Waters Iv Davis Sells 2,400 Shares of Targa Resources (NYSE:TRGP) Stock

Targa Resources, Inc. (NYSE:TRGP) Director Waters Iv Davis sold 2,400 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $299.67, for a total value of $719,208.00. Following the completion of the transaction, the director directly owned 1,529 shares in the company, valued at approximately $458,195.43. The trade was a 61.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Targa Resources Stock Down 2.4%

Shares of NYSE:TRGP traded down $7.17 during midday trading on Tuesday, reaching $287.10. The company had a trading volume of 1,122,323 shares, compared to its average volume of 1,339,469. The stock has a market capitalization of $61.56 billion, a P/E ratio of 27.45, a PEG ratio of 1.43 and a beta of 0.72. The stock’s fifty day moving average price is $272.62 and its 200-day moving average price is $255.13. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $307.94.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. The firm had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. Equities research analysts expect that Targa Resources, Inc. will post 11.13 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Friday, July 31st. Targa Resources’s payout ratio is currently 47.80%.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Royal Bank Of Canada increased their target price on Targa Resources from $310.00 to $312.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. Weiss Ratings reissued a “buy (b)” rating on shares of Targa Resources in a research report on Thursday, July 2nd. Wells Fargo & Company lifted their price objective on shares of Targa Resources from $270.00 to $282.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. TD Cowen boosted their target price on shares of Targa Resources from $270.00 to $275.00 and gave the company a “hold” rating in a research note on Friday, August 7th. Finally, UBS Group restated a “buy” rating and issued a $318.00 price target on shares of Targa Resources in a research report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $297.18.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. boosted its position in Targa Resources by 57.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock valued at $6,421,000 after purchasing an additional 12,640 shares during the last quarter. Hsbc Holdings PLC increased its position in Targa Resources by 7.0% in the 4th quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock worth $151,331,000 after purchasing an additional 53,413 shares during the last quarter. Miller Howard Investments Inc. NY raised its stake in shares of Targa Resources by 37.3% during the 1st quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company’s stock worth $57,816,000 after purchasing an additional 62,652 shares in the last quarter. Raiffeisen Bank International AG raised its stake in shares of Targa Resources by 164.1% during the 4th quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company’s stock worth $6,245,000 after purchasing an additional 20,905 shares in the last quarter. Finally, Icon Wealth Advisors LLC lifted its holdings in shares of Targa Resources by 24.0% during the 4th quarter. Icon Wealth Advisors LLC now owns 19,649 shares of the pipeline company’s stock valued at $3,625,000 after buying an additional 3,797 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

About Targa Resources

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.