Targa Resources Corp. (NYSE:TRGP) Insider D. Scott Pryor Sells 35,000 Shares

Targa Resources Corp. (NYSE:TRGP) insider D. Scott Pryor sold 35,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the transaction, the insider now owns 82,139 shares in the company, valued at $16,206,024.70. This represents a 29.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Targa Resources Stock Down 1.5 %

TRGP opened at $195.51 on Friday. Targa Resources Corp. has a one year low of $96.64 and a one year high of $218.51. The company has a fifty day moving average price of $197.46 and a 200-day moving average price of $177.65. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The firm has a market capitalization of $42.64 billion, a P/E ratio of 34.06, a price-to-earnings-growth ratio of 0.61 and a beta of 2.29.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Equities research analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.53%. The ex-dividend date was Friday, January 31st. Targa Resources’s dividend payout ratio is currently 52.26%.

Institutional Investors Weigh In On Targa Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ameriflex Group Inc. purchased a new stake in Targa Resources during the fourth quarter valued at approximately $31,000. Mackenzie Financial Corp lifted its holdings in Targa Resources by 32.2% during the fourth quarter. Mackenzie Financial Corp now owns 156,371 shares of the pipeline company’s stock worth $27,912,000 after buying an additional 38,105 shares during the period. Toronto Dominion Bank grew its position in shares of Targa Resources by 383.0% in the 4th quarter. Toronto Dominion Bank now owns 376,353 shares of the pipeline company’s stock worth $67,179,000 after buying an additional 298,429 shares during the last quarter. Vise Technologies Inc. increased its position in Targa Resources by 121.6% during the 4th quarter. Vise Technologies Inc. now owns 5,572 shares of the pipeline company’s stock valued at $995,000 after buying an additional 3,058 shares in the last quarter. Finally, Pinkerton Retirement Specialists LLC grew its position in Targa Resources by 172.9% during the 4th quarter. Pinkerton Retirement Specialists LLC now owns 4,727 shares of the pipeline company’s stock worth $844,000 after purchasing an additional 2,995 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

TRGP has been the subject of a number of recent analyst reports. Scotiabank started coverage on shares of Targa Resources in a research note on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 price objective for the company. Truist Financial cut their price target on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a report on Friday, December 13th. Wells Fargo & Company lifted their target price on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Citigroup upped their price objective on Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a report on Tuesday. Finally, US Capital Advisors downgraded Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $205.43.

About Targa Resources

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.