Intech Investment Management LLC Sells 4,345 Shares of Targa Resources Corp. (NYSE:TRGP)

Intech Investment Management LLC lessened its stake in Targa Resources Corp. (NYSE:TRGP) by 21.0% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,320 shares of the pipeline company’s stock after selling 4,345 shares during the quarter. Intech Investment Management LLC’s holdings in Targa Resources were worth $2,416,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of TRGP. Bessemer Group Inc. grew its stake in shares of Targa Resources by 51.3% in the 1st quarter. Bessemer Group Inc. now owns 690 shares of the pipeline company’s stock worth $78,000 after acquiring an additional 234 shares in the last quarter. Natixis bought a new stake in Targa Resources in the 1st quarter worth about $126,000. Advisors Asset Management Inc. increased its stake in Targa Resources by 19.9% in the 1st quarter. Advisors Asset Management Inc. now owns 12,557 shares of the pipeline company’s stock valued at $1,406,000 after buying an additional 2,082 shares during the last quarter. BOKF NA lifted its position in shares of Targa Resources by 301.5% during the 1st quarter. BOKF NA now owns 819 shares of the pipeline company’s stock worth $92,000 after buying an additional 615 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Targa Resources by 26.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock worth $194,720,000 after buying an additional 360,675 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on TRGP shares. UBS Group lifted their price target on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Royal Bank of Canada lifted their target price on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Truist Financial increased their price target on shares of Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Wells Fargo & Company lifted their price objective on shares of Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Finally, The Goldman Sachs Group increased their target price on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $176.50.

Insider Activity

In other news, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the sale, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider D. Scott Pryor sold 30,000 shares of the company’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 transaction of $5,709,900.00. Following the completion of the transaction, the insider now owns 82,979 shares in the company, valued at approximately $15,793,393.07. This trade represents a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,760 shares of company stock worth $30,026,712 in the last three months. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

NYSE:TRGP opened at $207.31 on Monday. The business’s fifty day moving average is $169.37 and its 200 day moving average is $144.37. The firm has a market cap of $45.21 billion, a price-to-earnings ratio of 37.49, a PEG ratio of 0.82 and a beta of 2.24. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources Corp. has a 52-week low of $81.03 and a 52-week high of $209.87.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results 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 firm had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the prior year, the business posted $0.97 earnings per share. Research analysts predict that Targa Resources Corp. will post 6.23 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.45%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s payout ratio is 54.25%.

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.