SG Americas Securities LLC Sells 866 Shares of Targa Resources Corp. (NYSE:TRGP)

SG Americas Securities LLC trimmed its position in Targa Resources Corp. (NYSE:TRGP) by 1.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,664 shares of the pipeline company’s stock after selling 866 shares during the period. SG Americas Securities LLC’s holdings in Targa Resources were worth $5,752,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of TRGP. Spire Wealth Management raised its holdings in Targa Resources by 2,400.0% during the first quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock worth $31,000 after buying an additional 264 shares during the last quarter. Addison Advisors LLC bought a new position in Targa Resources in the 4th quarter valued at about $27,000. Register Financial Advisors LLC acquired a new position in Targa Resources during the 1st quarter valued at about $45,000. EdgeRock Capital LLC bought a new stake in Targa Resources during the 4th quarter worth approximately $42,000. Finally, Delos Wealth Advisors LLC purchased a new stake in shares of Targa Resources in the fourth quarter worth approximately $43,000. Institutional investors own 92.13% of the company’s stock.

Analysts Set New Price Targets

TRGP has been the topic of several analyst reports. Truist Financial lifted their target price on Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Stifel Nicolaus upped their target price on shares of Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. JPMorgan Chase & Co. raised their price target on shares of Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research report on Tuesday, July 2nd. Barclays upped their price objective on shares of Targa Resources from $123.00 to $138.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 3rd. Finally, Royal Bank of Canada lifted their target price on shares of Targa Resources from $123.00 to $128.00 and gave the stock an “outperform” rating in a research report on Thursday, May 16th. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $138.62.

Targa Resources Stock Performance

Shares of TRGP stock traded down $1.02 on Friday, hitting $135.69. 1,744,611 shares of the stock were exchanged, compared to its average volume of 1,628,773. The firm’s 50 day moving average is $129.19 and its two-hundred day moving average is $114.15. Targa Resources Corp. has a one year low of $77.97 and a one year high of $139.35. The firm has a market capitalization of $30.08 billion, a PE ratio of 27.92, a P/E/G ratio of 0.69 and a beta of 2.27. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The firm had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. During the same quarter last year, the business earned $1.44 earnings per share. Sell-side analysts expect that Targa Resources Corp. will post 5.51 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st will be issued a dividend of $0.75 per share. The ex-dividend date is Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a yield of 2.21%. Targa Resources’s payout ratio is 61.73%.

Insiders Place Their Bets

In other Targa Resources news, CAO Julie H. Boushka sold 12,641 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $134.50, for a total value of $1,700,214.50. Following the completion of the transaction, the chief accounting officer now owns 38,403 shares in the company, valued at approximately $5,165,203.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CAO Julie H. Boushka sold 12,641 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $134.50, for a total transaction of $1,700,214.50. Following the sale, the chief accounting officer now owns 38,403 shares of the company’s stock, valued at approximately $5,165,203.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider D. Scott Pryor sold 20,000 shares of the firm’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $113.13, for a total transaction of $2,262,600.00. Following the completion of the transaction, the insider now directly owns 136,098 shares of the company’s stock, valued at $15,396,766.74. The disclosure for this sale can be found here. Insiders have sold a total of 54,770 shares of company stock worth $6,751,720 over the last 90 days. Corporate insiders own 1.39% of the company’s stock.

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.