Insider Selling: Targa Resources (NYSE:TRGP) Insider Sells $7,548,696.32 in Stock

Targa Resources, Inc. (NYSE:TRGP) insider Patrick Mcdonie sold 31,537 shares of the firm’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the sale, the insider owned 305,163 shares in the company, valued at approximately $73,043,815.68. This represents a 9.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Targa Resources Stock Down 0.7%

TRGP opened at $237.30 on Friday. The company has a fifty day moving average of $205.45 and a two-hundred day moving average of $180.45. The stock has a market capitalization of $51.01 billion, a price-to-earnings ratio of 27.63, a PEG ratio of 1.02 and a beta of 0.84. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $250.00. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $4.12 billion. On average, research analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current 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 issued a $1.00 dividend. The ex-dividend date of this dividend was Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a yield of 1.7%. Targa Resources’s dividend payout ratio is presently 46.57%.

Institutional Investors Weigh In On Targa Resources

Large investors have recently made changes to their positions in the stock. Atlantic Union Bankshares Corp purchased a new stake in Targa Resources in the 4th quarter valued at $27,000. Olistico Wealth LLC purchased a new position in shares of Targa Resources during the 4th quarter worth $27,000. Miller Capital Partners Inc. purchased a new position in shares of Targa Resources during the 4th quarter worth $30,000. Leonteq Securities AG acquired a new position in shares of Targa Resources during the 4th quarter valued at about $31,000. Finally, Peoples Financial Services CORP. acquired a new position in shares of Targa Resources during the 3rd quarter valued at about $34,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TRGP has been the topic of several research analyst reports. Weiss Ratings raised Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 29th. UBS Group reiterated a “buy” rating on shares of Targa Resources in a research report on Friday, January 9th. BMO Capital Markets reissued an “outperform” rating and issued a $241.00 price target on shares of Targa Resources in a research note on Friday, February 20th. Barclays reissued an “overweight” rating and issued a $226.00 price target on shares of Targa Resources in a report on Friday, February 20th. Finally, Wall Street Zen cut shares of Targa Resources from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $240.79.

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.