Targa Resources, Inc. (NYSE:TRGP – Get Free Report) Director Waters Iv Davis sold 2,400 shares of Targa Resources stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $299.67, for a total transaction of $719,208.00. Following the completion of the sale, the director owned 1,529 shares of the company’s stock, valued at $458,195.43. This trade represents a 61.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
Targa Resources Stock Down 2.4%
TRGP stock traded down $7.17 during trading hours on Tuesday, hitting $287.10. The company’s stock had a trading volume of 1,122,323 shares, compared to its average volume of 1,339,469. The stock has a 50 day moving average price of $272.62 and a two-hundred day moving average price of $255.13. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $307.94. The company has a market capitalization of $61.56 billion, a PE ratio of 27.45, a price-to-earnings-growth ratio of 1.43 and a beta of 0.72. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01.
Targa Resources (NYSE:TRGP – Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The business had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. On average, equities research analysts expect that Targa Resources, Inc. will post 11.13 earnings per share for the current year.
Targa Resources Announces Dividend
Analyst Ratings Changes
A number of equities analysts have recently commented on TRGP shares. TD Cowen lifted their price target on shares of Targa Resources from $270.00 to $275.00 and gave the company a “hold” rating in a research report on Friday, August 7th. Jefferies Financial Group upped their price objective on shares of Targa Resources from $324.00 to $345.00 and gave the stock a “buy” rating in a report on Tuesday, August 18th. Erste Group Bank started coverage on shares of Targa Resources in a research note on Thursday, June 25th. They issued a “buy” rating on the stock. Royal Bank Of Canada lifted their target price on shares of Targa Resources from $310.00 to $312.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. Finally, Morgan Stanley boosted their target price on shares of Targa Resources from $333.00 to $343.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $297.18.
Read Our Latest Stock Analysis on Targa Resources
Institutional Trading of Targa Resources
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Woodline Partners LP increased its stake in Targa Resources by 40.7% during the first quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock valued at $3,693,000 after acquiring an additional 5,327 shares during the period. Focus Partners Wealth grew its holdings in shares of Targa Resources by 157.4% during the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock worth $788,000 after purchasing an additional 2,404 shares in the last quarter. Baird Financial Group Inc. increased its position in shares of Targa Resources by 6.3% during the second quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company’s stock valued at $644,000 after purchasing an additional 219 shares during the period. Brown Advisory Inc. raised its stake in shares of Targa Resources by 13.1% in the second quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company’s stock valued at $787,000 after purchasing an additional 524 shares in the last quarter. Finally, Cerity Partners LLC lifted its position in Targa Resources by 11.0% in the second quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company’s stock worth $5,550,000 after purchasing an additional 3,163 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.
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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