Targa Resources Corp. (NYSE:TRGP) Shares Sold by Panagora Asset Management Inc.

Panagora Asset Management Inc. trimmed its stake in Targa Resources Corp. (NYSE:TRGP) by 41.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,103 shares of the pipeline company’s stock after selling 8,487 shares during the quarter. Panagora Asset Management Inc.’s holdings in Targa Resources were worth $1,559,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in TRGP. Blackstone Inc. raised its holdings in shares of Targa Resources by 60.4% in the fourth quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock worth $820,290,000 after acquiring an additional 3,554,989 shares during the last quarter. Norges Bank purchased a new stake in shares of Targa Resources in the fourth quarter valued at $187,123,000. Price T Rowe Associates Inc. MD grew its position in shares of Targa Resources by 231.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock valued at $119,712,000 after purchasing an additional 962,073 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Targa Resources by 71.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,024,713 shares of the pipeline company’s stock valued at $114,758,000 after purchasing an additional 428,276 shares during the period. Finally, Los Angeles Capital Management LLC grew its position in shares of Targa Resources by 876.1% in the first quarter. Los Angeles Capital Management LLC now owns 428,107 shares of the pipeline company’s stock valued at $47,944,000 after purchasing an additional 384,248 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Price Performance

TRGP stock opened at $146.90 on Friday. 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 Corp. has a 1 year low of $77.97 and a 1 year high of $147.08. The firm has a market cap of $32.18 billion, a P/E ratio of 30.23, a price-to-earnings-growth ratio of 1.15 and a beta of 2.27. The stock has a 50-day simple moving average of $135.87 and a 200-day simple moving average of $120.06.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. The business had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same quarter last year, the firm earned $1.44 earnings per share. On average, equities analysts predict that Targa Resources Corp. will post 5.88 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date of this dividend was Wednesday, July 31st. Targa Resources’s dividend payout ratio is currently 61.73%.

Insider Activity at Targa Resources

In related news, insider Robert Muraro sold 10,000 shares of the stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $120.08, for a total value of $1,200,800.00. Following the completion of the transaction, the insider now owns 196,951 shares of the company’s stock, valued at $23,649,876.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Targa Resources news, Director Paul W. Chung sold 5,264 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $138.03, for a total transaction of $726,589.92. Following the transaction, the director now owns 232,827 shares of the company’s stock, valued at approximately $32,137,110.81. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Robert Muraro sold 10,000 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $120.08, for a total value of $1,200,800.00. Following the transaction, the insider now directly owns 196,951 shares in the company, valued at approximately $23,649,876.08. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,034 shares of company stock valued at $5,623,890. Insiders own 1.39% of the company’s stock.

Analysts Set New Price Targets

TRGP has been the subject of a number of recent analyst reports. The Goldman Sachs Group lifted their price objective on Targa Resources from $132.00 to $147.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Barclays boosted their price target on Targa Resources from $123.00 to $138.00 and gave the company an “overweight” rating in a research report on Wednesday, July 3rd. Morgan Stanley upped their price target on Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a research note on Monday, June 10th. Argus started coverage on Targa Resources in a research note on Wednesday, June 26th. They set a “buy” rating and a $140.00 price target for the company. Finally, Truist Financial upped their price target on Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $140.54.

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.