Inscription Capital LLC Sells 1,079 Shares of Targa Resources Corp. (NYSE:TRGP)

Inscription Capital LLC decreased its position in Targa Resources Corp. (NYSE:TRGP) by 4.9% during the third quarter, HoldingsChannel reports. The firm owned 20,949 shares of the pipeline company’s stock after selling 1,079 shares during the quarter. Inscription Capital LLC’s holdings in Targa Resources were worth $3,101,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of TRGP. Zurich Insurance Group Ltd FI bought a new stake in shares of Targa Resources during the 2nd quarter worth $72,345,000. American Century Companies Inc. lifted its position in Targa Resources by 239.1% during the 2nd quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock worth $101,877,000 after acquiring an additional 557,832 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Targa Resources by 26.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock worth $194,720,000 after acquiring an additional 360,675 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Targa Resources by 13.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after acquiring an additional 271,444 shares during the period. Finally, Blackstone Inc. grew its position in shares of Targa Resources by 2.7% in the first quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock valued at $1,085,794,000 after purchasing an additional 252,729 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

NYSE TRGP traded down $2.42 during trading on Monday, reaching $163.54. 123,030 shares of the company traded hands, compared to its average volume of 1,644,659. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $169.92. The company has a market cap of $35.83 billion, a price-to-earnings ratio of 34.94, a P/E/G ratio of 1.29 and a beta of 2.25. The stock’s 50 day moving average price is $152.97 and its two-hundred day moving average price is $134.18. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The business had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same quarter in the previous year, the firm earned $1.44 EPS. As a group, analysts anticipate that Targa Resources Corp. will post 5.92 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.83%. The ex-dividend date is Thursday, October 31st. Targa Resources’s payout ratio is 63.16%.

Insider Buying and Selling

In other news, CAO Julie H. Boushka sold 1,213 shares of Targa Resources stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the transaction, the chief accounting officer now owns 52,257 shares in the company, valued at approximately $6,898,969.14. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Robert Muraro sold 2,500 shares of the company’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 transaction, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total transaction of $160,140.26. Following the sale, the chief accounting officer now directly owns 52,257 shares in the company, valued at $6,898,969.14. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 175,534 shares of company stock worth $26,815,021 in the last quarter. 1.44% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on TRGP shares. Royal Bank of Canada increased their target price on Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Wells Fargo & Company increased their price objective on Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. Truist Financial boosted their target price on shares of Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. increased their price target on shares of Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a report on Tuesday, July 2nd. Finally, Morgan Stanley boosted their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a report on Friday. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $152.79.

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.