Principal Street Partners LLC Cuts Stock Position in Targa Resources Corp. (NYSE:TRGP)

Principal Street Partners LLC decreased its holdings in Targa Resources Corp. (NYSE:TRGP) by 60.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,502 shares of the pipeline company’s stock after selling 2,257 shares during the period. Principal Street Partners LLC’s holdings in Targa Resources were worth $216,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in TRGP. Strategic Investment Solutions Inc. IL purchased a new stake in Targa Resources in the 2nd quarter worth $29,000. DT Investment Partners LLC purchased a new stake in shares of Targa Resources in the third quarter worth about $29,000. UMB Bank n.a. boosted its stake 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 valued at $30,000 after buying an additional 222 shares during the last quarter. Prospera Private Wealth LLC bought a new position in Targa Resources during the third quarter valued at approximately $35,000. Finally, Whittier Trust Co. bought a new stake in Targa Resources in the 2nd quarter worth approximately $44,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Activity at Targa Resources

In other news, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the sale, the director now directly owns 110,470 shares in the company, valued at approximately $17,181,399.10. This trade represents a 57.59 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robert Muraro sold 2,500 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the sale, the insider now directly owns 174,451 shares of the company’s stock, valued at $25,504,736.20. The trade was a 1.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,760 shares of company stock worth $30,026,712 over the last three months. 1.44% of the stock is owned by corporate insiders.

Targa Resources Trading Up 1.2 %

NYSE TRGP opened at $203.42 on Wednesday. Targa Resources Corp. has a 12 month low of $81.03 and a 12 month high of $209.87. The company’s 50-day moving average price is $171.40 and its 200-day moving average price is $145.62. The stock has a market cap of $44.36 billion, a PE ratio of 36.78, a PEG ratio of 0.80 and a beta of 2.24. 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 posted its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating 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 firm had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the previous year, the firm posted $0.97 earnings per share. Equities research analysts forecast that Targa Resources Corp. will post 6.23 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were paid a dividend of $0.75 per share. The ex-dividend date was Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.47%. Targa Resources’s dividend payout ratio is currently 54.25%.

Wall Street Analysts Forecast Growth

TRGP has been the subject of a number of research reports. Stifel Nicolaus increased their target price on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Royal Bank of Canada upped their target price on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Truist Financial lifted their price target on Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Wells Fargo & Company upped their price objective on Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Finally, UBS Group lifted their target price on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday, November 15th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $176.50.

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.