D. Scott Pryor Sells 30,000 Shares of Targa Resources Corp. (NYSE:TRGP) Stock

Targa Resources Corp. (NYSE:TRGP) insider D. Scott Pryor sold 30,000 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the sale, the insider now owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Targa Resources Trading Down 0.7 %

Shares of NYSE:TRGP opened at $193.03 on Thursday. Targa Resources Corp. has a 52-week low of $81.03 and a 52-week high of $197.14. The stock has a market cap of $42.09 billion, a price-to-earnings ratio of 34.91, a PEG ratio of 0.78 and a beta of 2.24. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The business has a 50-day moving average price of $160.77 and a 200-day moving average price of $139.48.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.17. The company had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same period last year, the business earned $0.97 earnings per share. Equities analysts predict that Targa Resources Corp. will post 6.19 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.55%. The ex-dividend date is Thursday, October 31st. Targa Resources’s dividend payout ratio is currently 54.25%.

Analysts Set New Price Targets

Several equities analysts have commented on the company. The Goldman Sachs Group raised their price objective on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Royal Bank of Canada raised their price objective on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday. Truist Financial raised their price objective on Targa Resources from $150.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Wells Fargo & Company raised their price target on Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Finally, Scotiabank raised their price target on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 17th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $159.14.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of TRGP. Zurich Insurance Group Ltd FI purchased a new position in Targa Resources during the second quarter valued at approximately $72,345,000. American Century Companies Inc. raised its position in Targa Resources by 239.1% during the second quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock valued at $101,877,000 after acquiring an additional 557,832 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Targa Resources by 26.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock valued at $194,720,000 after buying an additional 360,675 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Targa Resources by 13.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after buying an additional 271,444 shares in the last quarter. Finally, Blackstone Inc. increased its position in shares of Targa Resources by 2.7% in the first quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock valued at $1,085,794,000 after buying an additional 252,729 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

About Targa Resources

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.