Targa Resources, Inc. $TRGP Shares Sold by Spirit of America Management Corp NY

Spirit of America Management Corp NY trimmed its stake in Targa Resources, Inc. (NYSE:TRGP) by 17.2% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 41,233 shares of the pipeline company’s stock after selling 8,550 shares during the quarter. Targa Resources makes up 1.4% of Spirit of America Management Corp NY’s holdings, making the stock its 16th largest holding. Spirit of America Management Corp NY’s holdings in Targa Resources were worth $6,908,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Elevation Point Wealth Partners LLC acquired a new position in shares of Targa Resources in the 2nd quarter valued at $53,000. Carolina Wealth Advisors LLC purchased a new stake in Targa Resources during the third quarter valued at about $58,000. Hilltop National Bank acquired a new position in shares of Targa Resources in the second quarter worth about $63,000. Kestra Investment Management LLC acquired a new position in shares of Targa Resources in the second quarter worth about $70,000. Finally, Private Trust Co. NA increased its position in shares of Targa Resources by 57.1% in the second quarter. Private Trust Co. NA now owns 476 shares of the pipeline company’s stock worth $83,000 after acquiring an additional 173 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Trading Down 0.6%

Targa Resources stock opened at $183.73 on Friday. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $218.51. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 5.91. The stock has a market cap of $39.44 billion, a P/E ratio of 24.43, a P/E/G ratio of 1.06 and a beta of 0.89. The company’s fifty day simple moving average is $169.85 and its 200-day simple moving average is $167.50.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.22 by ($0.02). The firm had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $4.70 billion. Targa Resources had a return on equity of 51.87% and a net margin of 9.35%. As a group, sell-side analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, November 17th. Stockholders of record on Friday, October 31st were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Friday, October 31st. Targa Resources’s payout ratio is currently 53.19%.

Insider Activity at Targa Resources

In related news, insider Gerald R. Shrader sold 2,750 shares of the stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $181.21, for a total value of $498,327.50. Following the transaction, the insider owned 29,561 shares in the company, valued at approximately $5,356,748.81. This represents a 8.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider D. Scott Pryor sold 20,000 shares of Targa Resources stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $172.21, for a total transaction of $3,444,200.00. Following the completion of the sale, the insider owned 22,139 shares of the company’s stock, valued at $3,812,557.19. This trade represents a 47.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.34% of the company’s stock.

Analyst Upgrades and Downgrades

TRGP has been the subject of several research analyst reports. Royal Bank Of Canada upped their price target on shares of Targa Resources from $213.00 to $218.00 and gave the company an “outperform” rating in a research report on Wednesday, December 3rd. UBS Group reissued a “buy” rating and set a $228.00 target price on shares of Targa Resources in a research note on Tuesday, December 2nd. Wells Fargo & Company raised their target price on Targa Resources from $205.00 to $207.00 and gave the stock an “overweight” rating in a research report on Thursday, December 18th. BMO Capital Markets lifted their price target on Targa Resources from $185.00 to $196.00 and gave the company an “outperform” rating in a report on Thursday, November 6th. Finally, Stifel Nicolaus set a $213.00 price target on Targa Resources in a research report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $210.79.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.