Mount Lucas Management LP Has $1.26 Million Stake in Targa Resources Corp. (NYSE:TRGP)

Mount Lucas Management LP lowered its position in Targa Resources Corp. (NYSE:TRGP) by 5.5% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 7,078 shares of the pipeline company’s stock after selling 412 shares during the period. Mount Lucas Management LP’s holdings in Targa Resources were worth $1,263,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Leavell Investment Management Inc. grew its holdings in Targa Resources by 11.7% during the third quarter. Leavell Investment Management Inc. now owns 4,287 shares of the pipeline company’s stock valued at $635,000 after purchasing an additional 450 shares during the last quarter. Crossmark Global Holdings Inc. grew its stake in Targa Resources by 3.3% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 10,920 shares of the pipeline company’s stock valued at $1,616,000 after buying an additional 344 shares during the last quarter. State of New Jersey Common Pension Fund D raised its holdings in Targa Resources by 3.0% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 76,103 shares of the pipeline company’s stock worth $11,264,000 after acquiring an additional 2,245 shares during the period. Ashton Thomas Securities LLC acquired a new position in Targa Resources during the 3rd quarter worth $159,000. Finally, Venturi Wealth Management LLC boosted its holdings in Targa Resources by 36.1% during the third quarter. Venturi Wealth Management LLC now owns 532 shares of the pipeline company’s stock valued at $79,000 after acquiring an additional 141 shares during the period. Institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

Shares of TRGP stock opened at $181.93 on Monday. The firm’s 50 day moving average price is $198.77 and its two-hundred day moving average price is $180.22. The stock has a market cap of $39.68 billion, a PE ratio of 31.70, a PEG ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a 52-week low of $103.18 and a 52-week high of $218.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. As a group, analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a $0.75 dividend. The ex-dividend date was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.65%. Targa Resources’s dividend payout ratio is presently 52.26%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on TRGP shares. UBS Group lifted their price objective on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Scotiabank dropped their price target on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a research report on Thursday. Truist Financial cut their price target on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a report on Friday, December 13th. The Goldman Sachs Group lifted their target price on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, US Capital Advisors lowered Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $206.43.

Insider Buying and Selling

In related news, Director Waters S. Iv Davis sold 2,190 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the transaction, the director now directly owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. This represents a 43.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the sale, the insider now directly owns 82,139 shares in the company, valued at $16,206,024.70. This represents a 29.88 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 115,914 shares of company stock valued at $22,613,288. 1.39% of the stock is owned by corporate insiders.

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.