Targa Resources Corp. (NYSE:TRGP) Insider Robert Muraro Sells 9,900 Shares of Stock

Targa Resources Corp. (NYSE:TRGP) insider Robert Muraro sold 9,900 shares of the business’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $130.31, for a total value of $1,290,069.00. Following the completion of the transaction, the insider now owns 186,951 shares of the company’s stock, valued at $24,361,584.81. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Robert Muraro also recently made the following trade(s):

• On Wednesday, June 26th, Robert Muraro sold 100 shares of Targa Resources stock. The stock was sold at an average price of $130.00, for a total transaction of $13,000.00.
• On Monday, June 10th, Robert Muraro sold 10,000 shares of Targa Resources stock. The shares were sold at an average price of $120.08, for a total transaction of $1,200,800.00.

Targa Resources Trading Down 0.2 %

NYSE TRGP opened at $131.00 on Wednesday. The company has a market capitalization of $29.05 billion, a price-to-earnings ratio of 26.95, a price-to-earnings-growth ratio of 0.76 and a beta of 2.27. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62. Targa Resources Corp. has a 12 month low of $74.95 and a 12 month high of $132.08. The company’s fifty day moving average price is $118.69 and its two-hundred day moving average price is $104.76.

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

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th were given a dividend of $0.75 per share. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 annualized dividend and a dividend yield of 2.29%. The ex-dividend date of this dividend was Monday, April 29th. Targa Resources’s dividend payout ratio is currently 61.73%.

Analyst Ratings Changes

A number of research firms recently issued reports on TRGP. Truist Financial increased their target price on shares of Targa Resources from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, June 10th. UBS Group raised their target price on shares of Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. Argus assumed coverage on Targa Resources in a report on Wednesday, June 26th. They issued a “buy” rating and a $140.00 price target for the company. Barclays boosted their price objective on Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. Finally, Wells Fargo & Company increased 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. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $129.85.

Hedge Funds Weigh In On Targa Resources

Hedge funds have recently added to or reduced their stakes in the business. Deutsche Bank AG raised its position in shares of Targa Resources by 200.4% during the 3rd quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock worth $478,063,000 after purchasing an additional 3,720,270 shares during the period. Blackstone Inc. grew its stake in Targa Resources by 60.4% during the 4th quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock worth $820,290,000 after buying an additional 3,554,989 shares during the last quarter. Norges Bank acquired a new stake in Targa Resources in the fourth quarter worth $187,123,000. Price T Rowe Associates Inc. MD lifted its stake in Targa Resources by 231.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock valued at $119,712,000 after buying an additional 962,073 shares during the last quarter. Finally, Morgan Stanley boosted its holdings in shares of Targa Resources by 16.1% during the third quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock valued at $325,003,000 after acquiring an additional 524,794 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

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.