Targa Resources Corp. (NYSE:TRGP) Shares Sold by Duff & Phelps Investment Management Co.

Duff & Phelps Investment Management Co. lessened its stake in Targa Resources Corp. (NYSE:TRGP) by 26.1% during the third quarter, Holdings Channel reports. The firm owned 604,644 shares of the pipeline company’s stock after selling 213,880 shares during the period. Duff & Phelps Investment Management Co.’s holdings in Targa Resources were worth $89,493,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Strategic Investment Solutions Inc. IL acquired a new position in Targa Resources in the second quarter valued at $29,000. DT Investment Partners LLC purchased a new position in shares of Targa Resources in the 3rd quarter worth about $29,000. UMB Bank n.a. raised its holdings in shares of Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 222 shares during the period. Prospera Private Wealth LLC acquired a new position in shares of Targa Resources in the 3rd quarter valued at about $35,000. Finally, Whittier Trust Co. purchased a new stake in shares of Targa Resources during the 2nd quarter worth about $44,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Targa Resources 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 transaction, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed 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 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 sale, the director now owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. The trade was a 57.59 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 183,260 shares of company stock worth $29,661,212. 1.44% of the stock is currently owned by corporate insiders.

Targa Resources Price Performance

TRGP stock opened at $194.34 on Monday. The stock’s 50 day moving average is $178.78 and its two-hundred day moving average is $150.27. Targa Resources Corp. has a 52-week low of $81.03 and a 52-week high of $209.87. The company has a market capitalization of $42.38 billion, a PE ratio of 35.14, a P/E/G ratio of 0.77 and a beta of 2.28. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The business had revenue of $3.85 billion during the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter in the previous year, the firm earned $0.97 earnings per share. Analysts predict that Targa Resources Corp. will post 6.26 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were paid a $0.75 dividend. The ex-dividend date of this dividend 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 (DPR) is presently 54.25%.

Analysts Set New Price Targets

A number of research analysts have weighed in on TRGP shares. Barclays lifted their price target on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. US Capital Advisors cut shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Truist Financial raised their price objective on Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a research report on Friday, November 15th. 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 research report on Thursday, September 19th. Finally, Argus upgraded Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $176.50.

About Targa Resources

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.