Targa Resources, Inc. $TRGP Stock Position Lessened by Sterling Capital Management LLC

Sterling Capital Management LLC reduced its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 32.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund 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 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Inspire Investing LLC raised its stake in Targa Resources by 15.9% in the 3rd quarter. Inspire Investing LLC now owns 41,115 shares of the pipeline company’s stock worth $11,114,000 after purchasing an additional 5,638 shares in the last quarter. XXI Wealth LLC grew its position in shares of Targa Resources by 16.3% during the 3rd quarter. XXI Wealth LLC now owns 2,039 shares of the pipeline company’s stock worth $551,000 after purchasing an additional 286 shares in the last quarter. Brookstone Capital Management grew its position in shares of Targa Resources by 6.9% during the 3rd quarter. Brookstone Capital Management now owns 8,619 shares of the pipeline company’s stock worth $2,330,000 after purchasing an additional 553 shares in the last quarter. Root Financial Partners LLC acquired a new position in shares of Targa Resources during the 3rd quarter worth approximately $137,000. Finally, Kings Path Partners LLC bought a new position in shares of Targa Resources during the third quarter worth approximately $2,722,000. 92.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Stifel Nicolaus set a $335.00 price target on Targa Resources in a research note on Friday, October 9th. Morgan Stanley increased their price target on Targa Resources from $343.00 to $359.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 16th. Royal Bank Of Canada raised their price objective on Targa Resources from $312.00 to $338.00 and gave the stock an “outperform” rating in a research note on Thursday, August 27th. Truist Financial reaffirmed a “buy” rating and issued a $345.00 price objective (up from $312.00) on shares of Targa Resources in a report on Monday, September 21st. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $326.00 target price on shares of Targa Resources in a research report on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating and twenty-one have assigned a Buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $319.25.

Targa Resources Stock Performance

Shares of NYSE:TRGP opened at $304.44 on Tuesday. Targa Resources, Inc. has a 1 year low of $150.00 and a 1 year high of $307.94. The stock has a market capitalization of $65.28 billion, a price-to-earnings ratio of 29.10, a price-to-earnings-growth ratio of 1.25 and a beta of 0.80. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. The company’s 50 day simple moving average is $288.57 and its 200 day simple moving average is $255.56.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, topping the consensus estimate of $2.83 by $0.71. The firm had revenue of $4.44 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. As a group, research analysts predict that Targa Resources, Inc. will post 11.42 EPS 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. Stockholders of record on Friday, October 30th will be issued a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, October 30th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.6%. Targa Resources’s payout ratio is 47.80%.

Insider Transactions at Targa Resources

In related 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 value of $870,690.00. Following the sale, the director directly owned 62,292 shares of the company’s stock, valued at $18,079,007.16. This trade represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Waters S. Iv Davis sold 2,400 shares of Targa Resources stock in a transaction dated Friday, August 21st. The shares were 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. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 7,216 shares of company stock valued at $2,127,634. Corporate insiders own 1.37% of the company’s stock.

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.