Glenmede Trust Co. NA Sells 5,666 Shares of Targa Resources, Inc. $TRGP

Glenmede Trust Co. NA cut its stake in Targa Resources, Inc. (NYSE:TRGP) by 17.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 26,863 shares of the pipeline company’s stock after selling 5,666 shares during the quarter. Glenmede Trust Co. NA’s holdings in Targa Resources were worth $6,735,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of TRGP. Atlantic Union Bankshares Corp bought a new stake in Targa Resources during the fourth quarter worth $27,000. Miller Capital Partners Inc. purchased a new stake in Targa Resources in the 4th quarter valued at $30,000. Leonteq Securities AG bought a new position in Targa Resources during the 4th quarter valued at $31,000. Godfrey Financial Associates Inc. bought a new position in Targa Resources during the 4th quarter valued at $37,000. Finally, Global Assets Advisory LLC purchased a new position in Targa Resources during the 1st quarter worth $41,000. Institutional investors own 92.13% of the company’s stock.

Insiders Place Their Bets

In other news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the transaction, the director directly owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This represents a 13.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.37% of the stock is currently owned by insiders.

Targa Resources Trading Down 2.0%

NYSE TRGP opened at $264.89 on Tuesday. The stock has a market capitalization of $56.86 billion, a price-to-earnings ratio of 26.78, a PEG ratio of 1.38 and a beta of 0.71. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $291.04. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The business’s fifty day moving average is $268.92 and its 200-day moving average is $246.18.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The company had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. Equities research analysts predict that Targa Resources, Inc. will post 10.8 EPS for the current year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, July 31st. Targa Resources’s payout ratio is presently 50.56%.

Analyst Ratings Changes

Several research firms have recently issued reports on TRGP. Truist Financial upped their target price on shares of Targa Resources from $289.00 to $312.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. US Capital Advisors cut shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. The Goldman Sachs Group upped their price objective on shares of Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Jefferies Financial Group began coverage on shares of Targa Resources in a research note on Thursday, June 18th. They issued a “buy” rating and a $314.00 price objective for the company. Finally, Mizuho lifted their target price on shares of Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Seventeen research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $288.00.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.