Robert B. Evans Buys 51,420 Shares of Targa Resources Corp (TRGP) Stock
Targa Resources Corp (NYSE:TRGP) Director Robert B. Evans purchased 51,420 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was acquired at an average cost of $39.38 per share, with a total value of $2,024,919.60. Following the transaction, the director now directly owns 38,506 shares in the company, valued at $1,516,366.28. The purchase was disclosed in a filing with the SEC, which is available at this link.
Shares of NYSE:TRGP opened at $41.94 on Thursday. Targa Resources Corp has a 12 month low of $33.55 and a 12 month high of $59.21. The company has a current ratio of 0.58, a quick ratio of 0.48 and a debt-to-equity ratio of 0.97. The firm has a market cap of $9.59 billion, a P/E ratio of 209.70 and a beta of 2.01.
Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Wednesday, May 8th. The pipeline company reported ($0.30) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.16). Targa Resources had a positive return on equity of 1.45% and a negative net margin of 0.58%. The company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.44 billion. Equities analysts expect that Targa Resources Corp will post -0.57 EPS for the current fiscal year.
TRGP has been the subject of several recent research reports. Barclays set a $55.00 price target on shares of Targa Resources and gave the company a “buy” rating in a research report on Wednesday, January 16th. Seaport Global Securities raised shares of Targa Resources from a “neutral” rating to a “buy” rating and set a $48.00 price target for the company in a research report on Tuesday, January 29th. Evercore ISI started coverage on shares of Targa Resources in a research report on Tuesday, February 5th. They issued a $46.00 price target for the company. Zacks Investment Research cut shares of Targa Resources from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 12th. Finally, BMO Capital Markets decreased their price objective on shares of Targa Resources to $50.00 in a research report on Thursday, February 21st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $55.45.
A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc raised its stake in Targa Resources by 4.5% during the 3rd quarter. Vanguard Group Inc now owns 20,089,479 shares of the pipeline company’s stock worth $1,131,238,000 after acquiring an additional 860,247 shares in the last quarter. BlackRock Inc. increased its stake in Targa Resources by 1.4% in the first quarter. BlackRock Inc. now owns 13,392,208 shares of the pipeline company’s stock valued at $556,448,000 after purchasing an additional 182,798 shares during the period. Tortoise Capital Advisors L.L.C. increased its stake in Targa Resources by 35.6% in the first quarter. Tortoise Capital Advisors L.L.C. now owns 13,153,678 shares of the pipeline company’s stock valued at $546,535,000 after purchasing an additional 3,454,138 shares during the period. OppenheimerFunds Inc. increased its stake in Targa Resources by 8.0% in the first quarter. OppenheimerFunds Inc. now owns 7,415,134 shares of the pipeline company’s stock valued at $308,099,000 after purchasing an additional 549,984 shares during the period. Finally, Neuberger Berman Group LLC increased its stake in Targa Resources by 20.4% in the first quarter. Neuberger Berman Group LLC now owns 5,018,606 shares of the pipeline company’s stock valued at $208,523,000 after purchasing an additional 849,272 shares during the period. Hedge funds and other institutional investors own 90.70% of the company’s stock.
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Targa Resources Company Profile
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages 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; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.
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