Victory Capital Management Inc. Has $18.56 Million Position in Targa Resources Corp. (NYSE:TRGP)

Victory Capital Management Inc. lowered its position in Targa Resources Corp. (NYSE:TRGP) by 2.8% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 125,398 shares of the pipeline company’s stock after selling 3,583 shares during the quarter. Victory Capital Management Inc.’s holdings in Targa Resources were worth $18,560,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. DT Investment Partners LLC acquired a new stake in Targa Resources during the 3rd quarter valued at approximately $29,000. Strategic Investment Solutions Inc. IL acquired a new stake in Targa Resources during the 2nd quarter valued at approximately $29,000. UMB Bank n.a. increased its position in Targa Resources by 2,220.0% during the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 222 shares during the period. Whittier Trust Co. acquired a new stake in Targa Resources during the 2nd quarter valued at approximately $44,000. Finally, Venturi Wealth Management LLC increased its position in Targa Resources by 36.1% during the 3rd quarter. Venturi Wealth Management LLC now owns 532 shares of the pipeline company’s stock valued at $79,000 after purchasing an additional 141 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Buying and Selling at Targa Resources

In other news, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the sale, the director now directly owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This trade represents a 57.59 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the sale, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. This represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,760 shares of company stock worth $30,026,712. Corporate insiders own 1.39% of the company’s stock.

Wall Street Analysts Forecast Growth

TRGP has been the subject of a number of recent analyst reports. Royal Bank of Canada increased their target price on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Truist Financial increased their target price on shares of Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a research report on Friday. Barclays increased their price target on Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Wells Fargo & Company increased their price target on Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Finally, UBS Group increased their price target on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $169.79.

Targa Resources Price Performance

Shares of TRGP opened at $199.00 on Tuesday. Targa Resources Corp. has a 12-month low of $81.03 and a 12-month high of $199.76. The business’s fifty day moving average is $163.51 and its 200 day moving average is $141.15. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The stock has a market cap of $43.39 billion, a P/E ratio of 35.45, a P/E/G ratio of 0.78 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The business had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same period last year, the business earned $0.97 EPS. Sell-side analysts anticipate that Targa Resources Corp. will post 6.23 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.51%. The ex-dividend date was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is presently 54.25%.

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.