BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 5,349 Shares of Targa Resources Corp. (NYSE:TRGP)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 13.2% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 35,140 shares of the pipeline company’s stock after selling 5,349 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Targa Resources were worth $5,201,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Zurich Insurance Group Ltd FI purchased a new position in Targa Resources in the second quarter valued at approximately $72,345,000. American Century Companies Inc. increased its holdings in Targa Resources by 239.1% in the 2nd quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock worth $101,877,000 after acquiring an additional 557,832 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Targa Resources by 13.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after acquiring an additional 271,444 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its stake in Targa Resources by 599.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company’s stock valued at $42,619,000 after acquiring an additional 246,762 shares during the period. Finally, International Assets Investment Management LLC lifted its holdings in Targa Resources by 14,163.5% during the third quarter. International Assets Investment Management LLC now owns 204,254 shares of the pipeline company’s stock valued at $30,232,000 after purchasing an additional 202,822 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Down 4.7 %

Shares of Targa Resources stock opened at $194.62 on Tuesday. 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 Corp. has a 1 year low of $81.03 and a 1 year high of $209.87. The firm has a market cap of $42.44 billion, a PE ratio of 35.19, a PEG ratio of 0.80 and a beta of 2.28. The company has a 50 day simple moving average of $175.18 and a two-hundred day simple moving average of $148.04.

Targa Resources (NYSE:TRGP) last announced 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 company had revenue of $3.85 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same period in the previous year, the business earned $0.97 earnings per share. Analysts expect that Targa Resources Corp. will post 6.28 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were issued a dividend of $0.75 per share. The ex-dividend date was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.54%. Targa Resources’s dividend payout ratio is 54.25%.

Insider Buying and Selling

In related news, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the sale, the insider now directly owns 82,979 shares in the company, valued at $15,793,393.07. This represents a 26.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the transaction, the chief accounting officer now directly owns 35,143 shares in the company, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 183,260 shares of company stock worth $29,661,212 in the last quarter. 1.44% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

TRGP has been the subject of several recent research reports. Truist Financial lifted their target price on shares of Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Wells Fargo & Company boosted their target price on shares of Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. The Goldman Sachs Group raised their price target on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Royal Bank of Canada lifted their price target on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Finally, Bank of America initiated coverage on Targa Resources in a report on Thursday, October 17th. They set a “buy” rating and a $182.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Targa Resources currently has a consensus rating of “Buy” and an average price target of $176.50.

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.