Targa Resources Corp. (NYSE:TRGP) Director Joe Bob Perkins Sells 2,150 Shares of Stock

Targa Resources Corp. (NYSE:TRGP – Get Rating) Director Joe Bob Perkins sold 2,150 shares of the business’s stock in a transaction that occurred on Tuesday, April 12th. The stock was sold at an average price of $78.01, for a total value of $167,721.50. Following the sale, the director now directly owns 213,868 shares in the company, valued at approximately $16,683,842.68. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Shares of NYSE:TRGP opened at $78.64 on Friday. Targa Resources Corp. has a 1-year low of $31.37 and a 1-year high of $79.43. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.70 and a current ratio of 0.77. The company has a 50 day moving average price of $68.96 and a 200 day moving average price of $59.45.

Targa Resources (NYSE:TRGP – Get Rating) last issued its earnings results on Thursday, February 24th. The pipeline company reported $0.51 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.65 by ($0.14). The business had revenue of $5.44 billion for the quarter, compared to the consensus estimate of $4.88 billion. Targa Resources had a return on equity of 9.74% and a net margin of 0.42%. Sell-side analysts predict that Targa Resources Corp. will post 3.29 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 16th. Investors of record on Friday, April 29th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.78%. Targa Resources’s dividend payout ratio is -1,272.61%.

Several research analysts have weighed in on TRGP shares. Citigroup boosted their price target on Targa Resources from $66.00 to $67.00 in a report on Monday, January 10th. TheStreet downgraded Targa Resources from a “b-” rating to a “c” rating in a report on Thursday, March 3rd. Mizuho raised shares of Targa Resources from a “neutral” rating to a “buy” rating and upped their price objective for the company from $58.00 to $85.00 in a research report on Friday, March 18th. StockNews.com initiated coverage on shares of Targa Resources in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Finally, Truist Financial increased their price target on shares of Targa Resources from $69.00 to $78.00 in a research report on Wednesday, March 2nd. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $68.42.

A number of institutional investors have recently bought and sold shares of the stock. Northwestern Mutual Investment Management Company LLC boosted its stake in Targa Resources by 0.5% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 37,957 shares of the pipeline company’s stock worth $1,983,000 after purchasing an additional 185 shares during the period. Eaton Vance Management boosted its stake in Targa Resources by 0.9% in the 4th quarter. Eaton Vance Management now owns 22,439 shares of the pipeline company’s stock worth $1,120,000 after purchasing an additional 210 shares during the period. First Horizon Advisors Inc. boosted its stake in shares of Targa Resources by 10.6% during the 3rd quarter. First Horizon Advisors Inc. now owns 2,305 shares of the pipeline company’s stock valued at $113,000 after buying an additional 220 shares during the period. Fifth Third Bancorp boosted its stake in shares of Targa Resources by 46.3% during the 4th quarter. Fifth Third Bancorp now owns 695 shares of the pipeline company’s stock valued at $36,000 after buying an additional 220 shares during the period. Finally, Estate Counselors LLC boosted its stake in shares of Targa Resources by 0.8% during the 3rd quarter. Estate Counselors LLC now owns 32,725 shares of the pipeline company’s stock valued at $1,610,000 after buying an additional 260 shares during the period. 88.49% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Company Profile (Get Rating)

Targa Resources Corp. provides midstream natural gas and natural gas liquids services. It also provides gathering, storing, and terminaling crude oil, and storing, terminaling, and selling refined petroleum products. It operates through the following business segments: Gathering and Processing, and Logistics and Transportation.

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