Ausbil Investment Management Ltd Sells 20,936 Shares of Targa Resources Corp. (NYSE:TRGP)

Ausbil Investment Management Ltd trimmed its position in shares of Targa Resources Corp. (NYSE:TRGP) by 34.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 39,842 shares of the pipeline company’s stock after selling 20,936 shares during the period. Targa Resources comprises 1.7% of Ausbil Investment Management Ltd’s portfolio, making the stock its 21st largest position. Ausbil Investment Management Ltd’s holdings in Targa Resources were worth $5,897,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of TRGP. Vanguard Group Inc. raised its holdings in Targa Resources by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock worth $3,025,521,000 after purchasing an additional 201,817 shares in the last quarter. Caxton Associates LP purchased a new stake in Targa Resources in the second quarter worth about $2,323,000. New Mexico Educational Retirement Board boosted its position in Targa Resources by 287.3% during the 1st quarter. New Mexico Educational Retirement Board now owns 45,700 shares of the pipeline company’s stock valued at $5,118,000 after acquiring an additional 33,900 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in shares of Targa Resources by 160.3% during the 1st quarter. BNP Paribas Financial Markets now owns 290,080 shares of the pipeline company’s stock worth $32,486,000 after acquiring an additional 178,655 shares during the period. Finally, Sciencast Management LP bought a new position in shares of Targa Resources in the 1st quarter worth approximately $1,910,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the transaction, the chief accounting officer now owns 52,257 shares in the company, valued at $6,898,969.14. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CAO Julie H. Boushka sold 1,213 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the sale, the chief accounting officer now directly owns 52,257 shares in the company, valued at $6,898,969.14. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Paul W. Chung sold 916 shares of Targa Resources stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total value of $124,896.60. Following the transaction, the director now owns 238,591 shares in the company, valued at $32,531,882.85. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 175,534 shares of company stock valued at $26,815,021. Insiders own 1.39% of the company’s stock.

Analysts Set New Price Targets

TRGP has been the topic of several recent research reports. Argus raised Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. 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. Truist Financial upped their price objective on shares of Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, August 5th. The Goldman Sachs Group lifted their target price on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Finally, Royal Bank of Canada upped their price target on Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $148.36.

Targa Resources Stock Performance

Shares of NYSE TRGP traded up $1.78 during trading on Thursday, reaching $167.62. 489,312 shares of the company traded hands, compared to its average volume of 1,641,210. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. The firm has a 50 day simple moving average of $151.99 and a 200-day simple moving average of $133.31. Targa Resources Corp. has a 52-week low of $81.03 and a 52-week high of $168.42. The stock has a market capitalization of $36.72 billion, a PE ratio of 35.04, a P/E/G ratio of 1.28 and a beta of 2.25.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. The business had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same quarter in the previous year, the firm posted $1.44 EPS. Equities research analysts anticipate that Targa Resources Corp. will post 5.92 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders 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 yield of 1.79%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s dividend payout ratio is 63.16%.

Targa Resources Company 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.