Targa Resources (NYSE:TRGP) Insider Patrick Mcdonie Sells 31,537 Shares of Stock

Targa Resources, Inc. (NYSE:TRGP) insider Patrick Mcdonie sold 31,537 shares of the firm’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $239.36, for a total value of $7,548,696.32. Following the transaction, the insider owned 305,163 shares in the company, valued at $73,043,815.68. The trade was a 9.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Targa Resources Price Performance

TRGP opened at $243.28 on Thursday. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 5.21. The business’s fifty day simple moving average is $203.26 and its 200-day simple moving average is $179.51. The company has a market capitalization of $52.29 billion, a price-to-earnings ratio of 28.32, a PEG ratio of 1.05 and a beta of 0.84. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $250.00.

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

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were paid a $1.00 dividend. The ex-dividend date of this dividend was Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a yield of 1.6%. Targa Resources’s payout ratio is 46.57%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new stake in shares of Targa Resources during the second quarter valued at $708,366,000. Wellington Management Group LLP lifted its position in Targa Resources by 9.0% during the 3rd quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock worth $3,291,012,000 after acquiring an additional 1,620,253 shares during the period. Goldman Sachs Group Inc. grew its stake in Targa Resources by 48.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock valued at $607,023,000 after purchasing an additional 1,075,246 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Targa Resources in the third quarter valued at about $121,426,000. Finally, Tortoise Capital Advisors L.L.C. raised its stake in shares of Targa Resources by 20.3% in the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock worth $625,272,000 after purchasing an additional 572,562 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analyst Ratings Changes

TRGP has been the topic of a number of analyst reports. Wall Street Zen downgraded Targa Resources from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Wells Fargo & Company boosted their target price on shares of Targa Resources from $207.00 to $248.00 and gave the stock an “overweight” rating in a report on Friday, February 20th. Royal Bank Of Canada raised their price target on shares of Targa Resources from $218.00 to $260.00 and gave the company an “outperform” rating in a report on Friday, February 27th. Stifel Nicolaus boosted their price objective on shares of Targa Resources from $213.00 to $243.00 and gave the stock a “buy” rating in a research note on Friday, February 20th. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $242.00 target price on shares of Targa Resources in a research note on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Targa Resources currently has a consensus rating of “Moderate Buy” and an average price target of $240.79.

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.