Targa Resources Corp (TRGP) Insider Sells $90,162.00 in Stock
Targa Resources Corp (NYSE:TRGP) insider Jeffrey J. Mcparland sold 1,800 shares of the firm’s stock in a transaction dated Monday, October 10th. The stock was sold at an average price of $50.09, for a total transaction of $90,162.00. Following the completion of the sale, the insider now owns 145,983 shares of the company’s stock, valued at approximately $7,312,288.47. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.
Shares of Targa Resources Corp (NYSE:TRGP) traded down 2.32% on Wednesday, hitting $47.98. 1,980,541 shares of the stock were exchanged. Targa Resources Corp has a 52-week low of $14.55 and a 52-week high of $64.37. The company’s 50 day moving average is $46.85 and its 200-day moving average is $41.38. The stock’s market cap is $7.99 billion.
Targa Resources Corp (NYSE:TRGP) last released its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by $0.07. Analysts predict that Targa Resources Corp will post ($0.40) EPS for the current fiscal year.
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Several equities research analysts have recently issued reports on the stock. Stifel Nicolaus lowered shares of Targa Resources Corp from a “buy” rating to a “hold” rating and set a $48.00 target price for the company. in a report on Wednesday, September 28th. They noted that the move was a valuation call. Vetr upgraded shares of Targa Resources Corp from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Tuesday, September 27th. JPMorgan Chase & Co. reiterated a “hold” rating on shares of Targa Resources Corp in a report on Thursday, June 16th. Barclays PLC upgraded shares of Targa Resources Corp from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $47.00 to $55.00 in a report on Tuesday, September 27th. Finally, Zacks Investment Research upgraded shares of Targa Resources Corp from a “hold” rating to a “buy” rating and set a $48.00 price objective for the company in a report on Tuesday, July 5th. Ten equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Targa Resources Corp presently has an average rating of “Hold” and a consensus price target of $47.70.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Commonwealth Equity Services Inc purchased a new position in Targa Resources Corp during the first quarter valued at about $664,000. Virginia Retirement System purchased a new position in Targa Resources Corp during the first quarter valued at about $257,000. CIBC World Markets Inc. purchased a new position in Targa Resources Corp during the first quarter valued at about $435,000. TIAA CREF Investment Management LLC increased its position in Targa Resources Corp by 191.8% in the first quarter. TIAA CREF Investment Management LLC now owns 709,758 shares of the company’s stock valued at $21,193,000 after buying an additional 466,505 shares during the period. Finally, Teachers Advisors Inc. increased its position in Targa Resources Corp by 817.6% in the first quarter. Teachers Advisors Inc. now owns 410,858 shares of the company’s stock valued at $12,268,000 after buying an additional 366,084 shares during the period.
About Targa Resources Corp
Targa Resources Corp., through its general and limited partner interests in Targa Resources Partners LP (the Partnership), is a provider of midstream natural gas and natural gas liquid (NGL) services in the United States. The Partnership is engaged in the business of gathering, compressing, treating, processing and selling natural gas and storing, fractionating, treating, transporting, terminaling and selling NGLs, NGL products, and gathering, storing and terminaling crude oil and refined petroleum products.
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