Targa Resources Corp. (NYSE:TRGP) Shares Sold by Eventide Asset Management LLC

Eventide Asset Management LLC cut its holdings in Targa Resources Corp. (NYSE:TRGP) by 9.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 464,464 shares of the pipeline company’s stock after selling 47,330 shares during the period. Targa Resources makes up about 1.2% of Eventide Asset Management LLC’s portfolio, making the stock its 26th largest holding. Eventide Asset Management LLC’s holdings in Targa Resources were worth $68,745,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Zurich Insurance Group Ltd FI bought a new stake in shares of Targa Resources in the 2nd quarter worth approximately $72,345,000. American Century Companies Inc. raised its holdings in shares of Targa Resources by 239.1% in the 2nd quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock worth $101,877,000 after purchasing an additional 557,832 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings 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 purchasing an additional 271,444 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in shares of Targa Resources by 599.1% in the 3rd 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 in the last quarter. Finally, International Assets Investment Management LLC raised its holdings in shares of Targa Resources by 14,163.5% in the 3rd 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 in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Price Performance

Shares of Targa Resources stock opened at $201.39 on Friday. The firm has a fifty day simple moving average of $173.37 and a 200-day simple moving average of $146.40. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $209.87. The stock has a market capitalization of $43.92 billion, a price-to-earnings ratio of 36.42, a PEG ratio of 0.79 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping 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 business had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the previous year, the company earned $0.97 earnings per share. On average, sell-side analysts expect that Targa Resources Corp. will post 6.28 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.49%. The ex-dividend date was Thursday, October 31st. Targa Resources’s payout ratio is currently 54.25%.

Insider Activity at Targa Resources

In other news, insider Robert Muraro sold 2,500 shares of Targa Resources 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 sale, the insider now directly owns 174,451 shares in the company, valued at approximately $25,504,736.20. The trade was a 1.41 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was 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 directly 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,760 shares of company stock worth $30,026,712 in the last ninety days. 1.39% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on TRGP. The Goldman Sachs Group lifted their target price on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Royal Bank of Canada lifted their target price on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Truist Financial lifted their target price on shares of Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Argus raised shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Finally, Wells Fargo & Company boosted their price objective on shares of Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Targa Resources has an average rating of “Buy” and a consensus target price of $176.50.

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.