Value Partners Investments Inc. Sells 2,413 Shares of Targa Resources, Inc. $TRGP

Value Partners Investments Inc. lowered its holdings in Targa Resources, Inc. (NYSE:TRGP) by 19.1% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,226 shares of the pipeline company’s stock after selling 2,413 shares during the period. Value Partners Investments Inc.’s holdings in Targa Resources were worth $2,773,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. increased its position in shares of Targa Resources by 1.4% in the second quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company’s stock worth $5,586,077,000 after purchasing an additional 291,114 shares during the last quarter. State Street Corp raised its stake in Targa Resources by 4.6% in the second quarter. State Street Corp now owns 14,226,166 shares of the pipeline company’s stock valued at $3,814,604,000 after purchasing an additional 626,885 shares in the last quarter. Bank of America Corp DE raised its stake in Targa Resources by 28.0% in the first quarter. Bank of America Corp DE now owns 3,151,993 shares of the pipeline company’s stock valued at $790,299,000 after purchasing an additional 688,598 shares in the last quarter. Deutsche Bank AG raised its stake in Targa Resources by 21.7% in the second quarter. Deutsche Bank AG now owns 3,025,248 shares of the pipeline company’s stock valued at $811,190,000 after purchasing an additional 539,582 shares in the last quarter. Finally, Amundi lifted its position in Targa Resources by 10.8% during the second quarter. Amundi now owns 2,222,046 shares of the pipeline company’s stock valued at $595,817,000 after purchasing an additional 215,915 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

TRGP has been the subject of several research analyst reports. TD Cowen upgraded shares of Targa Resources from a “hold” rating to a “buy” rating and lifted their target price for the company from $275.00 to $350.00 in a research report on Friday, September 18th. UBS Group reissued a “buy” rating and issued a $318.00 price target (up from $305.00) on shares of Targa Resources in a report on Thursday, July 9th. Morgan Stanley increased their price target on shares of Targa Resources from $343.00 to $359.00 and gave the stock an “overweight” rating in a report on Wednesday, September 16th. Capital One Financial raised their price objective on shares of Targa Resources from $310.00 to $335.00 and gave the company an “overweight” rating in a research report on Tuesday, September 22nd. Finally, Truist Financial reaffirmed a “buy” rating and set a $345.00 price objective (up from $312.00) on shares of Targa Resources in a report on Monday, September 21st. One investment analyst has rated the stock with a Strong Buy rating and twenty-one have issued a Buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $317.75.

Insider Buying and Selling at Targa Resources

In other news, Director Charles R. Crisp sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total transaction of $870,690.00. Following the transaction, the director directly owned 62,292 shares of the company’s stock, valued at approximately $18,079,007.16. This trade represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Waters S. Iv Davis sold 2,400 shares of Targa Resources stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $299.67, for a total value of $719,208.00. Following the completion of the transaction, the director owned 1,529 shares in the company, valued at approximately $458,195.43. This represents a 61.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 7,216 shares of company stock worth $2,127,634 over the last three months. Company insiders own 1.37% of the company’s stock.

Targa Resources Trading Down 0.7%

Shares of TRGP traded down $2.01 during mid-day trading on Monday, reaching $292.89. The company’s stock had a trading volume of 1,167,224 shares, compared to its average volume of 1,295,065. Targa Resources, Inc. has a 52 week low of $149.01 and a 52 week high of $307.94. The stock has a market cap of $62.81 billion, a PE ratio of 28.00, a P/E/G ratio of 1.22 and a beta of 0.80. The company’s fifty day moving average price is $286.24 and its two-hundred day moving average price is $270.15. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating the consensus estimate of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The company had revenue of $4.44 billion for the quarter, compared to analyst estimates of $4.90 billion. On average, analysts predict that Targa Resources, Inc. will post 11.38 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 17th. Shareholders of record on Friday, October 30th will be paid a $1.25 dividend. The ex-dividend date of this dividend is Friday, October 30th. This represents a $5.00 annualized dividend and a yield of 1.7%. Targa Resources’s payout ratio is currently 47.80%.

Targa Resources Company Profile

Targa Resources Corp. is a Houston-based midstream energy company that owns, operates and develops infrastructure used to gather, process, transport, store and fractionate natural gas and natural gas liquids (NGLs). Its operations support producers and other energy companies by connecting hydrocarbon supplies with domestic and international markets.

The company’s services include natural gas gathering and processing, NGL recovery, fractionation and storage, crude oil gathering, and the transportation and logistics of NGLs and related products.