Targa Resources Corp. (NYSE:TRGP) Position Decreased by Amalgamated Bank

Amalgamated Bank reduced its holdings in Targa Resources Corp. (NYSE:TRGP) by 0.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,028 shares of the pipeline company’s stock after selling 482 shares during the quarter. Amalgamated Bank’s holdings in Targa Resources were worth $5,910,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Addison Advisors LLC acquired a new position in shares of Targa Resources in the fourth quarter worth about $27,000. VisionPoint Advisory Group LLC lifted its holdings in shares of Targa Resources by 111.2% in the third quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock valued at $34,000 after purchasing an additional 209 shares in the last quarter. Rational Advisors LLC purchased a new stake in shares of Targa Resources in the third quarter valued at $43,000. Huntington National Bank boosted its position in shares of Targa Resources by 124.4% in the third quarter. Huntington National Bank now owns 534 shares of the pipeline company’s stock worth $46,000 after buying an additional 296 shares during the period. Finally, Harvest Fund Management Co. Ltd raised its position in Targa Resources by 36.1% during the third quarter. Harvest Fund Management Co. Ltd now owns 565 shares of the pipeline company’s stock valued at $48,000 after buying an additional 150 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have commented on TRGP shares. Stifel Nicolaus raised their price objective on Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. JPMorgan Chase & Co. boosted their price objective on shares of Targa Resources from $122.00 to $125.00 and gave the company an “overweight” rating in a research report on Wednesday, March 6th. Barclays lifted their target price on shares of Targa Resources from $116.00 to $122.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. Citigroup upped their price target on shares of Targa Resources from $104.00 to $112.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. Finally, Scotiabank boosted their target price on Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a research note on Monday, April 15th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Targa Resources has a consensus rating of “Moderate Buy” and an average target price of $119.92.

Insider Activity at Targa Resources

In related news, insider D. Scott Pryor sold 10,000 shares of Targa Resources stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $97.00, for a total transaction of $970,000.00. Following the completion of the transaction, the insider now directly owns 156,098 shares of the company’s stock, valued at approximately $15,141,506. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Jennifer R. Kneale sold 26,061 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $97.36, for a total value of $2,537,298.96. Following the completion of the transaction, the chief financial officer now owns 227,663 shares in the company, valued at approximately $22,165,269.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider D. Scott Pryor sold 10,000 shares of the stock in a transaction on Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the completion of the transaction, the insider now owns 156,098 shares in the company, valued at $15,141,506. The disclosure for this sale can be found here. Insiders have sold a total of 81,966 shares of company stock valued at $7,987,215 in the last 90 days. 1.44% of the stock is owned by corporate insiders.

Targa Resources Stock Performance

NYSE:TRGP opened at $112.31 on Monday. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.62 and a current ratio of 0.70. The firm’s 50-day moving average is $110.02 and its 200-day moving average is $94.98. Targa Resources Corp. has a 52-week low of $67.36 and a 52-week high of $117.87. The company has a market cap of $24.90 billion, a price-to-earnings ratio of 23.11 and a beta of 2.19.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.49 by ($0.26). Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. The firm had revenue of $4.24 billion during the quarter, compared to analyst estimates of $4.50 billion. Equities research analysts anticipate that Targa Resources Corp. will post 5.72 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 2.67%. The ex-dividend date of this dividend is Monday, April 29th. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s dividend payout ratio (DPR) is 61.73%.

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.