Insider Selling: Targa Resources Corp. (NYSE:TRGP) Insider Sells $6,905,500.00 in Stock

Targa Resources Corp. (NYSE:TRGP) insider D. Scott Pryor sold 35,000 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the transaction, the insider now directly owns 82,139 shares in the company, valued at $16,206,024.70. The trade was a 29.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Targa Resources Stock Up 2.8 %

TRGP stock opened at $201.02 on Friday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The company has a market capitalization of $43.84 billion, a price-to-earnings ratio of 35.02, a PEG ratio of 0.61 and a beta of 2.29. Targa Resources Corp. has a fifty-two week low of $97.29 and a fifty-two week high of $218.51. The stock has a fifty day moving average of $197.95 and a 200-day moving average of $178.38.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.46). The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. As a group, equities research analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.49%. Targa Resources’s payout ratio is 52.26%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in TRGP. Colonial Trust Co SC boosted its stake in Targa Resources by 5,400.0% in the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock worth $29,000 after purchasing an additional 162 shares during the period. Atala Financial Inc bought a new position in Targa Resources in the 4th quarter worth about $31,000. Cary Street Partners Financial LLC bought a new position in Targa Resources in the 4th quarter worth about $31,000. Ameriflex Group Inc. bought a new position in Targa Resources in the 4th quarter worth about $31,000. Finally, Rakuten Securities Inc. boosted its stake in Targa Resources by 394.6% in the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock worth $33,000 after purchasing an additional 146 shares during the period. Institutional investors own 92.13% of the company’s stock.

Analyst Ratings Changes

TRGP has been the subject of a number of analyst reports. Truist Financial lowered their price target on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research report on Friday, December 13th. Barclays increased their price target on Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Wells Fargo & Company increased their price target on Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Citigroup increased their price target on Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. Finally, Scotiabank initiated coverage on Targa Resources in a research report on Friday, January 10th. They set a “sector outperform” rating and a $218.00 target price for the company. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $205.43.

Targa Resources Company Profile

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.