Ershel C. Redd, Jr. Sells 3,000 Shares of Targa Resources Corp. (NYSE:TRGP) Stock

Targa Resources Corp. (NYSE:TRGPGet Free Report) Director Ershel C. Redd, Jr. sold 3,000 shares of the company’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $113.10, for a total transaction of $339,300.00. Following the completion of the sale, the director now owns 28,223 shares of the company’s stock, valued at $3,192,021.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Targa Resources Stock Up 1.3 %

NYSE TRGP opened at $114.43 on Wednesday. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.62 and a current ratio of 0.70. The firm has a 50-day simple moving average of $111.76 and a 200 day simple moving average of $96.11. Targa Resources Corp. has a twelve month low of $67.36 and a twelve month high of $117.87. The stock has a market cap of $25.37 billion, a PE ratio of 23.55 and a beta of 2.19.

Targa Resources (NYSE:TRGPGet Free Report) last released its earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.26). Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. The company had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $4.50 billion. On average, research analysts forecast that Targa Resources Corp. will post 5.61 EPS for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.62%. The ex-dividend date of this dividend is Monday, April 29th. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s dividend payout ratio (DPR) is presently 61.73%.

Institutional Investors Weigh In On Targa Resources

Hedge funds have recently made changes to their positions in the stock. Raymond James Financial Services Advisors Inc. raised its position in Targa Resources by 26.3% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 44,619 shares of the pipeline company’s stock worth $3,825,000 after purchasing an additional 9,303 shares in the last quarter. Advisor Partners II LLC raised its position in Targa Resources by 27.0% in the third quarter. Advisor Partners II LLC now owns 8,839 shares of the pipeline company’s stock worth $758,000 after purchasing an additional 1,881 shares in the last quarter. First Horizon Advisors Inc. raised its position in Targa Resources by 24.0% in the third quarter. First Horizon Advisors Inc. now owns 1,922 shares of the pipeline company’s stock worth $165,000 after purchasing an additional 372 shares in the last quarter. Hennion & Walsh Asset Management Inc. acquired a new position in Targa Resources in the third quarter worth about $546,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Targa Resources by 1.3% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 18,746 shares of the pipeline company’s stock worth $1,607,000 after purchasing an additional 244 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on TRGP shares. The Goldman Sachs Group upped their price objective on shares of Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. Royal Bank of Canada upped their price objective on shares of Targa Resources from $106.00 to $109.00 and gave the stock an “outperform” rating in a report on Monday, February 26th. UBS Group decreased their price objective on shares of Targa Resources from $109.00 to $108.00 and set a “buy” rating for the company in a report on Thursday, January 18th. Truist Financial upped their price objective on shares of Targa Resources from $105.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Finally, Mizuho upped their price objective on shares of Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $119.92.

View Our Latest Stock Analysis on TRGP

Targa Resources Company Profile

(Get Free Report)

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. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved 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, storing, terminaling, purchasing, and selling crude oil.

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