Viking Fund Management LLC Sells 21,000 Shares of Targa Resources Corp. (NYSE:TRGP)

Viking Fund Management LLC trimmed its holdings in Targa Resources Corp. (NYSE:TRGP) by 25.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 60,000 shares of the pipeline company’s stock after selling 21,000 shares during the quarter. Targa Resources comprises 1.4% of Viking Fund Management LLC’s portfolio, making the stock its 20th biggest holding. Viking Fund Management LLC’s holdings in Targa Resources were worth $8,881,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL bought a new stake in shares of Targa Resources during the second quarter worth $29,000. UMB Bank n.a. raised its holdings in Targa Resources by 2,220.0% during the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 222 shares during the last quarter. Whittier Trust Co. acquired a new position in Targa Resources during the 2nd quarter valued at about $44,000. Register Financial Advisors LLC acquired a new position in Targa Resources during the 1st quarter valued at about $45,000. Finally, Rogco LP bought a new position in shares of Targa Resources in the 1st quarter valued at about $56,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

TRGP has been the topic of several analyst reports. Truist Financial increased their price objective on shares of Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a report on Monday, August 5th. Wells Fargo & Company lifted their price objective on Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. Barclays upped their price objective on Targa Resources from $123.00 to $138.00 and gave the company an “overweight” rating in a report on Wednesday, July 3rd. Royal Bank of Canada raised their target price on Targa Resources from $147.00 to $153.00 and gave the stock an “outperform” rating in a report on Tuesday, August 13th. Finally, The Goldman Sachs Group upped their price target on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Twelve analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $141.77.

Insiders Place Their Bets

In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the sale, the director now directly owns 110,470 shares in the company, valued at approximately $17,181,399.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Gerald R. Shrader sold 3,000 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $136.06, for a total value of $408,180.00. Following the completion of the transaction, the insider now directly owns 29,603 shares of the company’s stock, valued at approximately $4,027,784.18. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joe Bob Perkins sold 150,000 shares of the company’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the sale, the director now directly owns 110,470 shares in the company, valued at $17,181,399.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 175,534 shares of company stock valued at $26,815,021 in the last quarter. 1.39% of the stock is currently owned by insiders.

Targa Resources Stock Up 2.0 %

Shares of Targa Resources stock traded up $3.24 on Friday, hitting $165.76. The company had a trading volume of 2,355,097 shares, compared to its average volume of 1,731,643. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $166.07. 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 50-day moving average of $147.41 and a 200-day moving average of $130.50. The firm has a market capitalization of $36.31 billion, a P/E ratio of 34.90, a P/E/G ratio of 1.28 and a beta of 2.25.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. The firm had revenue of $3.56 billion during the quarter, compared to analysts’ expectations 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 in the prior year, the company earned $1.44 EPS. Research analysts predict that Targa Resources Corp. will post 5.9 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.81%. The ex-dividend date is Thursday, October 31st. Targa Resources’s payout ratio is 63.16%.

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.