Targa Resources (NYSE:TRGP) Director Paul Chung Sells 1,816 Shares

Key Points

• Director Paul Chung sold 1,816 Targa Resources shares at an average price of $296.11, generating approximately $537,736. After the sale, he retained 44,000 shares valued at about $13.03 million.
• Targa Resources shares recently traded near $293.51, close to their 52-week high, while the company reported quarterly EPS of $3.54—beating estimates by $0.71—despite revenue falling short of forecasts.
• The company pays a quarterly dividend of $1.25, equivalent to a $5.00 annualized payout and a 1.7% yield. Analysts maintain an overall “Buy” rating, with an average price target of $301.18.

Targa Resources, Inc. (NYSE:TRGP - Get Free Report) Director Paul Chung sold 1,816 shares of the company's stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total transaction of $537,735.76. Following the completion of the sale, the director directly owned 44,000 shares in the company, valued at approximately $13,028,840. This represents a 3.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Targa Resources Trading Up 0.0%

Shares of TRGP traded up $0.05 during trading hours on Thursday, hitting $293.51. 791,382 shares of the stock were exchanged, compared to its average volume of 1,329,497. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $307.94. The business has a 50-day moving average of $276.76 and a 200-day moving average of $258.98. The firm has a market capitalization of $62.94 billion, a P/E ratio of 28.06, a price-to-earnings-growth ratio of 1.41 and a beta of 0.72. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.71. The business had revenue of $4.44 billion for the quarter, compared to analyst estimates of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. On average, research analysts expect that Targa Resources, Inc. will post 11.23 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, July 31st. Targa Resources's payout ratio is currently 47.80%.

Hedge Funds Weigh In On Targa Resources

A number of institutional investors have recently modified their holdings of TRGP. First Eagle Investment Management LLC increased its stake in Targa Resources by 381.0% during the 2nd quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company's stock valued at $27,000 after purchasing an additional 80 shares in the last quarter. Jones Financial Companies Lllp bought a new position in shares of Targa Resources in the second quarter valued at $32,000. Compass Financial Management LLC acquired a new position in shares of Targa Resources during the second quarter valued at about $33,000. CoreCap Advisors LLC increased its position in shares of Targa Resources by 245.9% during the second quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company's stock worth $34,000 after acquiring an additional 91 shares in the last quarter. Finally, Virtus Advisers LLC bought a new stake in shares of Targa Resources during the second quarter worth about $35,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on TRGP shares. Stifel Nicolaus set a $268.00 target price on Targa Resources in a research note on Friday, May 8th. JPMorgan Chase & Co. increased their price target on Targa Resources from $291.00 to $315.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. US Capital Advisors downgraded shares of Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, May 29th. Erste Group Bank began coverage on shares of Targa Resources in a research report on Thursday, June 25th. They set a "buy" rating on the stock. Finally, Morgan Stanley increased their target price on shares of Targa Resources from $333.00 to $343.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $301.18.

Targa Resources Company Profile

Targa Resources Corporation NYSE: TRGP is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

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