Pallas Capital Advisors LLC Sells 360 Shares of Targa Resources Corp. (NYSE:TRGP)

Pallas Capital Advisors LLC lessened its stake in Targa Resources Corp. (NYSE:TRGP) by 1.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,615 shares of the pipeline company’s stock after selling 360 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Targa Resources were worth $4,383,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of TRGP. Vanguard Group Inc. raised its position in Targa Resources by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock worth $3,025,521,000 after purchasing an additional 201,817 shares during the last quarter. Blackstone Inc. increased its stake in shares of Targa Resources by 2.7% in the 1st quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock valued at $1,085,794,000 after buying an additional 252,729 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Targa Resources by 13.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after acquiring an additional 271,444 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Targa Resources by 26.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock valued at $194,720,000 after acquiring an additional 360,675 shares during the period. Finally, Truist Financial Corp boosted its holdings in Targa Resources by 5.9% in the second quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company’s stock valued at $108,010,000 after acquiring an additional 46,864 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Targa Resources Trading Down 0.8 %

NYSE TRGP opened at $164.69 on Tuesday. The firm has a market cap of $36.08 billion, a P/E ratio of 34.67, a P/E/G ratio of 1.29 and a beta of 2.25. 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’s 50-day moving average is $153.38 and its 200-day moving average is $134.52. Targa Resources Corp. has a one year low of $81.03 and a one year high of $169.92.

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, topping analysts’ consensus estimates of $1.21 by $0.12. The business 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 period in the prior year, the business earned $1.44 EPS. Sell-side analysts anticipate that Targa Resources Corp. will post 5.92 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

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

Insider Activity at Targa Resources

In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the sale, the director now owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CAO Julie H. Boushka sold 1,213 shares of the business’s 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 sale, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at $6,898,969.14. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Joe Bob Perkins sold 150,000 shares of the 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 transaction, the director now owns 110,470 shares of the company’s stock, valued at $17,181,399.10. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 175,534 shares of company stock valued at $26,815,021. 1.44% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on TRGP shares. Scotiabank upped their target price on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 17th. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. JPMorgan Chase & Co. lifted their target price on shares of Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a report on Tuesday, July 2nd. Morgan Stanley increased their price target on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Royal Bank of Canada raised their price target on Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $152.79.

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.