Robert Muraro Sells 10,000 Shares of Targa Resources Corp. (NYSE:TRGP) Stock

Targa Resources Corp. (NYSE:TRGP) insider Robert Muraro sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $90.03, for a total transaction of $900,300.00. Following the completion of the transaction, the insider now owns 187,021 shares of the company’s stock, valued at $16,837,500.63. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Targa Resources Stock Performance

NYSE TRGP opened at $85.53 on Wednesday. The company’s 50 day moving average is $85.33 and its 200-day moving average is $79.20. Targa Resources Corp. has a 12-month low of $64.85 and a 12-month high of $90.64. The company has a quick ratio of 0.60, a current ratio of 0.80 and a debt-to-equity ratio of 2.81. The firm has a market cap of $19.13 billion, a P/E ratio of 23.18 and a beta of 2.27.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Tuesday, October 31st will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date of this dividend is Monday, October 30th. Targa Resources’s dividend payout ratio (DPR) is presently 54.20%.

Institutional Trading of Targa Resources

Hedge funds and other institutional investors have recently bought and sold shares of the company. IFM Investors Pty Ltd increased its holdings in Targa Resources by 37.2% during the 2nd quarter. IFM Investors Pty Ltd now owns 68,815 shares of the pipeline company’s stock worth $5,237,000 after acquiring an additional 18,647 shares during the period. Creative Planning grew its stake in Targa Resources by 5.0% in the 2nd quarter. Creative Planning now owns 22,596 shares of the pipeline company’s stock worth $1,720,000 after buying an additional 1,072 shares in the last quarter. EA Series Trust purchased a new position in Targa Resources in the 2nd quarter worth approximately $3,339,000. TFG Advisers LLC grew its stake in Targa Resources by 6.2% in the 2nd quarter. TFG Advisers LLC now owns 9,378 shares of the pipeline company’s stock worth $714,000 after buying an additional 547 shares in the last quarter. Finally, New Mexico Educational Retirement Board grew its stake in Targa Resources by 4.8% in the 2nd quarter. New Mexico Educational Retirement Board now owns 11,000 shares of the pipeline company’s stock worth $837,000 after buying an additional 500 shares in the last quarter. Institutional investors own 90.21% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on TRGP shares. StockNews.com started coverage on shares of Targa Resources in a research report on Thursday, October 5th. They set a “hold” rating for the company. Mizuho increased their price objective on shares of Targa Resources from $99.00 to $105.00 and gave the stock a “buy” rating in a research report on Wednesday, September 20th. Barclays increased their price objective on shares of Targa Resources from $89.00 to $94.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 18th. Morgan Stanley increased their price objective on shares of Targa Resources from $106.00 to $114.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 29th. Finally, Truist Financial increased their target price on shares of Targa Resources from $95.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday. One equities research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $104.00.

About Targa Resources

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. The company operates in two segments, Gathering and Processing, and Logistics and Transportation.