Spirit of America Management Corp NY Acquires 4,200 Shares of Targa Resources Corp. (NYSE:TRGP)

Spirit of America Management Corp NY grew its holdings in Targa Resources Corp. (NYSE:TRGP) by 7.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 61,383 shares of the pipeline company’s stock after acquiring an additional 4,200 shares during the quarter. Targa Resources accounts for 1.8% of Spirit of America Management Corp NY’s portfolio, making the stock its 12th largest holding. Spirit of America Management Corp NY’s holdings in Targa Resources were worth $9,085,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Zurich Insurance Group Ltd FI acquired a new stake in Targa Resources during the second quarter worth about $72,345,000. American Century Companies Inc. grew its holdings in shares of Targa Resources by 239.1% during the 2nd quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock worth $101,877,000 after purchasing an additional 557,832 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Targa Resources by 26.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock worth $194,720,000 after purchasing an additional 360,675 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Targa Resources by 13.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after purchasing an additional 271,444 shares during the period. Finally, Blackstone Inc. raised its stake in shares of Targa Resources by 2.7% in the first quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock valued at $1,085,794,000 after purchasing an additional 252,729 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Up 1.6 %

NYSE TRGP opened at $168.57 on Friday. The stock’s 50 day simple moving average is $151.99 and its 200 day simple moving average is $133.31. Targa Resources Corp. has a one year low of $81.03 and a one year high of $169.59. The firm has a market cap of $36.93 billion, a PE ratio of 35.49, a price-to-earnings-growth ratio of 1.28 and a beta of 2.25. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 1st. The pipeline company reported $1.33 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 prior year, the business earned $1.44 earnings per share. As a group, sell-side analysts forecast that Targa Resources Corp. will post 5.92 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date is Thursday, October 31st. Targa Resources’s dividend payout ratio is currently 63.16%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on TRGP shares. Royal Bank of Canada lifted their price target on shares of Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Scotiabank lifted their target price on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 17th. Truist Financial upped their target price on shares of Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, August 5th. The Goldman Sachs Group raised their price target on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Finally, Barclays upped their price objective on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $148.36.

Insider Buying and Selling at Targa Resources

In other news, Director Joe Bob Perkins sold 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the transaction, the director now directly owns 110,470 shares in the company, valued at approximately $17,181,399.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Julie H. Boushka sold 1,213 shares of Targa Resources stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total value 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 $6,898,969.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale 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 company’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the transaction, the director now owns 110,470 shares in the company, valued at approximately $17,181,399.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 175,534 shares of company stock worth $26,815,021. 1.39% of the stock is currently owned by corporate insiders.

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.