Targa Resources (NYSE:TRGP) Stock Price Down 3.1%

Shares of Targa Resources Corp. (NYSE:TRGP) were down 3.1% during mid-day trading on Thursday . The company traded as low as $150.58 and last traded at $150.72. Approximately 145,578 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 1,639,098 shares. The stock had previously closed at $155.55.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. upped their target price on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research report on Tuesday, July 2nd. Royal Bank of Canada raised their target price on shares of Targa Resources from $147.00 to $153.00 and gave the stock an “outperform” rating in a report on Tuesday, August 13th. Wells Fargo & Company increased their price target on Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. The Goldman Sachs Group raised their target price on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Finally, Argus raised Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. One research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $141.77.

Targa Resources Stock Down 5.6 %

The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. The business’s 50 day moving average price is $142.28 and its 200 day moving average price is $126.52. The firm has a market cap of $32.57 billion, a PE ratio of 30.97, a PEG ratio of 1.23 and a beta of 2.26.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. The company had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same period in the previous year, the business earned $1.44 EPS. On average, equities research analysts expect that Targa Resources Corp. will post 5.88 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $3.00 annualized dividend and a yield of 2.04%. Targa Resources’s dividend payout ratio (DPR) is presently 61.73%.

Insider Transactions at Targa Resources

In other news, insider Robert Muraro sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the transaction, the insider now directly owns 174,451 shares in the company, valued at approximately $25,504,736.20. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Paul W. Chung sold 916 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total transaction of $124,896.60. Following the completion of the sale, the director now owns 238,591 shares in the company, valued at approximately $32,531,882.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the transaction, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. The disclosure for this sale can be found here. Insiders sold 35,434 shares of company stock valued at $4,775,590 over the last 90 days. 1.39% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Targa Resources

Institutional investors have recently made changes to their positions in the stock. Strategic Investment Solutions Inc. IL purchased a new position in Targa Resources during the 2nd quarter valued at about $29,000. UMB Bank n.a. lifted its position in shares of Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 222 shares in the last quarter. Whittier Trust Co. purchased a new position in shares of Targa Resources in the second quarter valued at approximately $44,000. Register Financial Advisors LLC purchased a new stake in Targa Resources during the 1st quarter worth approximately $45,000. Finally, Rogco LP acquired a new stake in Targa Resources during the 1st quarter worth approximately $56,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

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.