Amalgamated Bank Trims Stock Position in Targa Resources Corp. (NYSE:TRGP)

Amalgamated Bank decreased its holdings in Targa Resources Corp. (NYSE:TRGP) by 29.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 47,613 shares of the pipeline company’s stock after selling 19,743 shares during the quarter. Amalgamated Bank’s holdings in Targa Resources were worth $6,132,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. UMB Bank n.a. raised its position in Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after acquiring an additional 222 shares during the period. Whittier Trust Co. bought a new position in Targa Resources in the 2nd quarter worth $44,000. Register Financial Advisors LLC purchased a new position in Targa Resources during the first quarter valued at $45,000. Quarry LP bought a new stake in Targa Resources during the fourth quarter valued at about $50,000. Finally, Rogco LP bought a new stake in Targa Resources during the first quarter valued at about $56,000. 92.13% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. UBS Group lifted their price objective on Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a research report on Tuesday, June 11th. The Goldman Sachs Group upped their price target on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research report on Thursday. Morgan Stanley raised their price objective on shares of Targa Resources from $134.00 to $140.00 and gave the company an “overweight” rating in a research report on Monday, June 10th. Truist Financial upped their target price 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. Finally, Wells Fargo & Company raised their price target on Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a report on Monday, August 5th. One research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $141.77.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $152.86 on Friday. Targa Resources Corp. has a 52 week low of $77.97 and a 52 week high of $154.87. The company has a market capitalization of $33.89 billion, a PE ratio of 31.45, a price-to-earnings-growth ratio of 1.19 and a beta of 2.26. The stock’s fifty day moving average is $141.00 and its two-hundred day moving average is $125.28. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. The company had revenue of $3.56 billion for 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 last year, the firm posted $1.44 EPS. As a group, analysts expect that Targa Resources Corp. will post 5.89 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were issued 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 dividend payout ratio is 61.73%.

Insider Transactions at Targa Resources

In related news, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the sale, the insider now directly owns 174,451 shares of the company’s stock, valued at $25,504,736.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Paul W. Chung sold 916 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $136.35, for a total value of $124,896.60. Following the completion of the transaction, the director now directly owns 238,591 shares of the company’s stock, valued at approximately $32,531,882.85. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the sale, the insider now owns 174,451 shares of the company’s stock, valued at $25,504,736.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,534 shares of company stock valued at $4,788,590. 1.39% of the stock is currently owned by corporate insiders.

About Targa Resources

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.