Targa Resources Corp. (NYSE:TRGP) Director Joe Bob Perkins Sells 150,000 Shares

Targa Resources Corp. (NYSE:TRGP) Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the transaction, the director now owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Targa Resources Trading Down 5.9 %

Shares of NYSE TRGP traded down $9.23 during trading hours on Thursday, reaching $146.32. The stock had a trading volume of 2,084,264 shares, compared to its average volume of 1,649,984. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. The firm has a market cap of $32.44 billion, a price-to-earnings ratio of 30.15, a P/E/G ratio of 1.23 and a beta of 2.26. The business’s fifty day moving average price is $142.28 and its two-hundred day moving average price is $126.52. Targa Resources Corp. has a 52-week low of $77.97 and a 52-week high of $157.68.

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

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were paid a dividend of $0.75 per share. The ex-dividend date was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.05%. Targa Resources’s payout ratio is 61.73%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. UBS Group increased their price objective on Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. JPMorgan Chase & Co. raised their price target on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research report on Tuesday, July 2nd. The Goldman Sachs Group boosted their target price on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Truist Financial lifted their price target on shares of Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Finally, Argus upgraded Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. One investment 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’s stock. According to data from MarketBeat, Targa Resources currently has a consensus rating of “Buy” and a consensus target price of $141.77.

Institutional Investors Weigh In On Targa Resources

Several hedge funds and other institutional investors have recently made changes to their positions in TRGP. Blackstone Inc. boosted its stake in shares of Targa Resources by 60.4% in the fourth quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock valued at $820,290,000 after buying an additional 3,554,989 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Targa Resources by 231.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock worth $119,712,000 after buying an additional 962,073 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new position in Targa Resources during the second quarter worth about $72,345,000. American Century Companies Inc. increased its holdings in Targa Resources by 239.1% in the second quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock valued at $101,877,000 after buying an additional 557,832 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Targa Resources by 71.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,024,713 shares of the pipeline company’s stock valued at $114,758,000 after acquiring an additional 428,276 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

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.