Curi RMB Capital LLC Sells 1,639 Shares of Targa Resources Corp. (NYSE:TRGP)

Curi RMB Capital LLC lessened its stake in Targa Resources Corp. (NYSE:TRGP) by 29.8% in the third quarter, HoldingsChannel reports. The fund owned 3,868 shares of the pipeline company’s stock after selling 1,639 shares during the period. Curi RMB Capital LLC’s holdings in Targa Resources were worth $573,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of TRGP. Zions Bancorporation N.A. raised its holdings in Targa Resources by 44.1% during the 3rd quarter. Zions Bancorporation N.A. now owns 6,600 shares of the pipeline company’s stock valued at $977,000 after buying an additional 2,021 shares during the last quarter. Huntington National Bank increased its holdings in Targa Resources by 22.9% during the 3rd quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock valued at $71,000 after purchasing an additional 89 shares during the period. KBC Group NV increased its holdings in Targa Resources by 183.8% during the 3rd quarter. KBC Group NV now owns 43,581 shares of the pipeline company’s stock valued at $6,451,000 after purchasing an additional 28,225 shares during the period. Freemont Management S.A. raised its position in Targa Resources by 335.3% during the 3rd quarter. Freemont Management S.A. now owns 22,200 shares of the pipeline company’s stock valued at $3,286,000 after purchasing an additional 17,100 shares during the last quarter. Finally, Oppenheimer & Co. Inc. lifted its holdings in Targa Resources by 54.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 3,166 shares of the pipeline company’s stock worth $469,000 after buying an additional 1,116 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Trading Up 2.3 %

Targa Resources stock opened at $196.04 on Friday. Targa Resources Corp. has a 12 month low of $81.03 and a 12 month high of $197.14. The company has a market capitalization of $42.75 billion, a price-to-earnings ratio of 35.45, a price-to-earnings-growth ratio of 0.77 and a beta of 2.24. The business’s fifty day simple moving average is $163.51 and its two-hundred day simple moving average is $140.77. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The company had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter in the previous year, the business posted $0.97 EPS. As a group, equities analysts predict that Targa Resources Corp. will post 6.19 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is currently 54.25%.

Insider Buying and Selling

In other news, CAO Julie H. Boushka sold 3,260 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Robert Muraro sold 2,500 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the sale, the insider now directly owns 174,451 shares in the company, valued at $25,504,736.20. This trade represents a 1.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,760 shares of company stock worth $30,026,712 in the last three months. Insiders own 1.39% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Morgan Stanley upped their target price on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Royal Bank of Canada raised their target price on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Truist Financial lifted their target price on shares of Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a research note on Friday. The Goldman Sachs Group increased 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, Argus raised Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Targa Resources presently has a consensus rating of “Buy” and a consensus target price of $169.79.

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.