Targa Resources (NYSE:TRGP) Director Sells $2,713,687.92 in Stock

Key Points

• Director Charles Crisp sold 10,602 shares of Targa Resources for about $2.71 million at an average price of $255.96, cutting his ownership by 13.75%.
• TRGP shares rose 3.1% to $263.12, near their 52-week high of $263.38, amid trading volume roughly in line with average.
• The company recently raised its quarterly dividend to $1.25 per share from $1.00, though its latest earnings missed analyst expectations on both EPS and revenue.

Targa Resources, Inc. (NYSE:TRGP - Get Free Report) Director Charles Crisp sold 10,602 shares of the company's stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the sale, the director owned 66,492 shares of the company's stock, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Targa Resources Trading Up 3.1%

Shares of TRGP traded up $7.96 during trading hours on Wednesday, hitting $263.12. The company had a trading volume of 1,428,166 shares, compared to its average volume of 1,407,959. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $263.38. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. The stock's 50 day moving average price is $243.27 and its 200 day moving average price is $206.36. The firm has a market cap of $56.48 billion, a P/E ratio of 26.60, a P/E/G ratio of 1.64 and a beta of 0.75.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The company had revenue of $4.09 billion for the quarter, compared to analysts' expectations of $4.68 billion. On average, research analysts predict that Targa Resources, Inc. will post 10.32 EPS for the current year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Thursday, April 30th will be paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. This is a boost from Targa Resources's previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Thursday, April 30th. Targa Resources's payout ratio is currently 50.56%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Hardy Reed LLC grew its stake in Targa Resources by 1.0% during the 1st quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company's stock valued at $1,083,000 after purchasing an additional 41 shares during the last quarter. Hantz Financial Services Inc. grew its stake in Targa Resources by 10.5% during the 4th quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company's stock valued at $97,000 after purchasing an additional 50 shares during the last quarter. Steward Partners Investment Advisory LLC grew its stake in Targa Resources by 0.7% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,455 shares of the pipeline company's stock valued at $1,376,000 after purchasing an additional 51 shares during the last quarter. First Horizon Corp grew its stake in Targa Resources by 20.1% during the 4th quarter. First Horizon Corp now owns 340 shares of the pipeline company's stock valued at $63,000 after purchasing an additional 57 shares during the last quarter. Finally, Equitable Holdings Inc. boosted its stake in shares of Targa Resources by 3.6% in the third quarter. Equitable Holdings Inc. now owns 1,714 shares of the pipeline company's stock worth $287,000 after buying an additional 60 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TRGP has been the topic of several analyst reports. Mizuho lifted their target price on shares of Targa Resources from $207.00 to $260.00 and gave the stock an "outperform" rating in a research note on Thursday, March 19th. Citigroup raised their price target on shares of Targa Resources from $200.00 to $262.00 and gave the stock a "buy" rating in a report on Tuesday, February 24th. Scotiabank upped their price objective on shares of Targa Resources from $249.00 to $257.00 and gave the company an "outperform" rating in a research note on Tuesday. The Goldman Sachs Group increased their target price on shares of Targa Resources from $242.00 to $268.00 and gave the stock a "buy" rating in a report on Monday, April 20th. Finally, Barclays boosted their price target on Targa Resources from $226.00 to $255.00 and gave the company an "overweight" rating in a report on Tuesday, April 7th. Fourteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $265.86.

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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