Michael A. Heim Sells 24,148 Shares of Targa Resources Corp (TRGP) Stock
Targa Resources Corp (NYSE:TRGP) Vice Chairman Michael A. Heim sold 24,148 shares of Targa Resources Corp stock in a transaction dated Monday, November 7th. The shares were sold at an average price of $45.67, for a total transaction of $1,102,839.16. Following the transaction, the insider now directly owns 172,914 shares of the company’s stock, valued at $7,896,982.38. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
Shares of Targa Resources Corp (NYSE:TRGP) opened at 48.04 on Friday. The stock’s market capitalization is $8.00 billion. Targa Resources Corp has a 52-week low of $14.55 and a 52-week high of $50.87. The company’s 50 day moving average price is $47.49 and its 200 day moving average price is $43.56.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Wednesday, November 2nd will be paid a dividend of $0.91 per share. The ex-dividend date of this dividend is Monday, October 31st. This represents a $3.64 annualized dividend and a yield of 7.58%.
TRGP has been the subject of several analyst reports. Vetr raised shares of Targa Resources Corp from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday, September 27th. RBC Capital Markets reissued an “outperform” rating and set a $52.00 price target (up from $46.00) on shares of Targa Resources Corp in a report on Thursday, November 3rd. Wunderlich lifted their price target on shares of Targa Resources Corp from $44.00 to $45.00 and gave the company a “hold” rating in a report on Wednesday, August 31st. Zacks Investment Research downgraded Targa Resources Corp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 26th. Finally, Stifel Nicolaus downgraded Targa Resources Corp from a “buy” rating to a “hold” rating and set a $48.00 price objective for the company. in a report on Wednesday, September 28th. They noted that the move was a valuation call. Nine equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Targa Resources Corp presently has a consensus rating of “Hold” and a consensus target price of $44.77.
A number of hedge funds have recently bought and sold shares of TRGP. Bollard Group LLC boosted its position in Targa Resources Corp by 1.3% in the second quarter. Bollard Group LLC now owns 2,418 shares of the company’s stock worth $102,000 after buying an additional 31 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in Targa Resources Corp by 1,288.3% in the third quarter. BNP Paribas Arbitrage SA now owns 2,485 shares of the company’s stock worth $122,000 after buying an additional 2,306 shares during the last quarter. SG Americas Securities LLC acquired a new position in Targa Resources Corp during the third quarter worth $143,000. Glenmede Trust Co. NA boosted its position in Targa Resources Corp by 73.4% in the second quarter. Glenmede Trust Co. NA now owns 4,217 shares of the company’s stock worth $176,000 after buying an additional 1,785 shares during the last quarter. Finally, Johnston Asset Management LLC acquired a new position in Targa Resources Corp during the third quarter worth $222,000.
About Targa Resources Corp
Targa Resources Corp., through its general and limited partner interests in Targa Resources Partners LP (the Partnership), is a provider of midstream natural gas and natural gas liquid (NGL) services in the United States. The Partnership is engaged in the business of gathering, compressing, treating, processing and selling natural gas and storing, fractionating, treating, transporting, terminaling and selling NGLs, NGL products, and gathering, storing and terminaling crude oil and refined petroleum products.
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