Empowered Funds LLC Sells 34,244 Shares of Targa Resources Corp. (NYSE:TRGP)

Empowered Funds LLC lessened its stake in Targa Resources Corp. (NYSE:TRGP) by 91.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,331 shares of the pipeline company’s stock after selling 34,244 shares during the period. Empowered Funds LLC’s holdings in Targa Resources were worth $493,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Empirical Finance LLC raised its holdings in Targa Resources by 6.7% in the 3rd quarter. Empirical Finance LLC now owns 4,007 shares of the pipeline company’s stock valued at $593,000 after acquiring an additional 252 shares in the last quarter. CIBC Asset Management Inc lifted its position in Targa Resources by 7.5% in the third quarter. CIBC Asset Management Inc now owns 32,182 shares of the pipeline company’s stock worth $4,763,000 after purchasing an additional 2,248 shares during the period. Metis Global Partners LLC boosted its stake in Targa Resources by 12.7% during the third quarter. Metis Global Partners LLC now owns 25,569 shares of the pipeline company’s stock worth $3,784,000 after buying an additional 2,890 shares in the last quarter. Zions Bancorporation N.A. increased its holdings in Targa Resources by 44.1% in the 3rd quarter. Zions Bancorporation N.A. now owns 6,600 shares of the pipeline company’s stock valued at $977,000 after buying an additional 2,021 shares during the period. Finally, Huntington National Bank raised its position in Targa Resources by 22.9% in the third quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock worth $71,000 after purchasing an additional 89 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Targa Resources

In other news, insider Robert Muraro sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the transaction, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. This trade represents a 1.41 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the sale, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. This represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,760 shares of company stock valued at $30,026,712 in the last ninety days. 1.39% of the stock is currently owned by corporate insiders.

Targa Resources Trading Down 0.2 %

Shares of NYSE:TRGP opened at $207.31 on Monday. The firm has a market cap of $45.21 billion, a price-to-earnings ratio of 37.49, a PEG ratio of 0.82 and a beta of 2.24. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 12 month low of $81.03 and a 12 month high of $209.87. The company’s fifty day simple moving average is $169.37 and its 200 day simple moving average is $144.15.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. The company 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 period in the previous year, the company posted $0.97 earnings per share. As a group, research analysts forecast that Targa Resources Corp. will post 6.23 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders 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 1.45%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is currently 54.25%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Bank of America began coverage on shares of Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price on the stock. The Goldman Sachs Group raised their price objective on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Barclays boosted their target price on Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Truist Financial lifted their price objective on Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, UBS Group increased their target price on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $176.50.

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.