Infrastructure Capital Advisors LLC Sells 89,374 Shares of Targa Resources Corp. (NYSE:TRGP)

Infrastructure Capital Advisors LLC reduced its position in Targa Resources Corp. (NYSE:TRGP) by 87.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,943 shares of the pipeline company’s stock after selling 89,374 shares during the quarter. Infrastructure Capital Advisors LLC’s holdings in Targa Resources were worth $944,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Moneta Group Investment Advisors LLC lifted its position in Targa Resources by 104,219.5% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 25,241,143 shares of the pipeline company’s stock worth $1,855,224,000 after purchasing an additional 25,216,947 shares during the period. BlackRock Inc. lifted its position in Targa Resources by 1.9% in the first quarter. BlackRock Inc. now owns 18,748,593 shares of the pipeline company’s stock worth $1,367,710,000 after purchasing an additional 348,951 shares during the period. State Street Corp lifted its holdings in shares of Targa Resources by 14.4% during the first quarter. State Street Corp now owns 7,836,957 shares of the pipeline company’s stock valued at $591,455,000 after acquiring an additional 986,283 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Targa Resources by 6.6% during the first quarter. Goldman Sachs Group Inc. now owns 6,802,014 shares of the pipeline company’s stock valued at $513,349,000 after acquiring an additional 421,874 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Targa Resources by 55.1% during the fourth quarter. Geode Capital Management LLC now owns 4,593,308 shares of the pipeline company’s stock valued at $337,012,000 after acquiring an additional 1,631,589 shares during the period. 90.21% of the stock is owned by institutional investors.

Analyst Ratings Changes

TRGP has been the subject of a number of analyst reports. StockNews.com initiated coverage on Targa Resources in a report on Thursday, August 17th. They set a “hold” rating for the company. Mizuho reissued a “buy” rating and set a $99.00 price objective on shares of Targa Resources in a report on Friday, June 30th. Morgan Stanley lifted their price objective on Targa Resources from $106.00 to $114.00 and gave the company an “overweight” rating in a report on Tuesday, August 29th. TheStreet upgraded Targa Resources from a “c+” rating to a “b” rating in a research note on Tuesday. Finally, Truist Financial raised their target price on Targa Resources from $90.00 to $95.00 in a research note on Friday, May 19th. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $102.20.

Insider Buying and Selling

In related news, CAO Julie H. Boushka sold 1,000 shares of Targa Resources stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $80.81, for a total value of $80,810.00. Following the completion of the sale, the chief accounting officer now directly owns 60,066 shares in the company, valued at $4,853,933.46. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CAO Julie H. Boushka sold 1,000 shares of the business’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $80.81, for a total transaction of $80,810.00. Following the completion of the transaction, the chief accounting officer now directly owns 60,066 shares in the company, valued at approximately $4,853,933.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Julie H. Boushka sold 3,530 shares of the business’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $85.00, for a total value of $300,050.00. Following the transaction, the chief accounting officer now owns 61,066 shares of the company’s stock, valued at $5,190,610. The disclosure for this sale can be found here. Insiders sold a total of 14,610 shares of company stock worth $1,215,524 over the last three months. 1.39% of the stock is currently owned by company insiders.

Targa Resources Price Performance

Shares of TRGP stock opened at $85.33 on Friday. The stock has a 50-day moving average price of $82.12 and a 200 day moving average price of $75.90. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 2.60. The firm has a market cap of $19.09 billion, a price-to-earnings ratio of 23.12 and a beta of 2.27. Targa Resources Corp. has a 12 month low of $57.23 and a 12 month high of $87.86.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 3rd. The pipeline company reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.23 by $0.21. The firm had revenue of $3.40 billion during the quarter, compared to analyst estimates of $4.56 billion. Targa Resources had a return on equity of 18.14% and a net margin of 4.75%. Research analysts expect that Targa Resources Corp. will post 4.89 EPS for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Investors of record on Monday, July 31st were given a $0.50 dividend. The ex-dividend date of this dividend was Friday, July 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.34%. Targa Resources’s payout ratio is 54.20%.

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. The company operates in two segments, Gathering and Processing, and Logistics and Transportation.