Targa Resources Sees Unusually High Options Volume (NYSE:TRGP)

Targa Resources Corp (NYSE:TRGP) was the recipient of unusually large options trading on Tuesday. Investors purchased 41,095 call options on the company. This is an increase of approximately 1,830% compared to the typical volume of 2,129 call options.

A number of brokerages have issued reports on TRGP. Zacks Investment Research raised Targa Resources from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research report on Friday, May 29th. Raymond James upped their price target on Targa Resources from $23.00 to $25.00 and gave the stock an “outperform” rating in a report on Friday, August 7th. UBS Group upped their price target on Targa Resources from $19.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. Morgan Stanley upped their target price on Targa Resources from $14.00 to $18.00 and gave the company an “underweight” rating in a research note on Friday, August 21st. Finally, JPMorgan Chase & Co. upped their target price on Targa Resources from $19.00 to $24.00 and gave the company an “overweight” rating in a research note on Wednesday, June 3rd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company’s stock. Targa Resources currently has an average rating of “Hold” and a consensus target price of $24.29.

In other Targa Resources news, Director Rene R. Joyce sold 40,364 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $20.46, for a total transaction of $825,847.44. Following the completion of the sale, the director now owns 241,456 shares of the company’s stock, valued at $4,940,189.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.54% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Requisite Capital Management LLC acquired a new stake in shares of Targa Resources during the second quarter worth about $461,000. ETRADE Capital Management LLC acquired a new stake in Targa Resources in the 1st quarter valued at approximately $94,000. Envestnet Asset Management Inc. raised its position in Targa Resources by 195.0% in the 2nd quarter. Envestnet Asset Management Inc. now owns 217,727 shares of the pipeline company’s stock valued at $4,370,000 after buying an additional 143,932 shares during the last quarter. Treasurer of the State of North Carolina raised its position in Targa Resources by 66.9% in the 1st quarter. Treasurer of the State of North Carolina now owns 98,036 shares of the pipeline company’s stock valued at $677,000 after buying an additional 39,290 shares during the last quarter. Finally, Guggenheim Capital LLC raised its position in Targa Resources by 8.1% in the 1st quarter. Guggenheim Capital LLC now owns 165,007 shares of the pipeline company’s stock valued at $1,139,000 after buying an additional 12,419 shares during the last quarter. 80.94% of the stock is currently owned by institutional investors.

Shares of TRGP opened at $15.03 on Wednesday. The company has a current ratio of 0.93, a quick ratio of 0.76 and a debt-to-equity ratio of 1.21. Targa Resources has a 1 year low of $3.66 and a 1 year high of $43.47. The stock has a market cap of $3.50 billion, a P/E ratio of -1.80 and a beta of 2.98. The stock’s 50-day moving average price is $17.95 and its two-hundred day moving average price is $16.52.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 6th. The pipeline company reported $0.21 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.14) by $0.35. Targa Resources had a positive return on equity of 3.89% and a negative net margin of 22.86%. The firm had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.63 billion. As a group, equities analysts forecast that Targa Resources will post 1.13 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Friday, July 31st were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date of this dividend was Thursday, July 30th. Targa Resources’s dividend payout ratio is currently -49.38%.

About Targa Resources

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, Gathering and Processing, and Logistics and Marketing. The company engages 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; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.

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