Targa Resources Corp. (NYSE:TRGP – Get Rating) was the target of a significant decline in short interest in the month of April. As of April 30th, there was short interest totalling 2,780,000 shares, a decline of 28.0% from the April 15th total of 3,860,000 shares. Currently, 1.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,710,000 shares, the short-interest ratio is presently 1.6 days.
Several research firms have weighed in on TRGP. Truist Financial upped their target price on Targa Resources from $69.00 to $78.00 in a research note on Wednesday, March 2nd. TheStreet cut Targa Resources from a “b-” rating to a “c” rating in a research note on Thursday, March 3rd. Raymond James upped their target price on Targa Resources from $80.00 to $92.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, April 20th. Evercore ISI upgraded Targa Resources from an “in-line” rating to an “outperform” rating and set a $62.00 target price for the company in a research note on Monday, February 7th. Finally, Bank of America cut their target price on Targa Resources from $73.00 to $72.00 and set a “buy” rating for the company in a research note on Tuesday, January 18th. One analyst has rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Targa Resources presently has a consensus rating of “Buy” and a consensus price target of $73.25.
NYSE TRGP opened at $71.28 on Friday. The company has a market capitalization of $16.25 billion, a price-to-earnings ratio of -122.89 and a beta of 2.52. Targa Resources has a twelve month low of $37.13 and a twelve month high of $81.50. The stock has a fifty day simple moving average of $73.52 and a 200 day simple moving average of $62.57. The company has a quick ratio of 0.62, a current ratio of 0.65 and a debt-to-equity ratio of 1.73.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 16th. Stockholders of record on Friday, April 29th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.96%. Targa Resources’s dividend payout ratio (DPR) is presently -241.38%.
In related news, Director Rene R. Joyce sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, March 3rd. The stock was sold at an average price of $67.86, for a total value of $1,017,900.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joe Bob Perkins sold 2,150 shares of the company’s stock in a transaction on Tuesday, April 12th. The stock was sold at an average price of $78.01, for a total value of $167,721.50. Following the sale, the director now owns 213,868 shares of the company’s stock, valued at $16,683,842.68. The disclosure for this sale can be found here. Over the last quarter, insiders sold 55,094 shares of company stock valued at $4,176,872. 1.10% of the stock is currently owned by corporate insiders.
Several hedge funds have recently bought and sold shares of the company. Quadrant Capital Group LLC raised its position in shares of Targa Resources by 2.0% in the 1st quarter. Quadrant Capital Group LLC now owns 8,085 shares of the pipeline company’s stock worth $610,000 after acquiring an additional 162 shares in the last quarter. Northwestern Mutual Investment Management Company LLC raised its position in shares of Targa Resources by 0.5% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 37,957 shares of the pipeline company’s stock worth $1,983,000 after acquiring an additional 185 shares in the last quarter. Veritable L.P. raised its position in shares of Targa Resources by 4.4% in the 1st quarter. Veritable L.P. now owns 4,343 shares of the pipeline company’s stock worth $328,000 after acquiring an additional 185 shares in the last quarter. Moneta Group Investment Advisors LLC raised its position in shares of Targa Resources by 0.8% in the 1st quarter. Moneta Group Investment Advisors LLC now owns 23,890 shares of the pipeline company’s stock worth $1,803,000 after acquiring an additional 192 shares in the last quarter. Finally, National Asset Management Inc. raised its position in shares of Targa Resources by 2.4% in the 1st quarter. National Asset Management Inc. now owns 8,175 shares of the pipeline company’s stock worth $617,000 after acquiring an additional 193 shares in the last quarter. 91.93% of the stock is owned by hedge funds and other institutional investors.
About Targa Resources (Get Rating)
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company engages 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, purchasing, storing, terminaling, and selling crude oil.
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