Asset Management One Co. Ltd. Cuts Stake in Targa Resources Corp. (NYSE:TRGP)

Asset Management One Co. Ltd. reduced its position in Targa Resources Corp. (NYSE:TRGP) by 0.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 77,707 shares of the pipeline company’s stock after selling 332 shares during the quarter. Asset Management One Co. Ltd.’s holdings in Targa Resources were worth $11,501,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mediolanum International Funds Ltd purchased a new position in shares of Targa Resources during the 1st quarter valued at approximately $756,000. Signaturefd LLC grew its holdings in Targa Resources by 34.6% during the 1st quarter. Signaturefd LLC now owns 7,774 shares of the pipeline company’s stock worth $871,000 after acquiring an additional 1,998 shares in the last quarter. Advisory Alpha LLC bought a new stake in shares of Targa Resources in the 1st quarter worth about $305,000. Manchester Capital Management LLC raised its stake in shares of Targa Resources by 25,150.0% in the 1st quarter. Manchester Capital Management LLC now owns 1,515 shares of the pipeline company’s stock valued at $170,000 after purchasing an additional 1,509 shares in the last quarter. Finally, Empirical Finance LLC lifted its position in shares of Targa Resources by 7.1% during the first quarter. Empirical Finance LLC now owns 4,067 shares of the pipeline company’s stock worth $455,000 after purchasing an additional 270 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Buying and Selling at Targa Resources

In related news, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the sale, the director now directly owns 110,470 shares in the company, valued at approximately $17,181,399.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Paul W. Chung sold 5,264 shares of Targa Resources stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $138.03, for a total value of $726,589.92. Following the transaction, the director now directly owns 232,827 shares in the company, valued at approximately $32,137,110.81. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the sale, the director now owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 160,764 shares of company stock worth $24,829,770 over the last three months. Corporate insiders own 1.44% of the company’s stock.

Targa Resources Stock Up 4.9 %

TRGP opened at $186.04 on Thursday. The company has a market capitalization of $40.76 billion, a PE ratio of 39.17, a price-to-earnings-growth ratio of 1.31 and a beta of 2.24. The business has a 50-day moving average of $157.18 and a 200-day moving average of $137.19. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $189.62. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53.

Targa Resources (NYSE:TRGP) last posted its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The firm 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. Equities research analysts forecast that Targa Resources Corp. will post 5.96 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.61%. The ex-dividend date is Thursday, October 31st. Targa Resources’s payout ratio is 63.16%.

Analysts Set New Price Targets

TRGP has been the subject of several research analyst reports. Royal Bank of Canada boosted their price objective on Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Bank of America began coverage on shares of Targa Resources in a report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target for the company. Argus upgraded Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Scotiabank increased their price target on Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 17th. Finally, Truist Financial boosted their price objective on Targa Resources from $150.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $157.21.

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.