Julie H. Boushka Sells 3,260 Shares of Targa Resources Corp. (NYSE:TRGP) Stock

Targa Resources Corp. (NYSE:TRGP) CAO Julie H. Boushka sold 3,260 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the sale, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Targa Resources Price Performance

Targa Resources stock opened at $193.03 on Thursday. The company has a market capitalization of $42.09 billion, a price-to-earnings ratio of 34.91, a PEG ratio of 0.78 and a beta of 2.24. The stock’s 50 day moving average is $160.77 and its 200-day moving average is $139.48. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 12 month low of $81.03 and a 12 month high of $197.14.

Targa Resources (NYSE:TRGP) last announced its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. The company had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter in the previous year, the business posted $0.97 earnings per share. Equities research analysts expect that Targa Resources Corp. will post 6.19 EPS for the current year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date is Thursday, October 31st. Targa Resources’s dividend payout ratio is currently 54.25%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on TRGP. Bank of America initiated coverage on Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 price target for the company. Truist Financial lifted their price target on shares of Targa Resources from $150.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Royal Bank of Canada increased their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research note on Monday. Scotiabank lifted their target price on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 17th. Finally, Morgan Stanley increased their price target on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $159.14.

Hedge Funds Weigh In On Targa Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Targa Resources during the 2nd quarter worth $29,000. DT Investment Partners LLC acquired a new stake in Targa Resources during the third quarter worth about $29,000. UMB Bank n.a. increased its holdings in Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after buying an additional 222 shares during the period. Prospera Private Wealth LLC acquired a new position in shares of Targa Resources in the 3rd quarter valued at approximately $35,000. Finally, Whittier Trust Co. bought a new stake in shares of Targa Resources during the 2nd quarter worth approximately $44,000. 92.13% of the stock is owned by institutional investors and hedge funds.

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. 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.