Targa Resources Corp. (NYSE:TRGP) Insider Sells $365,500.00 in Stock

Targa Resources Corp. (NYSE:TRGP) insider Robert Muraro sold 2,500 shares of the stock in a transaction on Tuesday, September 3rd. The shares were 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 $25,504,736.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Friday, June 28th, Robert Muraro sold 9,900 shares of Targa Resources stock. The shares were sold at an average price of $130.31, for a total transaction of $1,290,069.00.
• On Wednesday, June 26th, Robert Muraro sold 100 shares of Targa Resources stock. The stock was 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 shares were sold at an average price of $120.08, for a total value of $1,200,800.00.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $146.75 on Friday. The firm has a market cap of $32.15 billion, a PE ratio of 30.20, a price-to-earnings-growth ratio of 1.17 and a beta of 2.26. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. Targa Resources Corp. has a 52 week low of $77.97 and a 52 week high of $152.42. The business’s fifty day simple moving average is $137.82 and its 200-day simple moving average is $121.76.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The company had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $4.33 billion. During the same quarter in the prior year, the company posted $1.44 earnings per share. Equities analysts forecast that Targa Resources Corp. will post 5.88 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were issued a $0.75 dividend. The ex-dividend date 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%.

Institutional Trading of Targa Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TRGP. Sanctuary Advisors LLC purchased a new stake in shares of Targa Resources in the 2nd quarter valued at $1,992,000. Strategic Investment Solutions Inc. IL acquired a new position in Targa Resources in the 2nd quarter valued at about $29,000. Cetera Investment Advisers grew its position in Targa Resources by 4.7% in the 2nd quarter. Cetera Investment Advisers now owns 32,519 shares of the pipeline company’s stock valued at $4,188,000 after acquiring an additional 1,467 shares in the last quarter. Advisory Alpha LLC increased its stake in Targa Resources by 8.4% during the second quarter. Advisory Alpha LLC now owns 2,950 shares of the pipeline company’s stock worth $380,000 after purchasing an additional 228 shares during the period. Finally, Truist Financial Corp lifted its position in shares of Targa Resources by 5.9% during the second quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company’s stock worth $108,010,000 after purchasing an additional 46,864 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on TRGP. Scotiabank increased their price objective on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 17th. The Goldman Sachs Group increased their target price on shares of Targa Resources from $132.00 to $147.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Morgan Stanley boosted their price target on shares of Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a research report on Monday, June 10th. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a report on Tuesday. Finally, Truist Financial boosted their target price on Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, August 5th. One equities research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $140.54.

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.