Targa Resources Corp. (NYSE:TRGP) Short Interest Update

Targa Resources Corp. (NYSE:TRGP) was the target of a large drop in short interest in the month of June. As of June 15th, there was short interest totalling 3,590,000 shares, a drop of 13.1% from the May 31st total of 4,130,000 shares. Based on an average daily trading volume, of 1,550,000 shares, the days-to-cover ratio is currently 2.3 days. Currently, 1.7% of the company’s shares are sold short.

Insider Buying and Selling

In related news, Director Charles R. Crisp sold 7,000 shares of the stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $112.54, for a total value of $787,780.00. Following the transaction, the director now directly owns 95,471 shares of the company’s stock, valued at approximately $10,744,306.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Charles R. Crisp sold 7,000 shares of the stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $112.54, for a total value of $787,780.00. Following the completion of the sale, the director now directly owns 95,471 shares in the company, valued at approximately $10,744,306.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Julie H. Boushka sold 2,691 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total value of $304,083.00. Following the completion of the sale, the chief accounting officer now owns 57,228 shares of the company’s stock, valued at $6,466,764. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 42,791 shares of company stock valued at $4,907,563. 1.39% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Targa Resources

A number of large investors have recently bought and sold shares of TRGP. Addison Advisors LLC bought a new stake in shares of Targa Resources during the fourth quarter valued at approximately $27,000. Spire Wealth Management raised its holdings in shares of Targa Resources by 2,400.0% during the first quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock valued at $31,000 after buying an additional 264 shares during the last quarter. VisionPoint Advisory Group LLC raised its holdings in shares of Targa Resources by 111.2% during the third quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock valued at $34,000 after buying an additional 209 shares during the last quarter. EdgeRock Capital LLC bought a new stake in shares of Targa Resources during the fourth quarter valued at approximately $42,000. Finally, Delos Wealth Advisors LLC bought a new stake in shares of Targa Resources during the fourth quarter valued at approximately $43,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Up 0.2 %

NYSE:TRGP opened at $128.78 on Friday. 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 stock has a 50-day simple moving average of $118.04 and a 200 day simple moving average of $103.99. Targa Resources has a one year low of $74.20 and a one year high of $130.53. The company has a market capitalization of $28.55 billion, a price-to-earnings ratio of 26.50, a price-to-earnings-growth ratio of 0.76 and a beta of 2.21.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.13). Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. The business had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $4.28 billion. Sell-side analysts predict that Targa Resources will post 5.27 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th were issued a $0.75 dividend. The ex-dividend date of this dividend was Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a yield of 2.33%. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s dividend payout ratio (DPR) is currently 61.73%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on TRGP shares. Barclays increased their price target on Targa Resources from $116.00 to $122.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. Wells Fargo & Company raised their target price on Targa Resources from $109.00 to $124.00 and gave the company an “overweight” rating in a research note on Friday, May 3rd. The Goldman Sachs Group raised their target price on Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a research note on Thursday, April 4th. Mizuho raised their target price on Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, April 3rd. Finally, Truist Financial raised their target price on Targa Resources from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, June 10th. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $129.46.

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.