Charles R. Crisp Sells 7,000 Shares of Targa Resources Corp. (NYSE:TRGP) Stock

Targa Resources Corp. (NYSE:TRGP) Director Charles R. Crisp sold 7,000 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were 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 of the company’s stock, valued at $10,744,306.34. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Targa Resources Stock Up 1.0 %

TRGP stock opened at $113.59 on Friday. 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 $67.36 and a 12 month high of $117.87. The firm has a market capitalization of $25.18 billion, a PE ratio of 23.37 and a beta of 2.19. The company’s 50 day simple moving average is $111.25 and its 200-day simple moving average is $95.59.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). The company had revenue of $4.24 billion during the quarter, compared to analyst estimates of $4.50 billion. Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. Equities analysts expect that Targa Resources Corp. will post 5.72 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be paid a dividend of $0.75 per share. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 annualized dividend and a dividend yield of 2.64%. Targa Resources’s dividend payout ratio is presently 61.73%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Addison Advisors LLC purchased a new stake in Targa Resources during the fourth quarter valued at about $27,000. Spire Wealth Management grew its holdings in shares of Targa Resources by 2,400.0% during the 1st quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock worth $31,000 after purchasing an additional 264 shares during the period. VisionPoint Advisory Group LLC grew its holdings in shares of Targa Resources by 111.2% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock worth $34,000 after purchasing an additional 209 shares during the period. EdgeRock Capital LLC acquired a new stake in Targa Resources during the 4th quarter worth approximately $42,000. Finally, Rational Advisors LLC acquired a new position in Targa Resources during the third quarter valued at approximately $43,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on TRGP shares. Mizuho lifted their target price on shares of Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. The Goldman Sachs Group boosted their target price on Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a report on Thursday, April 4th. Wells Fargo & Company raised their price objective on shares of Targa Resources from $109.00 to $124.00 and gave the company an “overweight” rating in a research report on Friday, May 3rd. Stifel Nicolaus increased their target price on Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Finally, Citigroup increased their price objective on Targa Resources from $104.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $119.92.

Targa Resources Company Profile

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.