The short-term stake in Targa Resources Corp. (NYSE:TRGP) drops 21.5%

Targa Resources Corp. (NYSE:TRGP – Get Rating) was the target of a sharp drop in short interest in October. As of October 31, there was short interest totaling 5,660,000 shares, a decrease of 21.5% from the total of 7,210,000 shares as of October 15. Approximately 2.6% of the company’s shares are sold short. Based on an average daily volume of 2,470,000 shares, the short interest ratio is currently 2.3 days.

Analyst upgrades and downgrades

Several stock analysts have recently commented on the company. Barclays cut its price target on Targa Resources from $92.00 to $87.00 and set an “overweight” rating on the stock in a Wednesday July 20 research report. Goldman Sachs Group reaffirmed a “buy” rating and issued a target price of $93.00 on Targa Resources shares in a research report on Thursday, September 8. TheStreet upgraded Targa Resources from a ‘c’ to a ‘b-‘ rating in a Friday, October 28 research report. Mizuho raised its target price on Targa Resources from $91.00 to $92.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, US Capital Advisors reaffirmed a “buy” rating on Targa Resources shares in a Monday, July 25 research report. One financial analyst gave the stock a hold rating, nine issued a buy rating and one issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $84.91.

Insider activity

In other news, Director Joe Bob Perkins sold 62,326 shares of Targa Resources in a trade dated Wednesday November 2. The stock was sold at an average price of $67.84, for a total value of $4,228,195.84. Following the transaction, the administrator now directly owns 88,692 shares of the company, valued at approximately $6,016,865.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, accessible via the SEC’s website. Separately, CAO Julie H. Boushka sold 2,086 shares of the company in a trade that took place on Wednesday, November 9. The stock was sold at an average price of $70.87, for a total transaction of $147,834.82. Following the transaction, the chief accounting officer now directly owns 57,839 shares of the company, valued at approximately $4,099,049.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, accessible via this hyperlink. Additionally, director Joe Bob Perkins sold 62,326 shares of the company in a trade that took place on Wednesday, November 2. The stock was sold at an average price of $67.84, for a total value of $4,228,195.84. Following the transaction, the administrator now directly owns 88,692 shares of the company, valued at $6,016,865.28. The disclosure of this sale can be found here. Company insiders own 1.10% of the company’s shares.

Institutional entries and exits

Institutional investors have recently increased or reduced their stake in the stock. EdgeRock Capital LLC bought a new position in Targa Resources during Q3 worth $28,000. Herold Advisors Inc. bought a new position in Targa Resources during Q1 worth $29,000. Chilton Capital Management LLC bought a new position in Targa Resources during Q2 worth $31,000. SeaCrest Wealth Management LLC bought a new position in Targa Resources during Q2 worth $34,000. Finally, Prospera Financial Services Inc bought a new position in Targa Resources during Q1 worth $36,000. 87.45% of the shares are currently held by institutional investors.

Targa Resource Price Performance

NYSE TRGP shares opened at $72.64 on Friday. Targa Resources has a 12-month low of $47.57 and a 12-month high of $81.50. The company has a current ratio of 0.74, a quick ratio of 0.60 and a debt ratio of 2.20. The company has a market capitalization of $16.44 billion, a price-earnings ratio of 68.53 and a beta of 2.36. The company has a 50-day simple moving average of $67.01 and a 200-day simple moving average of $67.39.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 15. Investors of record on Monday, October 31 will receive a dividend of $0.35 per share. The ex-dividend date is Friday, October 28. This represents a dividend of $1.40 on an annualized basis and a yield of 1.93%. Targa Resources’ payout ratio is currently 132.08%.

Targa Resources Company Profile

(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. The Company operates in two segments, Collection and Processing, and Logistics and Transportation. It 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, storage, terminal, purchase and sale of crude oil.

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