Mutual of America Capital Management LLC Sells 1,467 Shares of Targa Resources Corp. (NYSE:TRGP)

Mutual of America Capital Management LLC reduced its position in shares of Targa Resources Corp. (NYSE:TRGP) by 4.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 29,838 shares of the pipeline company’s stock after selling 1,467 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Targa Resources were worth $2,592,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Signaturefd LLC raised its holdings in Targa Resources by 4.7% during the 3rd quarter. Signaturefd LLC now owns 5,408 shares of the pipeline company’s stock valued at $464,000 after buying an additional 244 shares during the last quarter. Morgan Stanley increased its position in Targa Resources by 16.1% during the 3rd quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock valued at $325,003,000 after purchasing an additional 524,794 shares during the period. Quadrature Capital Ltd increased its position in Targa Resources by 364.0% during the 3rd quarter. Quadrature Capital Ltd now owns 88,834 shares of the pipeline company’s stock valued at $7,615,000 after purchasing an additional 69,690 shares during the period. Spirit of America Management Corp NY increased its position in Targa Resources by 21.6% during the 4th quarter. Spirit of America Management Corp NY now owns 57,500 shares of the pipeline company’s stock valued at $4,995,000 after purchasing an additional 10,200 shares during the period. Finally, Nordea Investment Management AB increased its position in Targa Resources by 32.8% during the 3rd quarter. Nordea Investment Management AB now owns 18,001 shares of the pipeline company’s stock valued at $1,543,000 after purchasing an additional 4,447 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Up 1.0 %

NYSE:TRGP opened at $112.91 on Friday. The firm’s 50-day moving average price is $105.85 and its 200-day moving average price is $92.69. The company has a market capitalization of $25.13 billion, a PE ratio of 30.77 and a beta of 2.21. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.79 and a quick ratio of 0.66. Targa Resources Corp. has a 1-year low of $67.36 and a 1-year high of $117.61.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.49 by ($0.26). Targa Resources had a net margin of 5.20% and a return on equity of 18.64%. The firm had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $4.50 billion. On average, equities analysts predict that Targa Resources Corp. will post 5.77 EPS for the current fiscal year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 2.66%. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date is Monday, April 29th. Targa Resources’s dividend payout ratio is 54.50%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on TRGP shares. Royal Bank of Canada boosted their price objective on shares of Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a research report on Monday, February 26th. Truist Financial boosted their price objective on shares of Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Scotiabank boosted their price objective on shares of Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a research report on Monday, April 15th. Mizuho boosted their price objective on shares of Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. Finally, UBS Group reduced their price objective on shares of Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a research report on Thursday, January 18th. One equities research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $117.92.

Insider Activity at Targa Resources

In related news, CAO Julie H. Boushka sold 2,500 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total transaction of $244,150.00. Following the sale, the chief accounting officer now directly owns 71,808 shares of the company’s stock, valued at approximately $7,012,769.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Julie H. Boushka sold 2,500 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total transaction of $244,150.00. Following the sale, the chief accounting officer now directly owns 71,808 shares of the company’s stock, valued at approximately $7,012,769.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider D. Scott Pryor sold 10,000 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $97.00, for a total transaction of $970,000.00. Following the transaction, the insider now owns 156,098 shares in the company, valued at approximately $15,141,506. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 81,966 shares of company stock valued at $7,987,215. 1.39% of the stock is owned by insiders.

About Targa Resources

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.