Contravisory Investment Management Inc. Sells 133 Shares of Targa Resources Corp. (NYSE:TRGP)

Contravisory Investment Management Inc. cut its stake in Targa Resources Corp. (NYSE:TRGP) by 2.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,687 shares of the pipeline company’s stock after selling 133 shares during the period. Contravisory Investment Management Inc.’s holdings in Targa Resources were worth $990,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of TRGP. Strategic Investment Solutions Inc. IL bought a new position in Targa Resources during the second quarter worth about $29,000. UMB Bank n.a. boosted its holdings 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 purchasing an additional 222 shares in the last quarter. Whittier Trust Co. acquired a new stake in Targa Resources during the second quarter valued at approximately $44,000. Register Financial Advisors LLC acquired a new stake in Targa Resources during the first quarter valued at approximately $45,000. Finally, Quarry LP acquired a new stake in Targa Resources during the fourth quarter valued at approximately $50,000. 92.13% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, 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 value of $23,329,500.00. Following the completion of the transaction, the director now owns 110,470 shares in the company, valued at $17,181,399.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Robert Muraro sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the sale, the insider now directly owns 174,451 shares in the company, valued at approximately $25,504,736.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 transaction of $23,329,500.00. Following the completion of the sale, the director now owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This trade represents 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. Corporate insiders own 1.39% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Wells Fargo & Company lifted their price objective on Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Truist Financial lifted their price objective on Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a report on Monday, August 5th. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Royal Bank of Canada lifted their target price on shares of Targa Resources from $147.00 to $153.00 and gave the company an “outperform” rating in a research note on Tuesday, August 13th. Finally, The Goldman Sachs Group lifted their target price on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Twelve research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $141.77.

Targa Resources Stock Performance

TRGP stock opened at $162.52 on Friday. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. The company has a 50 day moving average price of $146.18 and a 200 day moving average price of $129.76. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $163.71. The stock has a market capitalization of $35.60 billion, a PE ratio of 34.21, a price-to-earnings-growth ratio of 1.29 and a beta of 2.25.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $4.33 billion. During the same quarter in the prior year, the business posted $1.44 EPS. Analysts forecast that Targa Resources Corp. will post 5.9 EPS for the current year.

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.