Mount Lucas Management LP Decreases Stock Position in Targa Resources Corp. (NYSE:TRGP)

Mount Lucas Management LP decreased its position in shares of Targa Resources Corp. (NYSE:TRGP) by 59.9% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 7,490 shares of the pipeline company’s stock after selling 11,197 shares during the period. Mount Lucas Management LP’s holdings in Targa Resources were worth $1,109,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Targa Resources by 0.8% during the first quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock valued at $3,025,521,000 after acquiring an additional 201,817 shares in the last quarter. Caxton Associates LP acquired a new stake in Targa Resources during the 2nd quarter valued at approximately $2,323,000. Cetera Investment Advisers increased its holdings in Targa Resources by 215.2% during the 1st quarter. Cetera Investment Advisers now owns 31,052 shares of the pipeline company’s stock worth $3,478,000 after purchasing an additional 21,200 shares during the last quarter. California State Teachers Retirement System raised its position in shares of Targa Resources by 6.5% in the 1st quarter. California State Teachers Retirement System now owns 444,530 shares of the pipeline company’s stock valued at $49,783,000 after purchasing an additional 27,164 shares in the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of Targa Resources during the 1st quarter valued at approximately $1,151,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on TRGP shares. Truist Financial lifted their price target on shares of Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a research note on Friday. UBS Group boosted their target price on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research report 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 report on Thursday, September 19th. Royal Bank of Canada boosted their price objective on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Finally, Bank of America started coverage on Targa Resources in a report on Thursday, October 17th. They set a “buy” rating and a $182.00 target price on the stock. Thirteen 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 has a consensus rating of “Buy” and a consensus price target of $169.79.

Targa Resources Price Performance

Shares of TRGP opened at $196.04 on Friday. 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 company has a market cap of $42.75 billion, a P/E ratio of 35.45, a PEG ratio of 0.78 and a beta of 2.24. Targa Resources Corp. has a 12 month low of $81.03 and a 12 month high of $197.14. The stock has a fifty day moving average price of $163.51 and a 200 day moving average price of $140.77.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The business 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 last year, the company earned $0.97 EPS. On average, research analysts forecast that Targa Resources Corp. will post 6.23 earnings per share for the current year.

Targa Resources Announces Dividend

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

Insider Transactions at Targa Resources

In related news, CAO Julie H. Boushka sold 3,260 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the sale, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at $6,703,175.82. This represents a 8.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the transaction, the insider now owns 82,979 shares of the company’s stock, valued at $15,793,393.07. This represents a 26.55 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 185,760 shares of company stock worth $30,026,712. Company insiders own 1.39% of the company’s stock.

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.