Targa Resources Corp. (NYSE:TRGP) Shares Sold by SCP Investment LP

SCP Investment LP reduced its position in Targa Resources Corp. (NYSE:TRGP) by 17.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,800 shares of the pipeline company’s stock after selling 1,000 shares during the quarter. Targa Resources comprises approximately 0.5% of SCP Investment LP’s portfolio, making the stock its 20th biggest position. SCP Investment LP’s holdings in Targa Resources were worth $710,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Buckley Wealth Management LLC lifted its position in Targa Resources by 0.7% during the 3rd quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company’s stock worth $1,469,000 after acquiring an additional 65 shares during the period. Massmutual Trust Co. FSB ADV raised its stake in shares of Targa Resources by 9.8% during the third quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock worth $138,000 after purchasing an additional 83 shares during the last quarter. Prime Capital Investment Advisors LLC lifted its holdings in shares of Targa Resources by 4.0% during the third quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock worth $321,000 after purchasing an additional 84 shares during the period. Fifth Third Bancorp grew its position in Targa Resources by 1.0% in the 2nd quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock valued at $1,148,000 after buying an additional 89 shares during the last quarter. Finally, Huntington National Bank increased its stake in Targa Resources by 22.9% in the 3rd quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock valued at $71,000 after buying an additional 89 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the sale, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the transaction, the insider now directly owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. This represents a 1.41 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 185,760 shares of company stock valued at $30,026,712. 1.44% of the stock is owned by insiders.

Targa Resources Stock Up 2.3 %

Shares of NYSE TRGP opened at $203.62 on Wednesday. The firm’s 50-day moving average is $165.80 and its two-hundred day moving average is $142.40. The company has a market capitalization 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 12-month low of $81.03 and a 12-month 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.

Targa Resources (NYSE:TRGP) last posted its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. The firm had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter in the prior year, the company earned $0.97 EPS. Equities analysts anticipate that Targa Resources Corp. will post 6.23 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business 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. This represents a $3.00 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s dividend payout ratio is presently 54.25%.

Wall Street Analyst Weigh In

Several analysts have recently commented on TRGP shares. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Wells Fargo & Company lifted their price objective on Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. The Goldman Sachs Group boosted 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. Truist Financial raised their price target on Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a report on Friday, November 15th. Finally, Morgan Stanley increased their price objective on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $169.79.

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.