Pacer Advisors Inc. Has $6.60 Million Stake in Targa Resources, Inc. $TRGP

Pacer Advisors Inc. lowered its stake in Targa Resources, Inc. (NYSE:TRGP) by 13.1% in the fourth quarter, Holdings Channel reports. The fund owned 35,761 shares of the pipeline company’s stock after selling 5,394 shares during the quarter. Pacer Advisors Inc.’s holdings in Targa Resources were worth $6,598,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of TRGP. Mcguire Capital Advisors Inc. acquired a new position in shares of Targa Resources in the fourth quarter worth approximately $52,000. Corient Private Wealth LLC raised its holdings in shares of Targa Resources by 548.8% in the fourth quarter. Corient Private Wealth LLC now owns 224,984 shares of the pipeline company’s stock valued at $41,510,000 after purchasing an additional 190,306 shares during the last quarter. Beacon Pointe Advisors LLC lifted its position in shares of Targa Resources by 104.2% during the fourth quarter. Beacon Pointe Advisors LLC now owns 3,022 shares of the pipeline company’s stock valued at $557,000 after purchasing an additional 1,542 shares in the last quarter. CacheTech Inc. purchased a new position in Targa Resources during the fourth quarter worth about $214,000. Finally, Empowered Funds LLC grew its position in Targa Resources by 180.9% in the 4th quarter. Empowered Funds LLC now owns 19,949 shares of the pipeline company’s stock worth $3,681,000 after purchasing an additional 12,846 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Up 0.0%

Shares of TRGP stock opened at $258.68 on Monday. The firm’s 50 day moving average is $256.83 and its 200 day moving average is $226.27. The stock has a market capitalization of $55.52 billion, a P/E ratio of 26.16, a P/E/G ratio of 1.32 and a beta of 0.72. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $280.00.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.27). The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. Research analysts expect that Targa Resources, Inc. will post 10.75 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were paid a $1.25 dividend. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date was Thursday, April 30th. This represents a $5.00 annualized dividend and a dividend yield of 1.9%. Targa Resources’s dividend payout ratio (DPR) is currently 50.56%.

Insider Buying and Selling at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares of the company’s stock, valued at $17,019,292.32. The trade was a 13.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.37% of the stock is currently owned by insiders.

Analyst Ratings Changes

TRGP has been the subject of several analyst reports. US Capital Advisors lowered shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. Jefferies Financial Group initiated coverage on Targa Resources in a research report on Thursday. They issued a “buy” rating and a $314.00 target price for the company. Stifel Nicolaus set a $268.00 target price on shares of Targa Resources in a report on Friday, May 8th. Wells Fargo & Company raised their target price on Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. Finally, TD Cowen raised their target price on shares of Targa Resources from $236.00 to $245.00 and gave the stock a “hold” rating in a research report on Monday, May 11th. Sixteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $272.20.

Targa Resources Profile

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.