Private Advisor Group LLC Sells 706 Shares of Targa Resources Corp. (NYSE:TRGP)

Private Advisor Group LLC cut its position in Targa Resources Corp. (NYSE:TRGP) by 5.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,490 shares of the pipeline company’s stock after selling 706 shares during the quarter. Private Advisor Group LLC’s holdings in Targa Resources were worth $1,701,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Zurich Insurance Group Ltd FI acquired a new position in shares of Targa Resources during the second quarter valued at about $72,345,000. American Century Companies Inc. increased its holdings in shares of Targa Resources by 239.1% during the second quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock valued at $101,877,000 after acquiring an additional 557,832 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Targa Resources by 26.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock valued at $194,720,000 after acquiring an additional 360,675 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Targa Resources by 13.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after acquiring an additional 271,444 shares in the last quarter. Finally, Blackstone Inc. increased its holdings in shares of Targa Resources by 2.7% during the first quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock valued at $1,085,794,000 after acquiring an additional 252,729 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the transaction, the chief accounting officer now owns 52,257 shares in the company, valued at $6,898,969.14. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the transaction, the chief accounting officer now directly owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert Muraro sold 2,500 shares of the stock in a transaction on 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 transaction, the insider now directly owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 175,534 shares of company stock worth $26,815,021 in the last quarter. Corporate insiders own 1.44% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on TRGP shares. Truist Financial upped their price objective on shares of Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a report on Monday, August 5th. Scotiabank upped their target price on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 17th. Wells Fargo & Company upped their target price on Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. Morgan Stanley upped their target price on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Finally, The Goldman Sachs Group upped their target price on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $152.79.

Targa Resources Trading Up 1.4 %

Targa Resources stock opened at $166.68 on Thursday. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. Targa Resources Corp. has a 12 month low of $81.03 and a 12 month high of $169.92. The stock’s 50 day simple moving average is $154.32 and its two-hundred day simple moving average is $135.10. The firm has a market cap of $36.52 billion, a PE ratio of 35.09, a P/E/G ratio of 1.29 and a beta of 2.25.

Targa Resources (NYSE:TRGP) last announced its 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 return on equity of 23.98% and a net margin of 6.60%. The firm had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same quarter last year, the firm posted $1.44 EPS. Analysts anticipate that Targa Resources Corp. will post 5.92 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.75 per share. The ex-dividend date is Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.80%. Targa Resources’s dividend payout ratio (DPR) is 63.16%.

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.