Targa Resources Corp. (NYSE:TRGP) Stock Position Reduced by Cambiar Investors LLC

Cambiar Investors LLC trimmed its position in Targa Resources Corp. (NYSE:TRGP) by 28.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 82,777 shares of the pipeline company’s stock after selling 33,214 shares during the quarter. Cambiar Investors LLC’s holdings in Targa Resources were worth $12,252,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. DT Investment Partners LLC acquired a new position in Targa Resources in the third quarter valued at approximately $29,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Targa Resources in the 2nd quarter worth approximately $29,000. UMB Bank n.a. boosted its position 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 valued at $30,000 after purchasing an additional 222 shares during the period. Whittier Trust Co. bought a new position in Targa Resources during the 2nd quarter worth $44,000. Finally, Rogco LP bought a new stake in Targa Resources in the first quarter valued at $56,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Targa Resources

In related news, CAO Julie H. Boushka sold 1,213 shares of Targa Resources stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total value of $160,140.26. Following the transaction, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Robert Muraro sold 2,500 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Julie H. Boushka sold 1,213 shares of Targa Resources stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the transaction, the chief accounting officer now owns 52,257 shares in the company, valued at $6,898,969.14. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 175,534 shares of company stock valued at $26,815,021 over the last three months. Company insiders own 1.39% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Bank of America started coverage on shares of Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 price target for the company. The Goldman Sachs Group raised their price target on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Wells Fargo & Company increased their price objective on Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Argus raised Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Finally, Truist Financial boosted their price target on Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $152.79.

Targa Resources Stock Performance

Shares of TRGP opened at $165.27 on Friday. 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 firm’s 50 day moving average is $155.23 and its 200-day moving average is $135.67. Targa Resources Corp. has a 12-month low of $81.03 and a 12-month high of $169.92. The stock has a market capitalization of $36.21 billion, a P/E ratio of 34.79, a P/E/G ratio of 1.29 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The firm had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same quarter in the previous year, the business posted $1.44 earnings per share. Equities research analysts anticipate that Targa Resources Corp. will post 5.96 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date is Thursday, October 31st. Targa Resources’s payout ratio is 63.16%.

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.