Targa Resources, Inc. (NYSE:TRGP – Get Free Report) Director Charles Crisp sold 10,602 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the sale, the director directly owned 66,492 shares in the company, valued at $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Targa Resources Price Performance
TRGP opened at $267.43 on Friday. The company’s 50 day simple moving average is $244.22 and its 200 day simple moving average is $207.91. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $268.02. The stock has a market capitalization of $57.40 billion, a PE ratio of 27.04, a P/E/G ratio of 1.66 and a beta of 0.75.
Targa Resources (NYSE:TRGP – Get Free Report) last released its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The company had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.68 billion. As a group, sell-side analysts expect that Targa Resources, Inc. will post 10.61 EPS for the current year.
Targa Resources Increases Dividend
Analysts Set New Price Targets
TRGP has been the topic of several research analyst reports. Stifel Nicolaus set a $268.00 target price on shares of Targa Resources in a research report on Friday, May 8th. Mizuho raised their price target on shares of Targa Resources from $207.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, March 19th. Truist Financial raised their price target on shares of Targa Resources from $285.00 to $289.00 and gave the company a “buy” rating in a report on Tuesday. Weiss Ratings upgraded shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 29th. Finally, Wells Fargo & Company raised their price target on shares of Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Fourteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $266.36.
Get Our Latest Stock Analysis on Targa Resources
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Targa Resources by 1.5% in the third quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock valued at $4,755,169,000 after buying an additional 422,075 shares during the period. Wellington Management Group LLP raised its holdings in Targa Resources by 9.0% in the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock valued at $3,291,012,000 after buying an additional 1,620,253 shares during the period. State Street Corp raised its stake in shares of Targa Resources by 1.3% during the fourth quarter. State Street Corp now owns 12,668,233 shares of the pipeline company’s stock valued at $2,337,289,000 after purchasing an additional 162,878 shares during the period. Geode Capital Management LLC raised its stake in shares of Targa Resources by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock valued at $1,078,497,000 after purchasing an additional 45,495 shares during the period. Finally, Norges Bank purchased a new stake in shares of Targa Resources during the fourth quarter valued at approximately $735,758,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.
Targa Resources Company Profile
Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.
The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.
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