Childress Capital Advisors LLC Sells 16,446 Shares of Targa Resources Corp. (NYSE:TRGP)

Childress Capital Advisors LLC trimmed its holdings in Targa Resources Corp. (NYSE:TRGP) by 48.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,694 shares of the pipeline company’s stock after selling 16,446 shares during the quarter. Targa Resources comprises about 0.7% of Childress Capital Advisors LLC’s portfolio, making the stock its 28th biggest position. Childress Capital Advisors LLC’s holdings in Targa Resources were worth $2,619,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Strategic Investment Solutions Inc. IL acquired a new position in Targa Resources in the second quarter valued at approximately $29,000. DT Investment Partners LLC acquired a new position in shares of Targa Resources during the 3rd quarter valued at $29,000. UMB Bank n.a. boosted its stake in Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after acquiring an additional 222 shares in the last quarter. Whittier Trust Co. acquired a new stake in Targa Resources in the second quarter worth $44,000. Finally, Rogco LP bought a new stake in Targa Resources in the first quarter valued at $56,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Down 0.2 %

Targa Resources stock opened at $164.41 on Wednesday. The firm has a 50 day moving average price of $153.83 and a 200-day moving average price of $134.87. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $169.92. The company has a market capitalization of $36.02 billion, a P/E ratio of 34.61, a P/E/G ratio of 1.29 and a beta of 2.25.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The business had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter last year, the company earned $1.44 EPS. As a group, equities analysts predict that Targa Resources Corp. will post 5.92 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s payout ratio is 63.16%.

Insider Activity

In related news, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the transaction, the director now owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Paul W. Chung sold 916 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $136.35, for a total transaction of $124,896.60. Following the transaction, the director now directly owns 238,591 shares of the company’s stock, valued at approximately $32,531,882.85. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the sale, the director now owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 175,534 shares of company stock worth $26,815,021. 1.44% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on TRGP. Royal Bank of Canada increased their price objective on shares of Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Argus upgraded Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Barclays boosted their price objective on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. The Goldman Sachs Group increased their target price on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Finally, Truist Financial boosted their price target on shares of Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $152.79.

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.