Targa Resources Corp. (NYSE:TRGP) Stock Position Cut by Catalina Capital Group LLC

Catalina Capital Group LLC lessened its stake in Targa Resources Corp. (NYSE:TRGP) by 29.2% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 2,154 shares of the pipeline company’s stock after selling 889 shares during the quarter. Catalina Capital Group LLC’s holdings in Targa Resources were worth $319,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of TRGP. Strategic Investment Solutions Inc. IL bought a new position in Targa Resources in the 2nd quarter valued at about $29,000. DT Investment Partners LLC bought a new position in Targa Resources in the 3rd quarter valued at about $29,000. UMB Bank n.a. grew its position in Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after buying an additional 222 shares in the last quarter. Whittier Trust Co. bought a new position in Targa Resources in the 2nd quarter valued at about $44,000. Finally, Rogco LP bought a new position in Targa Resources in the 1st quarter valued at about $56,000. Institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of Targa Resources 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 sale, the insider now directly owns 174,451 shares in the company, valued at $25,504,736.20. The trade was a 0.00 % 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. In other Targa Resources news, insider Gerald R. Shrader sold 3,000 shares of Targa Resources 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 sale, the insider now directly owns 29,603 shares in the company, valued at $4,027,784.18. The trade was a 0.00 % 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, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares of the company’s stock, valued at $25,504,736.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 160,764 shares of company stock worth $24,829,770. 1.44% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on TRGP. Morgan Stanley raised their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Barclays raised their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Truist Financial raised their price objective on shares of Targa Resources from $150.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday. Wells Fargo & Company raised their price objective on shares of Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $157.21.

Targa Resources Stock Performance

TRGP stock opened at $186.04 on Thursday. 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 Corp. has a 52 week low of $81.03 and a 52 week high of $189.62.

Targa Resources (NYSE:TRGP) last posted 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 business had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same period last year, the company posted $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 Dividend Announcement

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

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.