SCP Investment LP Cuts Holdings in Targa Resources Corp. (NYSE:TRGP)

SCP Investment LP lowered its position in Targa Resources Corp. (NYSE:TRGP) by 17.2% during the third quarter, Holdings Channel.com reports. The fund owned 4,800 shares of the pipeline company’s stock after selling 1,000 shares during the quarter. Targa Resources accounts for 0.5% of SCP Investment LP’s holdings, making the stock its 20th largest holding. SCP Investment LP’s holdings in Targa Resources were worth $710,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in TRGP. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Targa Resources in the 3rd quarter valued at about $7,006,000. Strategy Asset Managers LLC acquired a new position in Targa Resources during the third quarter valued at approximately $912,000. Prospera Private Wealth LLC purchased a new stake in Targa Resources during the third quarter worth approximately $35,000. Avior Wealth Management LLC increased its position in shares of Targa Resources by 76.7% in the third quarter. Avior Wealth Management LLC now owns 2,361 shares of the pipeline company’s stock worth $349,000 after acquiring an additional 1,025 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Targa Resources during the 3rd quarter valued at $1,175,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Truist Financial boosted their price objective on Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. The Goldman Sachs Group boosted their price target on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Barclays increased their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Royal Bank of Canada boosted 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. Finally, UBS Group raised their price target on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a report on Friday, November 15th. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $169.79.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $203.62 on Wednesday. The firm has a market cap of $44.40 billion, a PE ratio of 36.82, a price-to-earnings-growth ratio of 0.78 and a beta of 2.24. Targa Resources Corp. has a 1 year low of $81.03 and a 1 year high of $203.67. The firm’s 50-day simple moving average is $165.80 and its 200-day simple moving average is $142.40. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

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

Targa Resources Announces Dividend

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. The ex-dividend date was Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.47%. Targa Resources’s payout ratio is 54.25%.

Insiders Place Their Bets

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