2,200 Targa Resources, Inc. $TRGP Shares Sold by Sterling Capital Management LLC

Sterling Capital Management LLC lowered its stake in Targa Resources, Inc. (NYSE:TRGP) by 32.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,578 shares of the pipeline company’s stock after selling 2,200 shares during the period. Sterling Capital Management LLC’s holdings in Targa Resources were worth $1,237,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its holdings in shares of Targa Resources by 1.4% during the second quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company’s stock worth $5,586,077,000 after buying an additional 291,114 shares in the last quarter. State Street Corp lifted its stake in shares of Targa Resources by 4.6% in the 2nd quarter. State Street Corp now owns 14,226,166 shares of the pipeline company’s stock valued at $3,814,604,000 after acquiring an additional 626,885 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Targa Resources by 28.0% during the 1st quarter. Bank of America Corp DE now owns 3,151,993 shares of the pipeline company’s stock valued at $790,299,000 after acquiring an additional 688,598 shares in the last quarter. Deutsche Bank AG boosted its holdings in shares of Targa Resources by 21.7% during the 2nd quarter. Deutsche Bank AG now owns 3,025,248 shares of the pipeline company’s stock valued at $811,190,000 after acquiring an additional 539,582 shares in the last quarter. Finally, Amundi boosted its holdings in shares of Targa Resources by 10.8% during the 2nd quarter. Amundi now owns 2,222,046 shares of the pipeline company’s stock valued at $595,817,000 after acquiring an additional 215,915 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analysts Set New Price Targets

TRGP has been the subject of a number of recent research reports. BMO Capital Markets upped their target price on Targa Resources from $303.00 to $328.00 and gave the stock an “outperform” rating in a report on Wednesday, October 21st. Wells Fargo & Company increased their target price on Targa Resources from $282.00 to $324.00 and gave the company an “overweight” rating in a research report on Wednesday, September 2nd. Truist Financial reissued a “buy” rating and set a $345.00 price target (up from $312.00) on shares of Targa Resources in a research note on Monday, September 21st. Capital One Financial boosted their price target on Targa Resources from $310.00 to $335.00 and gave the stock an “overweight” rating in a report on Tuesday, September 22nd. Finally, Mizuho boosted their price target on Targa Resources from $300.00 to $320.00 and gave the stock an “outperform” rating in a report on Friday, September 11th. One investment analyst has rated the stock with a Strong Buy rating and twenty-one have issued a Buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $319.25.

Insider Transactions at Targa Resources

In related news, Director Waters S. Iv Davis sold 2,400 shares of Targa Resources stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $299.67, for a total value of $719,208.00. Following the transaction, the director directly owned 1,529 shares of the company’s stock, valued at $458,195.43. The trade was a 61.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles R. Crisp sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total value of $870,690.00. Following the completion of the sale, the director owned 62,292 shares in the company, valued at $18,079,007.16. The trade was a 4.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 7,216 shares of company stock worth $2,127,634 over the last ninety days. 1.37% of the stock is owned by insiders.

Targa Resources Stock Performance

NYSE TRGP opened at $304.44 on Tuesday. The company has a market capitalization of $65.28 billion, a price-to-earnings ratio of 29.10, a PEG ratio of 1.25 and a beta of 0.80. Targa Resources, Inc. has a twelve month low of $150.00 and a twelve month high of $307.94. The stock has a fifty day simple moving average of $288.57 and a 200 day simple moving average of $255.56. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, topping the consensus estimate of $2.83 by $0.71. The firm had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. Sell-side analysts expect that Targa Resources, Inc. will post 11.42 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 17th. Stockholders 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 dividend yield of 1.6%. Targa Resources’s dividend payout ratio is presently 47.80%.

Targa Resources 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.