Insider Selling: Targa Resources (NYSE:TRGP) Insider Sells $4,006,100.00 in Stock

Targa Resources, Inc. (NYSE:TRGP) insider D. Scott Pryor sold 17,500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total value of $4,006,100.00. Following the completion of the sale, the insider directly owned 31,938 shares of the company’s stock, valued at $7,311,246.96. This trade represents a 35.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $235.55 on Monday. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $237.50. The stock’s 50 day moving average is $199.75 and its 200-day moving average is $177.98. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21. The firm has a market capitalization of $50.63 billion, a price-to-earnings ratio of 27.42, a PEG ratio of 1.01 and a beta of 0.84.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.35 by $0.16. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. The business had revenue of $4.06 billion during the quarter, compared to the consensus estimate of $4.12 billion. Sell-side analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were given a $1.00 dividend. The ex-dividend date of this dividend was Friday, January 30th. This represents a $4.00 annualized dividend and a yield of 1.7%. Targa Resources’s dividend payout ratio (DPR) is presently 46.57%.

Analyst Ratings Changes

Several analysts have recently commented on the company. Morgan Stanley reissued an “overweight” rating and issued a $266.00 price objective on shares of Targa Resources in a research note on Wednesday, January 28th. BMO Capital Markets reissued an “outperform” rating and issued a $241.00 price target on shares of Targa Resources in a research report on Friday, February 20th. UBS Group restated a “buy” rating on shares of Targa Resources in a research note on Friday, January 9th. Citigroup upped their target price on shares of Targa Resources from $200.00 to $262.00 and gave the stock a “buy” rating in a research note on Tuesday, February 24th. Finally, Royal Bank Of Canada increased their target price on shares of Targa Resources from $218.00 to $260.00 and gave the company an “outperform” rating in a report on Friday. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Targa Resources has an average rating of “Moderate Buy” and a consensus price target of $238.50.

Institutional Investors Weigh In On Targa Resources

Several large investors have recently made changes to their positions in TRGP. Olistico Wealth LLC purchased a new stake in shares of Targa Resources during the fourth quarter valued at approximately $27,000. Atlantic Union Bankshares Corp bought a new position in Targa Resources in the 4th quarter valued at approximately $27,000. Miller Capital Partners Inc. purchased a new stake in Targa Resources during the 4th quarter valued at $30,000. Leonteq Securities AG bought a new stake in shares of Targa Resources in the 4th quarter worth $31,000. Finally, Peoples Financial Services CORP. purchased a new position in shares of Targa Resources in the third quarter worth $34,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Company Profile

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.