Spirit of America Management Corp NY Has $11.13 Million Position in Targa Resources Corp. (NYSE:TRGP)

Spirit of America Management Corp NY increased its stake in Targa Resources Corp. (NYSE:TRGP) by 1.5% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 62,333 shares of the pipeline company’s stock after buying an additional 950 shares during the period. Targa Resources comprises 2.3% of Spirit of America Management Corp NY’s investment portfolio, making the stock its 5th biggest holding. Spirit of America Management Corp NY’s holdings in Targa Resources were worth $11,126,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TRGP. Wellington Management Group LLP boosted its position in Targa Resources by 4.4% during the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock worth $2,235,927,000 after purchasing an additional 633,589 shares during the period. National Bank of Canada FI boosted its position in Targa Resources by 75.4% during the third quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock worth $89,413,000 after purchasing an additional 259,776 shares during the period. Robeco Institutional Asset Management B.V. boosted its position in Targa Resources by 599.1% during the third quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company’s stock worth $42,619,000 after purchasing an additional 246,762 shares during the period. International Assets Investment Management LLC boosted its position 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 worth $30,232,000 after purchasing an additional 202,822 shares during the period. Finally, Worldquant Millennium Advisors LLC boosted its position in Targa Resources by 1,904.8% during the third quarter. Worldquant Millennium Advisors LLC now owns 199,958 shares of the pipeline company’s stock worth $29,596,000 after purchasing an additional 189,984 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Truist Financial cut their target price on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research report on Friday, December 13th. Scotiabank assumed coverage on shares of Targa Resources in a research report on Friday, January 10th. They set a “sector outperform” rating and a $218.00 target price for the company. Barclays increased their target price on shares of Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Stifel Nicolaus raised their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Finally, UBS Group raised their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research report on Friday, November 15th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $189.21.

Insider Buying and Selling

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

Targa Resources Trading Down 0.9 %

TRGP stock opened at $199.90 on Wednesday. The company has a market capitalization of $43.59 billion, a PE ratio of 36.15, a price-to-earnings-growth ratio of 0.59 and a beta of 2.29. Targa Resources Corp. has a one year low of $84.43 and a one year high of $218.51. The company’s 50 day moving average price is $193.20 and its two-hundred day moving average price is $169.58. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping the consensus estimate of $1.58 by $0.17. The firm had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period last year, the firm posted $0.97 earnings per share. As a group, analysts predict that Targa Resources Corp. will post 6.41 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.50%. The ex-dividend date is Friday, January 31st. 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.