Charles Crisp Sells 1,359 Shares of Targa Resources (NYSE:TRGP) Stock

Targa Resources, Inc. (NYSE:TRGP) Director Charles Crisp sold 1,359 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $229.30, for a total value of $311,618.70. Following the completion of the sale, the director directly owned 77,094 shares in the company, valued at approximately $17,677,654.20. The trade was a 1.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Targa Resources Trading Down 0.7%

Shares of Targa Resources stock traded down $1.63 during trading hours on Wednesday, reaching $230.09. 1,142,673 shares of the company’s stock were exchanged, compared to its average volume of 1,376,768. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $233.28. The company has a fifty day moving average of $196.58 and a 200-day moving average of $176.60. The firm has a market capitalization of $49.46 billion, a price-to-earnings ratio of 26.79, a price-to-earnings-growth ratio of 1.00 and a beta of 0.88. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 5.21.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.35 by $0.16. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%.The company had revenue of $4.06 billion during the quarter, compared to analyst estimates of $4.12 billion. Sell-side analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Friday, January 30th. Targa Resources’s payout ratio is 46.57%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Royal Bank Of Canada lifted their price objective on shares of Targa Resources from $213.00 to $218.00 and gave the company an “outperform” rating in a research report on Wednesday, December 3rd. TD Cowen increased their target price on Targa Resources from $192.00 to $220.00 and gave the company a “hold” rating in a report on Monday. BMO Capital Markets reissued an “outperform” rating and set a $241.00 price objective on shares of Targa Resources in a research report on Friday, February 20th. Wells Fargo & Company increased their price objective on Targa Resources from $207.00 to $248.00 and gave the company an “overweight” rating in a report on Friday, February 20th. Finally, Weiss Ratings upgraded Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 29th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $235.50.

Hedge Funds Weigh In On Targa Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Olistico Wealth LLC bought a new stake in Targa Resources during the 4th quarter worth approximately $27,000. Atlantic Union Bankshares Corp acquired a new position in Targa Resources in the 4th quarter valued at about $27,000. Miller Capital Partners Inc. bought a new position in Targa Resources during the 4th quarter worth $30,000. Leonteq Securities AG acquired a new position in Targa Resources in the 4th quarter valued at $31,000. Finally, Peoples Financial Services CORP. bought a new stake in Targa Resources during the third quarter worth $34,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources Company Profile

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.