management lifted its position in shares of Targa Resources by 2,400.0% in the 1st quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock worth $31,000 after buying an additional 264 shares during the last quarter. VisionPoint Advisory Group LLC boosted its holdings in shares of Targa Resources by 111.2% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock valued at $34,000 after buying an additional 209 shares during the period. EdgeRock Capital LLC bought a new stake in shares of Targa Resources during the 4th quarter valued at about $42,000. Finally, Rational Advisors LLC acquired a new stake in Targa Resources during the third quarter worth about $43,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on TRGP. Mizuho boosted their price objective on shares of Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, April 3rd. Citigroup upped their price target on shares of Targa Resources from $104.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. JPMorgan Chase & Co. raised their price objective on Targa Resources from $122.00 to $125.00 and gave the company an “overweight” rating in a research report on Wednesday, March 6th. Truist Financial upped their target price on Targa Resources from $105.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Finally, Barclays raised their target price on Targa Resources from $116.00 to $122.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $119.92.

Targa Resources Company Profile

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.