Joe Bob Perkins Sells 150,000 Shares of Targa Resources Corp. (NYSE:TRGP) Stock

Targa Resources Corp. (NYSE:TRGP) Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the transaction, the director now directly owns 110,470 shares in the company, valued at $17,181,399.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Targa Resources Stock Up 0.3 %

TRGP stock opened at $146.80 on Friday. The company has a 50 day moving average of $142.70 and a two-hundred day moving average of $126.95. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. Targa Resources Corp. has a 12-month low of $77.97 and a 12-month high of $157.68. The company has a market cap of $32.16 billion, a price-to-earnings ratio of 30.21, a PEG ratio of 1.24 and a beta of 2.26.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.12. The company had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same period in the prior year, the firm posted $1.44 EPS. On average, equities analysts anticipate that Targa Resources Corp. will post 5.88 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were given a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 2.04%. The ex-dividend date was Wednesday, July 31st. Targa Resources’s dividend payout ratio is 61.73%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of TRGP. Strategic Investment Solutions Inc. IL bought a new stake in shares of Targa Resources during the 2nd quarter worth about $29,000. UMB Bank n.a. grew its holdings in Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 222 shares during the last quarter. Whittier Trust Co. acquired a new position in Targa Resources during the second quarter valued at approximately $44,000. Register Financial Advisors LLC acquired a new stake in shares of Targa Resources in the first quarter worth $45,000. Finally, Quarry LP bought a new stake in shares of Targa Resources during the 4th quarter worth $50,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TRGP. Scotiabank lifted their price objective on shares of Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 17th. JPMorgan Chase & Co. upped their price target on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a report on Tuesday, July 2nd. Wells Fargo & Company increased their price objective on Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. Morgan Stanley lifted their target price on Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a report on Monday, June 10th. Finally, Argus raised Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. One 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 company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $141.77.

Targa Resources Company Profile

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.