Mutual of America Capital Management LLC Trims Stake in Targa Resources Corp. (NYSE:TRGP)

Mutual of America Capital Management LLC reduced its stake in Targa Resources Corp. (NYSE:TRGP) by 4.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 27,961 shares of the pipeline company’s stock after selling 1,273 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Targa Resources were worth $3,601,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its position in shares of Targa Resources by 13.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after buying an additional 271,444 shares in the last quarter. Brown Brothers Harriman & Co. raised its stake in Targa Resources by 28.9% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 848 shares of the pipeline company’s stock worth $109,000 after acquiring an additional 190 shares during the period. Envestnet Asset Management Inc. lifted its holdings in Targa Resources by 4.2% during the second quarter. Envestnet Asset Management Inc. now owns 454,303 shares of the pipeline company’s stock valued at $58,505,000 after purchasing an additional 18,249 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its position in shares of Targa Resources by 1.9% in the second quarter. Oppenheimer Asset Management Inc. now owns 14,055 shares of the pipeline company’s stock worth $1,810,000 after purchasing an additional 262 shares during the period. Finally, Parallel Advisors LLC raised its position in shares of Targa Resources by 12.0% during the 2nd quarter. Parallel Advisors LLC now owns 3,988 shares of the pipeline company’s stock valued at $514,000 after purchasing an additional 428 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Trading Up 0.4 %

Shares of NYSE TRGP opened at $152.83 on Monday. The stock has a market capitalization of $33.89 billion, a P/E ratio of 31.45, a PEG ratio of 1.19 and a beta of 2.26. Targa Resources Corp. has a 1-year low of $77.97 and a 1-year high of $154.87. The business’s 50 day moving average is $141.00 and its two-hundred day moving average is $125.59. 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 released its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.12. The company had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same quarter in the prior year, the firm posted $1.44 EPS. As a group, research analysts expect that Targa Resources Corp. will post 5.89 EPS for the current year.

Targa Resources Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on TRGP. 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. Morgan Stanley increased their target price on Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a research report on Monday, June 10th. UBS Group boosted their price target on Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. The Goldman Sachs Group increased their price objective on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a report on Thursday. Finally, JPMorgan Chase & Co. boosted their target price on shares of Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a report on Tuesday, July 2nd. One equities research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $141.77.

Insider Buying and Selling

In other Targa Resources news, CAO Julie H. Boushka sold 12,641 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $134.50, for a total transaction of $1,700,214.50. Following the completion of the transaction, the chief accounting officer now owns 38,403 shares in the company, valued at $5,165,203.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Robert Muraro sold 9,900 shares of Targa Resources stock in a transaction dated 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 owns 186,951 shares in the company, valued at approximately $24,361,584.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Julie H. Boushka sold 12,641 shares of the company’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $134.50, for a total transaction of $1,700,214.50. Following the completion of the transaction, the chief accounting officer now owns 38,403 shares in the company, valued at $5,165,203.50. The disclosure for this sale can be found here. Insiders have sold 35,534 shares of company stock valued at $4,788,590 in the last ninety days. 1.39% of the stock is owned by company 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.