Westwood Holdings Group Inc. Trims Position in Targa Resources Corp. (NYSE:TRGP)

Westwood Holdings Group Inc. trimmed its position in Targa Resources Corp. (NYSE:TRGP) by 1.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,199,319 shares of the pipeline company’s stock after selling 21,456 shares during the period. Westwood Holdings Group Inc. owned about 0.55% of Targa Resources worth $154,448,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. UMB Bank n.a. grew its position 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 valued at $30,000 after buying an additional 222 shares during the period. Whittier Trust Co. purchased a new position in Targa Resources during the second quarter valued at $44,000. Register Financial Advisors LLC purchased a new stake in Targa Resources in the first quarter worth about $45,000. Quarry LP bought a new stake in Targa Resources during the 4th quarter worth approximately $50,000. Finally, Rogco LP purchased a new stake in shares of Targa Resources in the first quarter worth $56,000. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Up 0.4 %

Targa Resources stock opened at $152.86 on Friday. The business has a fifty day moving average price of $141.00 and a 200-day moving average price of $125.28. Targa Resources Corp. has a 1-year low of $77.97 and a 1-year high of $154.87. The stock has a market capitalization of $33.89 billion, a price-to-earnings ratio of 31.45, a PEG ratio of 1.19 and a beta of 2.26. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $4.33 billion. During the same quarter in the prior year, the business posted $1.44 EPS. Equities research analysts forecast that Targa Resources Corp. will post 5.89 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.96%. The ex-dividend date of this dividend was Wednesday, July 31st. Targa Resources’s payout ratio is 61.73%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on TRGP shares. Argus upgraded Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. boosted their price objective on Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 2nd. Truist Financial raised their price objective on Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Morgan Stanley boosted their target price on Targa Resources from $134.00 to $140.00 and gave the company an “overweight” rating in a research report on Monday, June 10th. Finally, Royal Bank of Canada raised their price target on Targa Resources from $147.00 to $153.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 13th. One research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $141.77.

Insider Activity at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 9,900 shares of Targa Resources 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 completion of the sale, the insider now directly 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 this hyperlink. In related news, 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 sale, the director now owns 232,827 shares in the company, valued at $32,137,110.81. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Robert Muraro sold 9,900 shares of the firm’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $130.31, for a total value of $1,290,069.00. Following the sale, the insider now owns 186,951 shares in the company, valued at $24,361,584.81. The disclosure for this sale can be found here. Insiders have sold a total of 35,534 shares of company stock worth $4,788,590 over the last quarter. Insiders own 1.39% of the company’s stock.

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.