Exchange Traded Concepts LLC Sells 18,015 Shares of Targa Resources Corp. (NYSE:TRGP)

Exchange Traded Concepts LLC reduced its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 9.9% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 164,825 shares of the pipeline company’s stock after selling 18,015 shares during the period. Targa Resources comprises approximately 0.6% of Exchange Traded Concepts LLC’s portfolio, making the stock its 29th biggest position. Exchange Traded Concepts LLC owned about 0.08% of Targa Resources worth $24,396,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Massmutual Trust Co. FSB ADV increased its position in shares of Targa Resources by 9.8% during the third quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock valued at $138,000 after acquiring an additional 83 shares during the last quarter. Fifth Third Bancorp increased its position in shares of Targa Resources by 1.0% during the second quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock valued at $1,148,000 after acquiring an additional 89 shares during the last quarter. Catalina Capital Group LLC increased its position in shares of Targa Resources by 3.4% during the second quarter. Catalina Capital Group LLC now owns 3,043 shares of the pipeline company’s stock valued at $392,000 after acquiring an additional 99 shares during the last quarter. Gulf International Bank UK Ltd increased its position in shares of Targa Resources by 0.6% during the first quarter. Gulf International Bank UK Ltd now owns 17,695 shares of the pipeline company’s stock valued at $1,981,000 after acquiring an additional 100 shares during the last quarter. Finally, &PARTNERS increased its position in shares of Targa Resources by 1.1% during the second quarter. &PARTNERS now owns 10,107 shares of the pipeline company’s stock valued at $1,302,000 after acquiring an additional 107 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Scotiabank increased their price target on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 17th. Truist Financial increased 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. Royal Bank of Canada increased their price objective on Targa Resources from $147.00 to $153.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. The Goldman Sachs Group increased their price objective on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Finally, Barclays increased their price objective on Targa Resources from $123.00 to $138.00 and gave the company an “overweight” rating in a report on Wednesday, July 3rd. Twelve investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Targa Resources currently has an average rating of “Buy” and a consensus target price of $141.77.

Targa Resources Price Performance

Targa Resources stock opened at $165.76 on Friday. Targa Resources Corp. has a one year low of $81.03 and a one year high of $166.07. The business has a fifty day moving average price of $147.41 and a 200-day moving average price of $130.50. 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 firm has a market capitalization of $36.31 billion, a P/E ratio of 34.90, a PEG ratio of 1.28 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 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. The firm had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same period last year, the company earned $1.44 earnings per share. As a group, equities research analysts forecast that Targa Resources Corp. will post 5.9 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.81%. The ex-dividend date is Thursday, October 31st. Targa Resources’s dividend payout ratio is 63.16%.

Insider Activity at Targa Resources

In related news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction on 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 sale, the director now owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Targa Resources 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 transaction of $23,329,500.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Julie H. Boushka sold 1,213 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the sale, the chief accounting officer now owns 52,257 shares in the company, valued at $6,898,969.14. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 175,534 shares of company stock valued at $26,815,021. 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.