Targa Resources Corp. (NYSE:TRGP) Shares Sold by Amalgamated Bank

Amalgamated Bank trimmed its position in Targa Resources Corp. (NYSE:TRGP) by 3.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 45,913 shares of the pipeline company’s stock after selling 1,700 shares during the period. Amalgamated Bank’s holdings in Targa Resources were worth $6,796,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Strategic Investment Solutions Inc. IL acquired a new stake in Targa Resources during the 2nd quarter worth $29,000. DT Investment Partners LLC acquired a new position in shares of Targa Resources during the 3rd quarter worth approximately $29,000. UMB Bank n.a. grew its position in shares of Targa Resources by 2,220.0% in 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. purchased a new position in Targa Resources during the second quarter worth approximately $44,000. Finally, Rogco LP purchased a new stake in Targa Resources in the 1st quarter valued at $56,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Activity at Targa Resources

In other news, insider Robert Muraro sold 2,500 shares of the 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 transaction, the insider now owns 174,451 shares in the company, valued at $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 available through this hyperlink. In other Targa Resources news, insider Robert Muraro sold 2,500 shares of Targa Resources 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 transaction, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction that occurred on 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 in the company, valued at $17,181,399.10. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 160,764 shares of company stock worth $24,829,770 over the last three months. 1.44% of the stock is currently owned by corporate insiders.

Targa Resources Stock Up 4.9 %

Shares of NYSE:TRGP opened at $186.04 on Thursday. The firm has a fifty day moving average price of $157.18 and a 200 day moving average price of $137.19. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $189.62. 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 stock has a market cap of $40.76 billion, a P/E ratio of 39.17, a P/E/G ratio of 1.31 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last announced its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.17. The company had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 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 business posted $0.97 EPS. Sell-side analysts predict that Targa Resources Corp. will post 5.96 EPS for the current year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s dividend payout ratio is presently 63.16%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Argus raised shares of Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Wells Fargo & Company increased their price target on Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a report on Wednesday. Truist Financial increased their target price on shares of Targa Resources from $150.00 to $175.00 and gave the stock a “buy” rating in a research note on Tuesday. Scotiabank increased their price objective on shares of Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 17th. Finally, Bank of America initiated coverage on Targa Resources in a research note on Thursday, October 17th. They set a “buy” rating and a $182.00 price target on the stock. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Targa Resources has a consensus rating of “Buy” and an average price target of $157.21.

Targa Resources 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.