Intech Investment Management LLC Decreases Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Intech Investment Management LLC lowered its position in shares of Targa Resources Corp. (NYSE:TRGP) by 21.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 16,320 shares of the pipeline company’s stock after selling 4,345 shares during the quarter. Intech Investment Management LLC’s holdings in Targa Resources were worth $2,416,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of TRGP. Bessemer Group Inc. boosted its holdings in shares of Targa Resources by 51.3% during the first quarter. Bessemer Group Inc. now owns 690 shares of the pipeline company’s stock worth $78,000 after purchasing an additional 234 shares during the period. Natixis purchased a new stake in Targa Resources in the 1st quarter worth approximately $126,000. Advisors Asset Management Inc. grew its position in shares of Targa Resources by 19.9% in the 1st quarter. Advisors Asset Management Inc. now owns 12,557 shares of the pipeline company’s stock worth $1,406,000 after buying an additional 2,082 shares during the last quarter. BOKF NA increased its stake in shares of Targa Resources by 301.5% during the first quarter. BOKF NA now owns 819 shares of the pipeline company’s stock valued at $92,000 after buying an additional 615 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Targa Resources by 26.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock valued at $194,720,000 after acquiring an additional 360,675 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on TRGP shares. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Stifel Nicolaus boosted their price target on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Wells Fargo & Company raised their price objective on shares of Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. The Goldman Sachs Group upped their target price on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Finally, Truist Financial raised their target price on Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $176.50.

Insider Buying and Selling at Targa Resources

In other news, insider Robert Muraro sold 2,500 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $25,504,736.20. This trade represents a 1.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the transaction, the director now directly owns 110,470 shares of the company’s stock, valued at $17,181,399.10. The trade was a 57.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,760 shares of company stock worth $30,026,712. Insiders own 1.39% of the company’s stock.

Targa Resources Price Performance

TRGP opened at $207.31 on Monday. The firm has a market cap of $45.21 billion, a PE ratio of 37.49, a P/E/G ratio of 0.82 and a beta of 2.24. The stock has a 50-day moving average price of $169.37 and a 200-day moving average price of $144.37. Targa Resources Corp. has a 1 year low of $81.03 and a 1 year high of $209.87. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP) last issued its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the previous year, the company earned $0.97 earnings per share. Sell-side analysts predict that Targa Resources Corp. will post 6.23 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

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

Targa Resources 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.