Empowered Funds LLC Sells 34,244 Shares of Targa Resources Corp. (NYSE:TRGP)

Empowered Funds LLC cut its position in Targa Resources Corp. (NYSE:TRGP) by 91.1% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 3,331 shares of the pipeline company’s stock after selling 34,244 shares during the period. Empowered Funds LLC’s holdings in Targa Resources were worth $493,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TRGP. Dimensional Fund Advisors LP lifted its holdings in shares of Targa Resources by 13.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after buying an additional 271,444 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Targa Resources by 26.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock worth $194,720,000 after purchasing an additional 360,675 shares in the last quarter. Truist Financial Corp boosted its holdings in Targa Resources by 5.9% in the 2nd quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company’s stock valued at $108,010,000 after purchasing an additional 46,864 shares during the period. Principal Financial Group Inc. grew its position in shares of Targa Resources by 2.9% during the 3rd quarter. Principal Financial Group Inc. now owns 814,296 shares of the pipeline company’s stock worth $120,540,000 after purchasing an additional 22,621 shares in the last quarter. Finally, American Century Companies Inc. increased its holdings in shares of Targa Resources by 239.1% during the second quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock worth $101,877,000 after purchasing an additional 557,832 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the transaction, the director now directly owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. This represents a 57.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the sale, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. The trade was a 1.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 185,760 shares of company stock worth $30,026,712. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

NYSE:TRGP opened at $207.31 on Monday. The company has a market capitalization of $45.21 billion, a PE ratio of 37.49, a P/E/G ratio of 0.82 and a beta of 2.24. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $209.87. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The company has a 50 day simple moving average of $169.37 and a two-hundred day simple moving average of $144.15.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The business had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the prior year, the firm posted $0.97 earnings per share. Research analysts anticipate that Targa Resources Corp. will post 6.23 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.45%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is 54.25%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on TRGP shares. Truist Financial boosted their price target on Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Royal Bank of Canada increased their target price on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Wells Fargo & Company boosted their price target on Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. UBS Group increased their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, Morgan Stanley boosted their target price on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $176.50.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved 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; and gathering, storing, terminaling, purchasing, and selling crude oil.