Targa Resources Corp. (NYSE:TRGP) Shares Sold by Lake Street Advisors Group LLC

Lake Street Advisors Group LLC cut its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 5.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,631 shares of the pipeline company’s stock after selling 221 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Targa Resources were worth $537,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TRGP. Vanguard Group Inc. raised its holdings in Targa Resources by 0.8% in the first quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock valued at $3,025,521,000 after acquiring an additional 201,817 shares in the last quarter. Caxton Associates LP purchased a new stake in shares of Targa Resources during the 2nd quarter worth $2,323,000. New Mexico Educational Retirement Board increased its holdings in Targa Resources by 287.3% in the first quarter. New Mexico Educational Retirement Board now owns 45,700 shares of the pipeline company’s stock valued at $5,118,000 after buying an additional 33,900 shares during the last quarter. BNP Paribas Financial Markets raised its stake in Targa Resources by 160.3% in the first quarter. BNP Paribas Financial Markets now owns 290,080 shares of the pipeline company’s stock valued at $32,486,000 after buying an additional 178,655 shares in the last quarter. Finally, Sciencast Management LP purchased a new stake in Targa Resources during the 1st quarter worth about $1,910,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on TRGP shares. Morgan Stanley boosted their target price on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday. JPMorgan Chase & Co. lifted their price target on shares of Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 2nd. Barclays lifted their target price on Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 15th. Truist Financial upped their target price on Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Finally, Argus raised Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $152.79.

Insider Activity

In related news, CAO Julie H. Boushka sold 1,213 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total transaction of $160,140.26. Following the sale, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the transaction, the insider now owns 174,451 shares of the company’s stock, valued at $25,504,736.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total transaction of $160,140.26. Following the completion of the sale, the chief accounting officer now directly owns 52,257 shares in the company, valued at approximately $6,898,969.14. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 175,534 shares of company stock worth $26,815,021 in the last 90 days. 1.39% of the stock is currently owned by corporate insiders.

Targa Resources Stock Down 1.5 %

Shares of NYSE:TRGP opened at $165.96 on Friday. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $169.92. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. The firm’s 50-day simple moving average is $152.97 and its 200-day simple moving average is $133.90. The company has a market cap of $36.36 billion, a price-to-earnings ratio of 34.94, a PEG ratio of 1.28 and a beta of 2.25.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The company had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $4.33 billion. During the same quarter in the previous year, the firm posted $1.44 EPS. As a group, equities research analysts predict that Targa Resources Corp. will post 5.92 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be paid a dividend of $0.75 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.81%. Targa Resources’s dividend payout ratio (DPR) is presently 63.16%.

About Targa Resources

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.