Inspire Investing LLC Decreases Stock Position in Targa Resources Corp. (NYSE:TRGP)

Inspire Investing LLC cut its holdings in Targa Resources Corp. (NYSE:TRGP) by 21.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 21,323 shares of the pipeline company’s stock after selling 5,713 shares during the quarter. Inspire Investing LLC’s holdings in Targa Resources were worth $2,746,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TRGP. UMB Bank n.a. increased its position in shares of Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after buying an additional 222 shares in the last quarter. Spire Wealth Management raised its holdings in shares of Targa Resources by 2,400.0% in the 1st quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock valued at $31,000 after buying an additional 264 shares during the period. Whittier Trust Co. purchased a new stake in shares of Targa Resources in the 2nd quarter valued at $44,000. Register Financial Advisors LLC purchased a new stake in Targa Resources during the 1st quarter worth about $45,000. Finally, Rogco LP acquired a new position in shares of Targa Resources during the 1st quarter worth about $56,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Price Performance

Shares of TRGP stock opened at $152.19 on Thursday. Targa Resources Corp. has a 52-week low of $77.97 and a 52-week high of $154.24. The stock has a market cap of $33.34 billion, a PE ratio of 31.31, a PEG ratio of 1.19 and a beta of 2.26. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. The firm’s 50 day moving average price is $140.27 and its two-hundred day moving average price is $124.73.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The business had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $4.33 billion. During the same period in the previous year, the firm posted $1.44 EPS. As a group, analysts forecast that Targa Resources Corp. will post 5.89 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were paid a $0.75 dividend. The ex-dividend date was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.97%. Targa Resources’s dividend payout ratio (DPR) is currently 61.73%.

Insider Activity at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 9,900 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the transaction, the insider now owns 186,951 shares in the company, valued at approximately $24,361,584.81. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Robert Muraro sold 9,900 shares of the firm’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the completion of the transaction, the insider now owns 186,951 shares of the company’s stock, valued at $24,361,584.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul W. Chung sold 5,264 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $138.03, for a total transaction of $726,589.92. Following the transaction, the director now directly owns 232,827 shares of the company’s stock, valued at approximately $32,137,110.81. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,534 shares of company stock worth $4,788,590. Insiders own 1.39% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. The Goldman Sachs Group increased their price objective on Targa Resources from $132.00 to $147.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. UBS Group raised their price objective on Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. Scotiabank lifted their target price on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 17th. JPMorgan Chase & Co. raised their price objective on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research report on Tuesday, July 2nd. Finally, Barclays lifted their target price on Targa Resources from $123.00 to $138.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 3rd. One equities research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Targa Resources currently has an average rating of “Buy” and an average target price of $140.54.

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.