Targa Resources Corp. (NYSE:TRGP) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC lowered its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 3.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,974 shares of the pipeline company’s stock after selling 987 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Targa Resources were worth $3,992,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of TRGP. Strategic Investment Solutions Inc. IL acquired a new position in shares of Targa Resources during the second quarter valued at about $29,000. DT Investment Partners LLC acquired a new position in Targa Resources in the 3rd quarter worth approximately $29,000. UMB Bank n.a. increased its holdings in Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after buying an additional 222 shares during the period. Whittier Trust Co. acquired a new position in Targa Resources in the 2nd quarter worth approximately $44,000. Finally, EdgeRock Capital LLC acquired a new position in Targa Resources in the 2nd quarter worth approximately $69,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Activity at Targa Resources

In related news, insider Robert Muraro sold 2,500 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the transaction, the insider now directly owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. This represents a 1.41 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the sale, the director now directly owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This trade represents a 57.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 185,760 shares of company stock valued at $30,026,712. 1.39% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

TRGP has been the topic of several research reports. Truist Financial increased their price target on shares of Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Stifel Nicolaus upped their price objective on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research report on Wednesday. Wells Fargo & Company upped their price objective on Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Morgan Stanley upped their price objective on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Finally, Barclays upped their price objective on Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 15th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $176.50.

Targa Resources Trading Up 2.4 %

Shares of NYSE:TRGP opened at $207.69 on Friday. Targa Resources Corp. has a 1 year low of $81.03 and a 1 year high of $208.15. The firm has a market capitalization of $45.29 billion, a price-to-earnings ratio of 37.56, a price-to-earnings-growth ratio of 0.81 and a beta of 2.24. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The business’s 50 day moving average price is $166.96 and its 200-day moving average price is $142.82.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The firm had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the prior year, the company earned $0.97 EPS. On average, equities research analysts forecast that Targa Resources Corp. will post 6.23 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.44%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s dividend payout ratio is currently 54.25%.

Targa Resources Company 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.