Victory Capital Management Inc. Has $18.56 Million Holdings in Targa Resources Corp. (NYSE:TRGP)

Victory Capital Management Inc. cut its holdings in Targa Resources Corp. (NYSE:TRGP) by 2.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 125,398 shares of the pipeline company’s stock after selling 3,583 shares during the period. Victory Capital Management Inc. owned about 0.06% of Targa Resources worth $18,560,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Strategic Investment Solutions Inc. IL acquired a new position in Targa Resources during the second quarter worth $29,000. DT Investment Partners LLC acquired a new position in Targa Resources during the third quarter worth $29,000. UMB Bank n.a. increased its holdings in Targa Resources by 2,220.0% during the second 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 last quarter. Whittier Trust Co. acquired a new position in Targa Resources during the second quarter worth $44,000. Finally, EdgeRock Capital LLC acquired a new position in Targa Resources during the second quarter worth $69,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the business’s stock in a transaction dated 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 approximately $25,504,736.20. The trade was a 1.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction dated 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 transaction, the director now directly owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. The trade was a 57.59 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 185,760 shares of company stock valued at $30,026,712. 1.39% of the stock is currently owned by corporate insiders.

Targa Resources Trading Up 1.5 %

TRGP opened at $199.00 on Tuesday. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $199.76. The company has a 50-day simple moving average of $163.51 and a 200 day simple moving average of $141.15. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The stock has a market capitalization of $43.39 billion, a price-to-earnings ratio of 35.45, a P/E/G ratio of 0.78 and a beta of 2.24.

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

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.51%. The ex-dividend date was Thursday, October 31st. Targa Resources’s payout ratio is 54.25%.

Analyst Ratings Changes

Several equities analysts have commented on TRGP shares. The Goldman Sachs Group upped their price objective on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Truist Financial upped their price objective on shares of Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a report on Friday. Barclays upped their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Finally, UBS Group upped their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a report on Friday. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Targa Resources presently has a consensus rating of “Buy” and an average target price of $169.79.

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.