Targa Resources Corp. (NYSE: TRGP – Get a rating) was the target of a significant drop in short interest in the month of April. As of April 30, there was short interest totaling 2,780,000 shares, a decrease of 28.0% from the April 15 total of 3,860,000 shares. Currently, 1.2% of the stock’s shares are sold short. Based on an average daily trading volume of 1,710,000 shares, the short interest ratio is currently 1.6 days.
Several research companies have weighed in on TRGP. Truist Financial raised its target price on Targa Resources from $69.00 to $78.00 in a Wednesday, March 2 research note. TheStreet upgraded Targa Resources from a ‘b-‘ rating to a ‘c’ rating in a Thursday, March 3 research note. Raymond James raised his target price on Targa Resources from $80.00 to $92.00 and gave the stock a “Strong Buy” rating in a Wednesday, April 20 research note. Evercore ISI upgraded Targa Resources from an “in-line” rating to an “outperforming” rating and set a target price of $62.00 for the company in a Monday, February 7 research note. Finally, Bank of America reduced its target price on Targa Resources from $73.00 to $72.00 and set a “buy” rating for the company in a Tuesday, January 18 research note. One analyst gave the stock a hold rating, eleven gave the stock a buy rating and one gave the company a high buy rating. According to MarketBeat.com, Targa Resources currently has a consensus rating of “Buy” and a consensus price target of $73.25.
NYSE TRGP opened at $71.28 on Friday. The company has a market capitalization of $16.25 billion, a price-earnings ratio of -122.89 and a beta of 2.52. Targa Resources has a 12-month low of $37.13 and a 12-month high of $81.50. The stock has a fifty-day simple moving average of $73.52 and a 200-day simple moving average of $62.57. The company has a quick ratio of 0.62, a current ratio of 0.65 and a debt ratio of 1.73.
Targa Resources (NYSE: TRGP – Get a rating) last released its quarterly earnings data on Thursday, May 5. The pipeline company reported earnings per share of $0.06 for the quarter, missing consensus analyst estimates of $0.75 per ($0.69). Targa Resources posted a negative net margin of 0.22% and a positive return on equity of 8.24%. During the same period last year, the company earned earnings per share of $0.53. Research analysts expect Targa Resources to post earnings per share of 3.79 for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 16. Shareholders of record on Friday, April 29 will receive a dividend of $0.35. This represents an annualized dividend of $1.40 and a dividend yield of 1.96%. Targa Resources’ dividend payout ratio (DPR) is currently -241.38%.
In a similar vein, director Rene R. Joyce sold 15,000 shares of the company in a trade that took place on Thursday, March 3. The stock was sold at an average price of $67.86, for a total value of $1,017,900.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible via the SEC website. Also, director Joe Bob Perkins sold 2,150 shares of the company in a trade on Tuesday, April 12. 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 owns 213,868 shares of the company, valued at $16,683,842.68. Disclosure of this sale can be found here. During the last quarter, insiders sold 55,094 shares of the company valued at $4,176,872. 1.10% of the shares are currently held by insiders.
Several hedge funds have recently bought and sold shares of the company. Quadrant Capital Group LLC increased its position in Targa Resources shares by 2.0% in the first quarter. Quadrant Capital Group LLC now owns 8,085 shares of the pipeline company worth $610,000 after acquiring 162 additional shares in the last quarter. Northwestern Mutual Investment Management Company LLC raised its position in Targa Resources shares by 0.5% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 37,957 shares of the pipeline company worth $1,983,000 after acquiring 185 additional shares last quarter. Veritable LP raised its position in Targa Resources shares by 4.4% in the first quarter. Veritable LP now owns 4,343 shares of the pipeline company worth $328,000 after acquiring 185 additional shares in the last quarter. Moneta Group Investment Advisors LLC raised its position in Targa Resources shares by 0.8% in the first quarter. Moneta Group Investment Advisors LLC now owns 23,890 shares of the pipeline company worth $1,803,000 after acquiring 192 additional shares last quarter. Finally, National Asset Management Inc. raised its position in Targa Resources shares by 2.4% in the 1st quarter. National Asset Management Inc. now owns 8,175 shares of the pipeline company worth $617,000 after acquiring 193 additional shares in the last quarter. 91.93% of the shares are held by hedge funds and other institutional investors.
About Targa Resources (Get a rating)
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires and develops a portfolio of midstream energy assets in North America. It operates in two segments, Collection and Processing, and Logistics and Transportation. The company is engaged in the gathering, compression, treatment, processing, transportation and sale of natural gas; storage, fractionation, processing, transportation and sale of natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; and the gathering, purchase, storage, terminaling and sale of crude oil.
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