Targa Resources Corp. (NYSE:TRGP) Shares Sold by MAI Capital Management

MAI Capital Management trimmed its position in shares of Targa Resources Corp. (NYSE:TRGP) by 5.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 21,815 shares of the pipeline company’s stock after selling 1,337 shares during the period. MAI Capital Management’s holdings in Targa Resources were worth $3,229,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Blackstone Inc. raised its stake in shares of Targa Resources by 2.7% during the first quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock valued at $1,085,794,000 after purchasing an additional 252,729 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of 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 period. Price T Rowe Associates Inc. MD increased its stake 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 during the period. Truist Financial Corp increased its stake in shares of Targa Resources by 5.9% during the second quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company’s stock valued at $108,010,000 after acquiring an additional 46,864 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in Targa Resources by 2.9% during the third 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. Institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling at Targa Resources

In related news, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the sale, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their position. The transaction 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 on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares of the company’s stock, valued at $25,504,736.20. This represents a 1.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,760 shares of company stock worth $30,026,712 over the last 90 days. 1.44% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on TRGP. Barclays lifted their price target on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Morgan Stanley boosted their price target on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Truist Financial upped their price target on shares of Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a report on Friday, November 15th. UBS Group boosted their target price on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, Wells Fargo & Company raised their target price 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. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Targa Resources presently has a consensus rating of “Buy” and a consensus price target of $169.79.

Targa Resources Trading Up 2.3 %

NYSE:TRGP opened at $203.62 on Wednesday. The stock has a market cap of $44.40 billion, a PE ratio of 36.82, a price-to-earnings-growth ratio of 0.78 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 $203.67. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The stock’s 50-day moving average is $164.61 and its two-hundred day moving average is $141.76.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data 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 firm had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the previous year, the firm posted $0.97 earnings per share. As a group, equities research analysts forecast that Targa Resources Corp. will post 6.23 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 given a dividend of $0.75 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.47%. Targa Resources’s 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.