Targa Resources Corp. (NYSE:TRGP – Get Rating) insider D. Scott Pryor sold 20,000 shares of the firm’s stock in a transaction on Wednesday, May 18th. The stock was sold at an average price of $71.33, for a total transaction of $1,426,600.00. Following the completion of the sale, the insider now owns 81,233 shares of the company’s stock, valued at approximately $5,794,349.89. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.
TRGP stock traded up $0.53 during mid-day trading on Friday, reaching $69.44. 1,902,839 shares of the stock traded hands, compared to its average volume of 1,723,794. The company has a current ratio of 0.65, a quick ratio of 0.62 and a debt-to-equity ratio of 1.73. Targa Resources Corp. has a 52-week low of $37.13 and a 52-week high of $81.50. The company has a market cap of $15.83 billion, a P/E ratio of -118.81 and a beta of 2.52. The stock’s fifty day moving average is $73.72 and its 200-day moving average is $62.95.
Targa Resources (NYSE:TRGP – Get Rating) last issued its earnings results on Thursday, May 5th. The pipeline company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.69). Targa Resources had a negative net margin of 0.22% and a positive return on equity of 8.24%. During the same period last year, the company posted $0.53 earnings per share. Equities research analysts expect that Targa Resources Corp. will post 3.8 earnings per share for the current year.
A number of large investors have recently added to or reduced their stakes in TRGP. FMR LLC increased its holdings in Targa Resources by 13.4% in the first quarter. FMR LLC now owns 1,192,808 shares of the pipeline company’s stock worth $49,561,000 after buying an additional 140,814 shares during the last quarter. CIBC Asset Management Inc boosted its position in shares of Targa Resources by 5.8% in the third quarter. CIBC Asset Management Inc now owns 9,508 shares of the pipeline company’s stock valued at $468,000 after acquiring an additional 522 shares during the period. Alliancebernstein L.P. boosted its position in shares of Targa Resources by 31.9% in the third quarter. Alliancebernstein L.P. now owns 502,342 shares of the pipeline company’s stock valued at $24,720,000 after acquiring an additional 121,487 shares during the period. Creative Planning lifted its position in Targa Resources by 6.4% in the third quarter. Creative Planning now owns 11,097 shares of the pipeline company’s stock worth $546,000 after purchasing an additional 671 shares during the period. Finally, California Public Employees Retirement System lifted its position in Targa Resources by 1.3% in the third quarter. California Public Employees Retirement System now owns 529,261 shares of the pipeline company’s stock worth $26,045,000 after purchasing an additional 6,675 shares during the period. Hedge funds and other institutional investors own 91.93% of the company’s stock.
Several analysts recently commented on the stock. Raymond James raised their price objective on shares of Targa Resources from $80.00 to $92.00 and gave the company a “strong-buy” rating in a research note on Wednesday, April 20th. TheStreet cut shares of Targa Resources from a “b-” rating to a “c” rating in a research note on Thursday, March 3rd. Truist Financial raised their price objective on shares of Targa Resources from $69.00 to $78.00 in a research note on Wednesday, March 2nd. Barclays raised their price objective on shares of Targa Resources from $66.00 to $72.00 and gave the company an “overweight” rating in a research note on Thursday, January 20th. Finally, Morgan Stanley raised their target price on shares of Targa Resources from $74.00 to $103.00 and gave the company an “overweight” rating in a report on Tuesday, April 26th. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Targa Resources presently has a consensus rating of “Buy” and an average target price of $74.42.
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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