Targa Resources Corp. (NYSE:TRGP) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC trimmed its position in shares of Targa Resources Corp. (NYSE:TRGP) by 3.5% in the third quarter, HoldingsChannel.com reports. The fund owned 26,974 shares of the pipeline company’s stock after selling 987 shares during the period. Mutual of America Capital Management LLC’s holdings in Targa Resources were worth $3,992,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of TRGP. Strategic Investment Solutions Inc. IL purchased a new position in Targa Resources during the 2nd quarter valued at about $29,000. DT Investment Partners LLC purchased a new position in Targa Resources during the 3rd quarter valued at about $29,000. UMB Bank n.a. boosted its holdings 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 acquiring an additional 222 shares during the period. Whittier Trust Co. purchased a new position in Targa Resources during the 2nd quarter valued at about $44,000. Finally, EdgeRock Capital LLC purchased a new position in Targa Resources during the 2nd quarter valued at about $69,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TRGP has been the subject of a number of research analyst reports. Stifel Nicolaus raised their target price on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a report on Wednesday. Royal Bank of Canada lifted their price objective on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. 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 note on Friday, November 15th. The Goldman Sachs Group lifted their price objective on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Finally, Bank of America assumed coverage on Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 price objective for the company. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $176.50.

Targa Resources Price Performance

TRGP stock opened at $207.69 on Friday. The stock has a market cap of $45.29 billion, a price-to-earnings ratio of 37.56, a PEG ratio of 0.81 and a beta of 2.24. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $208.15. The business has a 50 day moving average price of $166.96 and a 200 day moving average price of $142.82. 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 (NYSE:TRGP) last released its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping the consensus estimate 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 quarter in the previous year, the company posted $0.97 earnings per share. Equities research analysts anticipate that Targa Resources Corp. will post 6.23 earnings per share 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 annualized dividend and a yield of 1.44%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is 54.25%.

Insiders Place Their Bets

In other news, insider D. Scott Pryor sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the transaction, the insider now owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. The trade was a 26.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Robert Muraro sold 2,500 shares of the business’s stock in a transaction that occurred 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 in the company, valued at approximately $25,504,736.20. The trade was a 1.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 185,760 shares of company stock valued at $30,026,712 over the last quarter. Company insiders own 1.39% of the company’s stock.

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.