Targa Resources Corp. (NYSE:TRGP) Shares Sold by Amalgamated Bank

Amalgamated Bank trimmed its position in shares of Targa Resources Corp. (NYSE:TRGP) by 3.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 45,913 shares of the pipeline company’s stock after selling 1,700 shares during the period. Amalgamated Bank’s holdings in Targa Resources were worth $6,796,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in TRGP. Strategic Investment Solutions Inc. IL acquired a new position in shares of Targa Resources in the 2nd quarter valued at about $29,000. DT Investment Partners LLC purchased a new position in Targa Resources in the third quarter valued at approximately $29,000. UMB Bank n.a. increased its position in shares of Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after acquiring an additional 222 shares in the last quarter. Whittier Trust Co. purchased a new stake in Targa Resources during the 2nd quarter worth $44,000. Finally, Rogco LP acquired a new stake in Targa Resources in the 1st quarter valued at $56,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on TRGP shares. Scotiabank increased their target price on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 17th. Truist Financial upped their target price on shares of Targa Resources from $150.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday. Barclays boosted their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. The Goldman Sachs Group boosted their price target on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Finally, Wells Fargo & Company upped their price target on shares of Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a report on Wednesday. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $157.21.

Targa Resources Stock Performance

TRGP stock opened at $186.04 on Thursday. Targa Resources Corp. has a 52 week low of $81.03 and a 52 week high of $189.62. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. The stock has a market cap of $40.76 billion, a P/E ratio of 39.17, a P/E/G ratio of 1.31 and a beta of 2.24. The firm has a 50 day simple moving average of $157.18 and a 200 day simple moving average of $137.19.

Targa Resources (NYSE:TRGP) last posted its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The firm had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the previous year, the company earned $0.97 earnings per share. Research analysts anticipate that Targa Resources Corp. will post 5.96 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.61%. Targa Resources’s payout ratio is currently 63.16%.

Insider Buying and Selling

In related news, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction dated 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 transaction, the director now owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction dated 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 sale, the director now directly owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Gerald R. Shrader sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $136.06, for a total value of $408,180.00. Following the completion of the transaction, the insider now directly owns 29,603 shares of the company’s stock, valued at approximately $4,027,784.18. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 160,764 shares of company stock valued at $24,829,770. Company insiders own 1.44% of the company’s stock.

Targa Resources 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.