Targa Resources Corp. (NYSE:TRGP) Insider Robert Muraro Sells 9,900 Shares

Targa Resources Corp. (NYSE:TRGP) insider Robert Muraro sold 9,900 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $130.31, for a total value of $1,290,069.00. Following the completion of the sale, the insider now owns 186,951 shares of the company’s stock, valued at $24,361,584.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Robert Muraro also recently made the following trade(s):

• On Wednesday, June 26th, Robert Muraro sold 100 shares of Targa Resources stock. The shares were sold at an average price of $130.00, for a total value of $13,000.00.
• On Monday, June 10th, Robert Muraro sold 10,000 shares of Targa Resources stock. The stock was sold at an average price of $120.08, for a total value of $1,200,800.00.

Targa Resources Stock Performance

Shares of TRGP stock opened at $133.62 on Thursday. The company has a market capitalization of $29.63 billion, a price-to-earnings ratio of 27.49, a P/E/G ratio of 0.76 and a beta of 2.27. Targa Resources Corp. has a 1-year low of $74.95 and a 1-year high of $133.78. The company has a current ratio of 0.70, a quick ratio of 0.62 and a debt-to-equity ratio of 2.73. The stock’s fifty day simple moving average is $119.03 and its 200-day simple moving average is $104.96.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, May 2nd. The pipeline company reported $1.22 EPS for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.13). The business had revenue of $4.56 billion for the quarter, compared to analyst estimates of $4.28 billion. Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. On average, sell-side analysts predict that Targa Resources Corp. will post 5.27 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th were given a dividend of $0.75 per share. The ex-dividend date was Monday, April 29th. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 dividend on an annualized basis and a yield of 2.25%. Targa Resources’s payout ratio is presently 61.73%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Argus began coverage on shares of Targa Resources in a report on Wednesday, June 26th. They issued a “buy” rating and a $140.00 price target for the company. Morgan Stanley raised their target price on shares of Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a report on Monday, June 10th. Truist Financial upped their price target on Targa Resources from $120.00 to $125.00 and gave the company a “buy” rating in a report on Monday, June 10th. JPMorgan Chase & Co. raised their price objective on Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Barclays boosted their target price on Targa Resources from $123.00 to $138.00 and gave the stock an “overweight” rating in a research report on Wednesday. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $131.08.

Institutional Investors Weigh In On Targa Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Massmutual Trust Co. FSB ADV grew its holdings in shares of Targa Resources by 34.4% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 851 shares of the pipeline company’s stock valued at $110,000 after acquiring an additional 218 shares in the last quarter. GAMMA Investing LLC grew its stake in Targa Resources by 45.0% in the second quarter. GAMMA Investing LLC now owns 2,414 shares of the pipeline company’s stock valued at $311,000 after purchasing an additional 749 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in Targa Resources by 15.1% in the 1st quarter. EverSource Wealth Advisors LLC now owns 977 shares of the pipeline company’s stock worth $111,000 after purchasing an additional 128 shares during the last quarter. DekaBank Deutsche Girozentrale raised its stake in shares of Targa Resources by 21.5% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 62,744 shares of the pipeline company’s stock worth $6,927,000 after purchasing an additional 11,098 shares in the last quarter. Finally, Cetera Advisors LLC lifted its holdings in shares of Targa Resources by 166.9% during the 1st quarter. Cetera Advisors LLC now owns 6,453 shares of the pipeline company’s stock valued at $723,000 after buying an additional 4,035 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Company Profile

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.